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Senator behind billionaires tax denounces Elon Musk Twitter poll stunt
US taxationSenator behind billionaires tax denounces Elon Musk Twitter poll stuntTesla owner offers to sell 10% of shares – as poll demandsRon Wyden has proposed tax to help fund Biden plans Martin Pengelly in New York@MartinPengellySun 7 Nov 2021 14.19 ESTFirst published on Sun 7 Nov 2021 07.45 ESTAfter Elon Musk asked his Twitter followers to vote on whether he should sell 10% of his Tesla stock, the architect of the proposed billionaires tax that prompted the move dismissed the tweet as a stunt.It’s not all about the culture war – Democrats helped shaft the working class | Robert ReichRead more“Whether or not the world’s wealthiest man pays any taxes at all shouldn’t depend on the results of a Twitter poll,” said Ron Wyden, an Oregon Democrat and chair of the Senate finance committee. “It’s time for the billionaires income tax.”When the poll closed on Sunday, nearly 3.5 million people had voted: 58% said Musk should sell the Tesla stock and 42% said he should not.Asked for comment, he tweeted: “I was prepared to accept either outcome.”Musk, who also owns SpaceX, was named by Forbes magazine as the first person worth more than $300bn. Reuters calculated that selling 10% of his Tesla shareholding would raise close to $21bn.Wyden has led Democrats pushing for billionaires to pay taxes when stock prices go up even if they do not sell shares, a concept called “unrealised gains”.Proponents of the tax say it would affect about 700 super-rich Americans, who would thus help pay for Joe Biden’s $1.75tn 10-year public spending proposal, which seeks to boost health and social care and to fund initiatives to tackle the climate crisis.Unveiling his proposal last month, Wyden said: “There are two tax codes in America. The first is mandatory for workers who pay taxes out of every paycheck. The second is voluntary for billionaires who defer paying taxes for years, if not indefinitely.“The billionaires income tax would ensure billionaires pay tax every year, just like working Americans. No working person in America thinks it’s right that they pay their taxes and billionaires don’t.”Musk has a history of controversial behaviour on Twitter. Responding to Wyden’s original proposal, he tweeted: “Eventually, they run out of other people’s money and then they come for you.”On Saturday, he said: “Much is made lately of unrealised gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?“I will abide by the results of this poll, whichever way it goes. Note, I do not take a cash salary or bonus from anywhere. I only have stock, thus the only way for me to pay taxes personally is to sell stock.”In one response, the Berkeley economist Gabriel Zucman tweeted: “Looking forward to the day when the richest person in the world paying some tax does not depend on a Twitter poll.”When Wyden introduced his proposed billionaires tax, Chuck Marr of the Center on Budget and Policy Priorities, a nonpartisan think tank, used the example of Jeff Bezos, with Musk a competitor for the title of world’s richest person, to explain how the proposal would work.The Amazon founder, Marr said, would contribute to the federal government on the basis of unrealised gains from his stock holdings, worth around $10bn, rather than a declared salary of around $80,000.Citing a bombshell ProPublica report from June this year which showed how little Bezos, Musk and other super-rich Americans pay into federal coffers, Marr titled his analysis: “Why a billionaires tax makes sense – or why the richest people in the country should pay income taxes as if they were the richest people in the country.”Democrats ‘thank God’ for infrastructure win after state election warningsRead moreThe Biden spending plan Wyden wants to help fund, known as Build Back Better, remains held up in Congress. House centrists are demanding nonpartisan analysis of its costs while centrist senators remain opposed to many of its goals.Democrats are also split over the proposed billionaires tax. Among those opposed is Joe Manchin, the senator from West Virginia who with Kyrsten Sinema of Arizona stands in the way of Build Back Better, wielding tremendous power in a chamber split 50-50 and therefore controlled by the casting vote of Vice-President Kamala Harris.Speaking to reporters in October, Manchin said: “Everybody in this country that has been blessed and prospered should pay a patriotic tax.“If you’re to the point where you can use all of the tax forms to your advantage, and you end up with a zero tax-liability but have had a very, very good life and have had a lot of opportunities, there should be a 15% patriotic tax.”TopicsUS taxationElon MuskUS domestic policyBiden administrationUS SenateUS CongressUS politicsnewsReuse this content More
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It’s not all about the culture war – Democrats helped shaft the working class | Robert Reich
OpinionUS politicsIt’s not all about the culture war – Democrats helped shaft the working classRobert ReichResults in Virginia and New Jersey do not make Republican dog-whistle politics the future. The left must do more to help Sun 7 Nov 2021 01.00 EDTLast modified on Sun 7 Nov 2021 01.03 EDTAfter Tuesday’s Democratic loss in the Virginia gubernatorial election and near-loss in New Jersey, I’m hearing a narrative about Democrats’ failure with white working-class voters that is fundamentally wrong.Is this a presidency-defining week for Biden? Politics Weekly Extra – podcastRead moreIn Thursday’s New York Times, David Leonhardt pointed out that the non-college voters who are abandoning the Democratic party “tend to be more religious, more outwardly patriotic and more culturally conservative than college graduates”. He then quotes a fellow Times columnist, the pollster Nate Cohn, who says “college graduates have instilled increasingly liberal cultural norms while gaining the power to nudge the Democratic party to the left. Partly as a result, large portions of the party’s traditional working-class base have defected to the Republicans”.Leonhardt adds that these defections have increased over the past decade and suggests Democratic candidates start listening to working-class voters’ concerns about “crime and political correctness”, their “mixed feelings about immigration and abortion laws”, and their beliefs “in God and in a strong America”.This narrative worries me in two ways. First, if “cultural” messages top economic ones, what’s to stop Democrats from playing the same cultural card Republicans have used for years to inflame the white working class: racism? Make no mistake: Glenn Youngkin focused his campaign in Virginia on critical race theory, which isn’t even taught in Virginia’s schools but comes out of the same disgraceful Republican dog-whistle tradition.The other problem with this “culture over economics” narrative is it overlooks the fact that after Ronald Reagan, the Democratic party turned its back on the working class.During the first terms of Bill Clinton and Barack Obama, Democrats controlled both houses of Congress. They scored some important victories, such as the Affordable Care Act and an expanded earned income tax credit.But both Clinton and Obama allowed the power of the working class to erode. Both ardently pushed for free trade agreements without providing the millions of blue-collar workers who thereby lost their jobs any means of getting new ones that paid at least as well.They stood by as corporations hammered trade unions, the backbone of the working class. Both refused to reform labor laws to impose meaningful penalties on companies that violated them or enable workers to form unions with simple up-or-down votes. Union membership sank from 22% of all workers when Clinton was elected to fewer than 11% today, denying the working class the bargaining leverage it needs to get a better deal.The Obama administration protected Wall Street from the consequences of its gambling addiction through a giant taxpayer-funded bailout but let millions of underwater homeowners drown.Both Clinton and Obama allowed antitrust to ossify – allowing major industries to become more concentrated and hence more economically and politically powerful.Finally, they turned their backs on campaign finance reform. In 2008, Obama was the first presidential nominee since Richard Nixon to reject public financing in his primary and general-election campaigns. He never followed up on his re-election campaign promise to pursue a constitutional amendment overturning Citizens United v FEC, the 2010 supreme court opinion that opened the floodgates to big money in politics.What happens when you combine freer trade, shrinking unions, Wall Street bailouts, growing corporate power and the abandonment of campaign finance reform? You shift political and economic power to the wealthy and you shaft the working class.Adjusted for inflation, American workers today are earning almost as little as they did 30 years ago, when the American economy was a third its present size.Biden’s agenda for working people – including lower prescription drug prices, paid family leave, stronger unions and free community college – has followed the same sad trajectory, due to the power of big money. Big Pharma has blocked prescription drug reform. A handful of Democratic senators backed by big money have refused to support paid family leave. Big money has killed labor law reform.Resilience: the one word progressives need in the face of Trump, Covid and more | Robert ReichRead moreDemocrats could win back the white working class by putting together a large coalition of the working class and poor, of whites, Blacks and Latinos, of everyone who has been shafted by the huge shift in wealth and power to the top. This would give Democrats the political clout to reallocate power in the economy – rather than merely enact palliatives that paper over the increasing concentration of power at the top.But to do this Democrats would have to end their financial dependence on big corporations, Wall Street and the wealthy. And they would have to reject the convenient story that American workers care more about cultural issues than about getting a better deal in an economy that’s been delivering them a worsening deal for decades.
Robert Reich, a former US secretary of labor, is professor of public policy at the University of California at Berkeley and the author of Saving Capitalism: For the Many, Not the Few and The Common Good. His new book, The System: Who Rigged It, How We Fix It, is out now. He is a Guardian US columnist. His newsletter is at robertreich.substack.com
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Elon Musk asks Twitter followers if he should sell 10% of Tesla stock
Elon MuskElon Musk asks Twitter followers if he should sell 10% of Tesla stockEntrepreneur refers to US proposal for ‘billionaires tax’Nearly 56% of respondents say Musk should sell shares Reuters in New YorkSat 6 Nov 2021 17.38 EDTLast modified on Sat 6 Nov 2021 21.05 EDTElon Musk on Saturday asked his 62.5 million followers on Twitter if he should sell 10% of his Tesla stock.Let them eat space! Elon Musk and the race to end world hunger | Arwa MahdawiRead more“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” Musk wrote in a tweet referring to a “billionaires’ tax” proposed by Democrats in the US Senate.Musk tweeted that he would abide by the results of the poll. It received more than 700,000 responses in the hour after Musk posted it, with nearly 56% of respondents approving the proposal to sell the shares.Musk’s shareholding in Tesla comes to about 170.5 million shares as of 30 June and selling 10% of his stock would amount close to $21bn based on Friday’s closing, according to Reuters calculations.Analysts say he may have to offload a significant number of shares anyway to pay taxes since a large number of options will expire next year.The comments from Musk come after the proposal in Congress to tax billionaires’ assets to help pay for Joe Biden’s social and climate-change agenda. Musk is one of the world’s richest people and owner of companies including SpaceX and Neuralink. He has criticized the billionaires’ tax on Twitter.“Note, I do not take a cash salary or bonus from anywhere,” Musk said. “I only have stock, thus the only way for me to pay taxes personally is to sell stock.”Tesla board members including Elon Musk’s brother Kimbal have recently sold shares in the electric carmaker. Kimbal Musk sold 88,500 shares while fellow board member Ira Ehrenpreis sold shares worth more than $200m.TopicsElon MuskTeslaUS taxationUS domestic policyUS politicsBiden administrationUS CongressnewsReuse this content More
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Biden hails ‘monumental step forward’ as Democrats pass infrastructure bill
The ObserverJoe BidenBiden hails ‘monumental step forward’ as Democrats pass infrastructure billThe president will sign $1tn package into law after House ended months-long standoff by approving bipartisan deal
‘She betrayed us’: Arizona voters baffled by Kyrsten Sinema
0Martin Pengelly in New York and David Smith in WashingtonSat 6 Nov 2021 12.41 EDTFirst published on Sat 6 Nov 2021 10.45 EDTJoe Biden saluted a “monumental step forward as a nation” on Saturday, after House Democrats finally reached agreement and sent a $1tn infrastructure package to his desk to be signed, a huge boost for an administration which has struggled for victories.Trumpism without Trump: how Republican dog-whistles exploited Democratic divisionsRead more“This is a blue-collar blueprint to rebuild America,” Biden said, “and it’s long overdue.”There was also a setback, however, as Democrats postponed a vote on an even larger bill. That 10-year, $1.85tn spending plan to bolster health, family and climate change programmes, known as Build Back Better, was sidetracked after centrists demanded a cost estimate from the Congressional Budget Office (CBO). Biden said he was confident he could get it passed.Walking out to address reporters at the White House, the president began with a joke at the expense of his predecessor, Donald Trump.“Finally, it’s infrastructure week,” he said.Under Trump, the administration’s failure to focus on infrastructure amid constant scandal became a national punchline.“We’re just getting started,” Biden said. “It is something that’s long overdue but long has been talked about in Washington but never actually been done.“The House of Representatives passed an Infrastructure Investment and Jobs Act. That’s a fancy way of saying a bipartisan infrastructure bill, once-in-a-generation investment that’s going to create millions of jobs, modernise our infrastructure, our roads, our bridges, our broadband, a range of things turning the climate crisis into an opportunity, and a put us on a path to win the economic competition of the 21st century that we face with China and other large countries in the rest of the world.”The House approved the $1tn bill late on Friday, after Democrats resolved a months-long standoff between progressives and centrists. The measure passed 228-206. Thirteen Republicans, mostly moderates, supported the bill while six progressive Democrats opposed it, among them Alexandria Ocasio-Cortez of New York.Approval sent the bill to the desk of a president whose approval ratings have dropped and whose party struggled in elections this week. Biden said he would not sign the bill this weekend because he wanted those who passed it to be there when he did so.“We’re looking more forward to having shovels in the ground,” Biden said. “To begin rebuilding America.“For all of you at home, who feel left behind and forgotten in an economy that’s changing so rapidly, this bill is for you. The vast majority of those thousands of jobs that will be created don’t require a college degree. There’ll be jobs in every part of the country: red states, blue states, cities, small towns, rural communities, tribal communities.“This is a blue-collar blueprint to rebuild America, and it’s long overdue.”This week, Democratic candidates for governor lost in Virginia and squeaked home in New Jersey, two blue-leaning states. Those setbacks made leaders, centrists and progressives impatient to demonstrate they know how to govern a year before midterm elections that could see Republicans retake Congress.At the White House, Biden said: “Each state is different and I don’t know but I think the one message that came across was, ‘Get something done … stop talking, get something done.’ And so I think that’s what the American people are looking for.“All the talk about the elections and what do they mean? They want us to deliver. Democrats, they want us to deliver. Last night we proved we can on one big item. We delivered.”The postponement of a vote on the spending bill dashed hopes of a double win. But in a deal brokered by Biden and party leaders, five moderates agreed to back the bill if CBO estimates of its costs are consistent with numbers from the White House and congressional analysts.The agreement, in which lawmakers promised to vote by the week of 15 November, was a significant step towards shipping the bill to the Senate. Its chances there are not certain: it must pass on the casting vote of Vice-President Kamala Harris and with the approval of Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, centrists who have proved obstructive so far.The spending bill “is fiscally responsible”, Biden said. “That’s a fancy way of saying it is fully paid for. It doesn’t raise the deficit by a single penny. And it actually reduces the deficit according to the leading economists in this country over the long term. And it’s paid for by making sure that the wealthiest Americans, the biggest corporations begin to pay their fair share.”Republicans have highlighted what they say will be the bill’s effects on dangerous economic inflation.Why does the media keep saying this election was a loss for Democrats? It wasn’t | Rebecca SolnitRead more“According to economists,” Biden said, “this is going to be easing inflationary pressures … by lowering costs for working families.”He also said: “We got out of the blue a couple of weeks ago a letter from 17 Nobel prize winners in economics and they determined that [the two bills] will ease inflationary pressures not create them.”Biden acknowledged that he will not get Republican votes for the spending bill and must “figure out” how to unite his party. Friday was an exhausting day for Nancy Pelosi, the House speaker. She told reporters: “Welcome to my world. This is the Democratic party. We are not a lockstep party.”Biden said he was confident he could find the votes. Asked what gave him that confidence, the president alluded to his legislative experience as a senator and vice-president, saying: “Me.”On Friday night, Biden and his wife, Jill Biden, delayed travel to Delaware as the president worked the phones. Pramila Jayapal of Washington state, leader of the Congressional Progressive Caucus, told reporters Biden even called her mother in India. It was unclear why.“This was not to bribe me, this is when it was all done,” Jayapal said, adding that her mother told her she “just kept screaming like a little girl”.
Associated Press contributed to this report
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Misfire review: a bullseye from Tim Mak – but the NRA isn’t beaten yet
BooksMisfire review: a bullseye from Tim Mak – but the NRA isn’t beaten yet The NPR reporter has written an important book about the moral bankruptcy which put the powerful and merciless gun group on the back footCharles KaiserSat 6 Nov 2021 02.00 EDTLast modified on Sat 6 Nov 2021 02.02 EDTTim Mak has written a sprawling tale of the greed, incompetence and narcissism which has dominated the National Rifle Association throughout Wayne LaPierre’s 30 years as its leader. Abetted by his wife, Susan, LaPierre has allegedly used his members’ dues to fund a billionaire’s lifestyle.‘We have to break through that wall’: inside America’s battle for gun controlRead moreThe LaPierres’ wedding in 1998 was a near miss: he almost ran from the altar, until she and the priest changed his mind. Mak calls this “emblematic” of “a man driven by fear and anxiety over all other forces … his reaction to these emotions is usually to flee and hide”.These qualities, Mak writes, have made LaPierre “prey” to an endless series of conmen, throughout his leadership of America’s most-feared lobbying group.“Pushed and prodded” by his wife to discover “money’s alluring glow”, Mak writes, LaPierre saw his salary balloon from $200,000 in the mid-1990s to $2.2m in 2018. According to the investigation of the New York attorney general, which has done the most to expose serial excesses at the NRA, between 2013 and 2017 the black cars, private jets and hundreds of thousands of dollars of expensive clothing led to $1.2m in reimbursed expenses.Between 2013 and 2018, companies used to book the LaPierres’ private planes received an astonishing $13.5m. There were trips to Lake Como, Budapest and the Bahamas. Just the hired cars for trips to Italy and Hungary cost $18,000. LaPierre spent $275,000 on suits at a single Beverly Hills emporium, including $39,000 on one day in 2015. To disguise such excesses, the bills were sent to an outside vendor which the NRA reimbursed.Mak also does a good job of describing how every mass shooting has pushed the NRA ever further right, transforming it from advocacy group for gun rights into a fully fledged player in the culture war, especially after the massacre of 20 young children and six adults at Sandy Hook Elementary School in Connecticut in December 2012.Mak offers a particularly depressing account of how the NRA chief lobbyist, Chris Cox, was personally involved in negotiations over the Manchin-Toomey bill, a Senate measure which would have modestly increased background checks if, as Mak points out, not enough to have prevented the Sandy Hook massacre, since that gunman used guns legally obtained by his mother.In any case, after months of negotiation the NRA double-crossed both sponsors, made sure the bill failed to get the 60 votes it needed to pass the Senate, then dropped its A-ratings for Manchin and Toomey to D and C respectively.The NRA’s role in the Trump-Russia scandal was substantial. Maria Butina, eventually convicted as a Russian spy, used “relationships within the NRA to build an informal channel of diplomatic relations with Russia”. Her efforts included a famous public exchange with Donald Trump during his first campaign, in which he expressed his affection for Vladimir Putin and promised to improve relations as president.The NRA spent $30m to help to elect Trump, more than his own fundraising super pac. Ironically, NRA membership dues fell after Trump entered the White House. The organization lost its most lucrative fundraiser when Barack Obama left office.Power struggles and a ‘personal piggy bank’: what the NRA lawsuit allegesRead moreThe great unravelling began on 6 August 2020, when the New York attorney general, Letitia James, filed a lawsuit to dissolve the NRA entirely. She accused LaPierre of using the organization for 30 years “for his financial benefit, and the benefit of a close circle of NRA staff, board members, and vendors”.Six months later, the NRA filed for bankruptcy. But despite endless infighting, Wayne LaPierre remains in charge. And because Trump was elected, with the NRA’s help, the supreme court now includes three justices appointed by him – at least two of whom seemed eager in arguments this week to demolish most of the remaining state restrictions on carrying concealed weapons, in New York and six other states.The passions of gun owners – and the fear they have instilled in a majority of public officials – remain dominant forces in American politics despite the greed and incompetence of their leaders chronicled so thoroughly in this important book.
Misfire is published in the US by Dutton
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Setback for Biden as Democrats delay vote on sweeping investment plan
US politicsSetback for Biden as Democrats delay vote on sweeping investment planModerates want more details before reconciliation bill advancesPelosi signals she has votes to pass bipartisan infrastructure bill Lauren Gambino in Washington and Adam Gabbatt in New YorkFri 5 Nov 2021 16.43 EDTFirst published on Fri 5 Nov 2021 09.27 EDTDemocrats on Friday once again postponed a vote on the centerpiece of Joe Biden’s economic vision, after lobbying by the president and House leaders failed to persuade a small group of moderates to support the spending package without delay.Despite the setback, the House Speaker, Nancy Pelosi, said she planned to plow ahead on the bipartisan infrastructure bill, another key pillar of the president’s legislative agenda, indicating she had the votes to overcome resistance from progressives who want to pass it in tandem with the social policy and climate mitigation spending package.“We had hoped to be able to bring both bills to the floor today,” Pelosi said at an impromptu news conference on Friday, after a day of frenzied negotiations appeared unlikely to break an impasse over Biden’s agenda.But Pelosi insisted the House was on the cusp of breakthrough that would not only send the infrastructure bill to Biden’s desk, notching a much-needed victory, but would move the party a “major step” closer to approving the social policy package.“We’re in the best place ever, today, to be able to go forward,” she said.A plan to advance both Biden’s social and environmental spending package and a smaller bipartisan public works measure was upended amid pushback from moderates demanding an official accounting of the spending bill.As tensions escalated, Pelosi proposed a new strategy, announcing in a letter to Democrats that the House would hold two votes on Friday: one on the infrastructure measure and a procedural vote related to the spending package.But that plan was thrown into jeopardy by progressives, who had for months said they would not vote for the infrastructure bill without a simultaneous vote on the spending package. That position derailed two previous attempts to advance the infrastructure bill first.The scrambled timeline deflated hopes of giving Biden a much-needed legislative accomplishment after months of false starts and electoral setbacks this week.Biden and party leaders have worked furiously to reach a consensus on the spending bill, which seeks to combat the climate crisis while reforming healthcare, education and immigration, all paid for by raising taxes on the wealthiest Americans and on corporations. With razor-thin majorities, they need the support of every Democratic senator and nearly every House Democrat.Centrist lawmakers want to see an independent cost analysis from the non-partisan Congressional Budget Office before voting on the $1.85tn package – which could take several days or even weeks.In a statement, Washington congresswoman Pramila Jayapal, chair of the Congressional Progressive Caucus, signaled that her members had not softened their position on advancing the bills together.“If our six colleagues still want to wait for a CBO score, we would agree to give them that time – after which point we can vote on both bills together,” she said.Biden urges ‘every House member’ to support agenda ‘right now’ as crucial vote nears – liveRead moreNegotiations have seen the initial Biden spending proposal nearly halved from $3.5tn, with many provisions pared back or dropped entirely.Touting a strong monthly jobs report on Friday, Biden implored House Democrats to “vote yes on both these bills right now”, arguing both pieces of legislation were critical to economic recovery.“Passing these bills will say clearly to the American people, ‘We hear your voices, we’re going to invest in your hopes,” Biden said.After his remarks, the president said he was returning to the Oval Office to “make some calls” to lawmakers.Pelosi worked furiously on Thursday to pave the way for a vote before lawmakers leave Washington for a week-long recess, whipping members on the House floor and keeping them late into the night in an effort to shore up support for legislation which runs to more than 2,000 pages.Democrats suffered a series of stinging electoral setbacks this week, including losing the governorship of Virginia and being run to the wire in New Jersey.Major legislative victories will, leaders hope, help regain momentum and improve electoral prospects ahead of next year’s midterm elections.With unified Republican opposition, House Democrats can lose no more than three votes. If passed, the spending bill will go to the 50-50 Senate, where it will face new challenges. Two centrist Democrats, Joe Manchin and Kyrsten Sinema, have already thwarted many proposals and are expected to have further objections.House passage of the $1.2tn infrastructure bill to upgrade roads, bridges, waterways and broadband, which has already passed the Senate with the support of 19 Republicans, would send the measure to the president’s desk.The $1.85tn spending package would provide large numbers of Americans with assistance to pay for healthcare, raising children and caring for elderly people at home. There would be lower prescription drug costs and a new hearing aid benefit for older Americans, and the package would provide some $555bn in tax breaks encouraging cleaner energy and electric vehicles, the largest US commitment to tackling climate change.House Democrats have added other key provisions, including a new paid family leave program and work permits for immigrants.Much of the cost would be covered with higher taxes on those earning more than $400,000 a year and a 5% surtax on those making more than $10m. Large corporations would face a new 15% minimum tax.
The Associated Press contributed reporting
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