Joe Biden was elected president while promising to add $11 trillion in new spending and $4 trillion in corporate and upper-income taxes over the decade. Instead, basic politics and simple arithmetic won out. Now that Democrats have full control of the White House, House, and Senate, they can no longer blame Republicans for blocking these taxes. Less noticed, but perhaps more important, has been the quiet death of the progressives’ bold “tax the rich” utopia.įor years, socialists and progressives such as Bernie Sanders and Elizabeth Warren have enticed voters with free-lunch promises of a European social democracy financed mostly by new taxes on millionaires and large corporations. The Democratic Party has been tearing itself to pieces debating whether its latest reconciliation bill should spend $3.5 trillion or $2 trillion or even $1.5 trillion. Salwan Georges/The Washington Post via Getty Images
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