Jeff Stein
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Trump weighs restarting economy despite warnings from U.S. public health officials

Trump weighs restarting economy despite warnings from U.S. public health officials

President Trump on Monday said he is considering scaling back steps to constrain the spread of the coronavirus in the next week or two because of concerns that the impact on the economy has become too severe. But loosening restrictions on social distancing and similar measures soon probably would require him to override the internal warnings of senior U.S. health officials, including Anthony S. Fauci, who have said that the United States has not yet felt the worst of the pandemic, according to several people with knowledge of the internal deliberations. Trump said at a news conference...

washingtonpost.com
Jeff Stein
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Mar 23, 2020
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The Radical Plan For Taming Capitalism: Give Everyone a Share of Wall Street

The Radical Plan For Taming Capitalism: Give Everyone a Share of Wall Street

The economist Giacomo Corneo is a self-proclaimed socialist. A professor at the Free University of Berlin, Corneo is steeped in the writings of Karl Marx and, in conversation, rattles off the beliefs of the founder of communism. The professor works with Germany’s Greens party. But on perhaps one of the most important economic policy debates of the day — higher taxes on the rich and corporations — Corneo voices the types of concerns not typically raised by economists on the left. “We have to recognize that the traditional instruments of taming capitalism — taxes and transfers to equalize...

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Jeff Stein
Aug 30, 2019
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Barack Obama just blasted the Senate health bill as a “massive transfer of wealth” to the rich

Barack Obama just blasted the Senate health bill as a “massive transfer of wealth” to the rich

Former President Barack Obama came to the defense of his health care legacy, the Affordable Care Act, on Thursday a few hours after Senate Republicans released their bill to repeal it. In a Facebook post, he criticized Senate Republicans’ health care bill as “a massive transfer of wealth from middle-class and poor families to the richest people in America.” “It hands enormous tax cuts to the rich and to the drug and insurance industries, paid for by cutting health care for everybody else,” Obama said. He added that it would cost millions their health insurance: “Discrimination based on...

vox.com
Jeff Stein
Jun 22, 2017
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Facebook’s Zuckerberg pushes back against Bernie Sanders’s call to abolish billionaires

Facebook’s Zuckerberg pushes back against Bernie Sanders’s call to abolish billionaires

Facebook CEO Mark Zuckerberg appeared to defend the existence of billionaires on Friday, pushing back against Sen. Bernie Sanders’s assertion that nobody in America deserves to be a billionaire. Zuckerberg, who is worth more than $70 billion, seemed to express concern in an interview on Fox News that eliminating billionaires in America would stifle competition between private and public actors in funding scientific research and philanthropy. Zuckerberg did express uneasiness about levels of wealth inequality in the U.S. and said he doubted whether vast fortunes were deserved in a “cosmic...

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Jeff Stein
Oct 25, 2019
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Republican attorneys general threaten key element of the $1.9 trillion stimulus

Republican attorneys general threaten key element of the $1.9 trillion stimulus

ADTwenty-one Republican state attorneys general on Tuesday threatened to take action against the Biden administration over its new $1.9 trillion stimulus law, decrying it for imposing “unprecedented and unconstitutional” limits on their states’ ability to lower taxes.The letter marks one of the first major political and legal salvos against the relief package since President Biden — evincing the sustained Republican opposition that the White House faces as it implements the signature element of the president’s economic policy agenda.The attorneys general take issue with a $350 billion pot...

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Jeff Stein
Mar 16
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Yellen pushes global minimum tax as White House eyes new spending plan

Yellen pushes global minimum tax as White House eyes new spending plan

ADTreasury Secretary Janet Yellen is working with her counterparts worldwide to forge an agreement on a global minimum tax on multinational corporations, as the White House looks for revenue to help pay for President Biden’s domestic agenda.The effort, which would involve a fraught and challenging global negotiation of tax laws, could prove one of Yellen’s biggest policy legacies if it succeeds. It also could prove central to Biden’s presidency. The $1.9 trillion stimulus legislation signed into law last week was financed completely by additional federal borrowing. But the administration is...

washingtonpost.com
Jeff Stein
Mar 15
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Citing his ‘leverage,’ Manchin says White House tax plan must change

Citing his ‘leverage,’ Manchin says White House tax plan must change

ADSen. Joe Manchin III (D-W.Va.) said on Monday he opposes a key part of the White House infrastructure plan, as early objections across the political aisle threatened to cloud the fate of the $2 trillion proposal.Speaking on a West Virginia radio station, Manchin vote against President Biden’s proposal to raise the corporate tax rate from 21 percent to 28 percent, instead saying the rate should be set at 25 percent. Even if all other Democrats support the plan, Manchin’s opposition would likely be enough to kill it because the Senate is split 50-50 between Democrats and...

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Jeff Stein
Apr 5
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‘We need the government’: Biden’s $1.9 trillion relief plan reflects seismic shifts in U.S. politics

‘We need the government’: Biden’s $1.9 trillion relief plan reflects seismic shifts in U.S. politics

ADA new Democratic administration facing down a massive economic crisis pushes a $800 billion stimulus package. A bloc of centrist Democrats balk at the price-tag, and Republicans are thrown into a frenzy warning about the impact to the federal deficit.A little more than a decade later, another new Democratic administration takes office facing a different economic crisis. This time, it proposes spending an additional $1.9 trillion in spending, even though the federal deficit last year was — much larger than during the last crisis. Centrist Democrats unify behind passing the measure, and the...

washingtonpost.com
Jeff Stein
Mar 7
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White House dramatically increased tax proposal as it sought to address tensions over next big spending plan

White House dramatically increased tax proposal as it sought to address tensions over next big spending plan

ADWhen President Biden’s team began putting together his infrastructure and jobs package this February, the White House National Economic Council circulated an internal proposal calling for about $3 trillion in new spending and $1 trillion in new tax hikes, according to three people with knowledge of the matter.But soon enough, some members of the economic team second-guessed themselves, concerned that the plan could jeopardize the nation’s long-term financial stability. The officials worried that the large gap between spending and revenue would widen the deficit by such a large degree that...

washingtonpost.com
Jeff Stein
Mar 29
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With congressional approval imminent, Biden prepares to send checks, but big stimulus challenges loom

With congressional approval imminent, Biden prepares to send checks, but big stimulus challenges loom

ADCongress is set to give the final green light to a $1.9 trillion stimulus package Wednesday, setting in motion another gargantuan political lift: a Washington-wide effort to administer one of the largest economic relief packages in U.S. history.Over the coming weeks, the Biden administration must send another round of one-time checks to millions of families, rethink vast portions of the U.S. tax code and dole out much-needed sums to help cash-strapped Americans, seeking to swiftly blunt an economic crisis that has left millions without jobs and falling further behind financially.Biden and...

washingtonpost.com
Jeff Stein
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Mar 9
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