The faux-populist GOP Senate candidate, J.D. Vance, structured his finances to take advantage of a notorious tax loophole — one he could help preserve if he wins.
J.D. Vance’s Wall Street Tax Dodge
Tag: Carried interest
Schumer’s Family Business
Blackstone just hired Chuck Schumer’s son-in-law as a lobbyist, the latest of his relatives to take a job at a company lobbying the Senate on major legislation.
Schumer’s Family Business
Everyone pays the cost as the rich keep spending
Everyone pays the cost as the rich keep spending
Meanwhile, the Biden White House is doing what it can to buffer inflationary pain for working people. It has been releasing strategic petroleum reserves in a partly successful effort to lower prices at the pump, extending pandemic-era caps on some student loan payments and pushing for antitrust action in areas where corporate concentration (which has grown hand in hand with financialisation) may be responsible for some inflationary pressure.
But more changes are needed. The success of corporate lobbyists in overturning efforts to roll back carried interest loopholes are shameful. Student debt forgiveness — no matter how generous it is — will not change the fact that the cost of four years of private university in the US (an elastic cost that can be bid up indefinitely by the global rich) is nearly double the median family income. Housing markets continue to cry out for major reform.
I suspect it will take a younger generation to push through these sorts of systemic changes. They simply don’t have as much asset wealth to protect.
Manchin’s Climate Reversal Comes With Major Caveat: Expanding Oil and Gas
Conservative coal baron Sen. Joe Manchin (D-West Virginia) announced on Wednesday that he has come to an agreement with Democratic leaders for a reconciliation bill with key climate, prescription drug price and tax reforms — with a major caveat to expand oil and gas exploration.
Manchin’s Climate Reversal Comes With Major Caveat: Expanding Oil and Gas
Related:
Senate Dems reach draft deal to extend ACA premiums, lower drug costs
Also included in the Inflation Reduction Act — a bid to lower drug prices. Medicare will be allowed to negotiate the prices of some 10 pharmaceutical drugs in 2026, 15 more drugs in 2027 and 2028 and 20 more in 2029. In addition to price negotiation, the bill also imposes penalizing rebates on pharmaceutical manufacturers who hike drug costs above the rate of inflation starting next year.