3000 billion cost | Democrats urged Biden to accept plan ahead of COP26

(Washington) The Democrats of the United States played tight in Congress on Wednesday: they want to find an agreement on Joe Biden’s investment plans before moving on to the G20 and COP26 in Europe, so there is less than 24 hours to agree.

Delphine TOUITOU and Julie CHABANAS
France Media Company

The U.S. president hopes to give his international partners the image of the United States in the fight against energy change, growth, but also against social inequalities and tax evasion.

Before Joe Biden left for Rome (Italy) and then to Glasgow (Scotland) on Thursday, it was a contest against the time Congress was engaged in trying to bring together all the edges of the Democrats to reach an agreement.

White House spokeswoman Jen Psi promised on Wednesday that “we are very close to an agreement” and welcomed “a broad agreement between Democrats in Congress.”

She wanted to reassure him about the possibility of achieving this before the president’s plane heads for Europe: “It’s only 1.30pm”.

Democrats have been working on two projects for 8 to 10 years: $ 1.2 trillion in investment is needed to modernize the infrastructure; The other includes social and environmental activities and its amount, which has been drastically reduced from the initial proposal, should be around Rs 1,500 billion.

However he acknowledged that their numbers were not enough to defeat America’s climate crisis.

“We hope an agreement is reached and we will come to the framework of an agreement by the end of the day,” Senate Democrat Chuck Schumer announced earlier in the day.

“Some Rich”

Funding for the projects has been the subject of heated debate within the Democrats, and tax definitions on the super-rich were tabled Wednesday.

According to Democrat Senator Ron Wheaton, chairman of the U.S. Senate Finance Committee, the new proposal will “apply the billionaire income tax to about 700 taxpayers and raise hundreds of billions of dollars.”

It said it would “ensure that the rich in the country pay their fair share of historic investments (finance) in the fight against child care, paid leave and the climate crisis.”

The big news is that unrealized capital gains should be taxed, these passive gains in the dense portfolios of stocks of big American fortunes.

“Only taxpayers with more than $ 100 million in annual income or more than $ 1 billion in assets over the next three years will be covered,” the text states.

According to the American media, the tax rate used will be 23.8%.

Today, a wealthy partner, such as Elon Musk, the boss of Tesla, or Jeff Bezos, the founder of Amazon, does not pay taxes on these unrealistic capital gains.

The “rich few” can escape taxes by keeping these assets indefinitely, yet they are allowed to borrow and finance their livelihood.

Central Senators

The question now is whether this speech will please the centrist Democratic senators Joe Mancin and Kirsten Cinema, whose role is crucial, as the Democratic majority in the Senate is so weak that the party must get all the votes without exception.

Joe Mans was reluctant: “I do not like the idea that we are targeting different people. […] It contributes to the community and creates a lot of jobs.

However, he told reporters that Democrats could “completely” defend the structure of a deal at the end of the day, the political news site reported. Mountain.

Kyrsten Sinema, who opposes the tax increase, has not yet said whether he wants to support the funding system. On the other hand, on Tuesday, he decided in favor of a minimum tax of 15% for multinationals.

“I saw this as a general knowledge measure to ensure more profitable companies,” he explained […] Pay a reasonable minimum tax on their profits.

This minimum tax on about 200 companies, including the technology sector, has actually returned to the forefront after a speech by several senators on Tuesday.