(Photo : Win McNamee/Getty Images)
President Biden Meets With House Democrats To Break A Stalemate On His Infrastructure Deal
WASHINGTON, DC - OCTOBER 01: U.S. President Joe Biden, accompanied by Speaker of the House Nancy Pelosi (D-CA), leaves a meeting with members of the House Democratic caucus October 1, 2021 in Washington, DC. The House is expected to try again today to vote on a $1 trillion infrastructure package as moderates and the progressive wing of the Democratic party continue to wrestle with the combined infrastructure package and the $3.5 trillion social spending plan proposed by the Biden administration. (Photo by Win McNamee/Getty Images)
A conservative group with links to former Vice President Mike Pence is starting a new six-figure ad campaign aimed at moderate House Democrats who are undecided over President Joe Biden's multitrillion-dollar social-security extension.
Representatives Stephanie Murphy of Florida, Ed Case of Hawaii, Jared Golden of Maine, Josh Gottheimer of New Jersey, and Kurt Schrader of Oregon are expected to broadcast the ad in their home districts. All five are seen as potential roadblocks in the way of Biden's social safety net.
Per Newsweek via MSN, the group, which is directed by former Vice President Mike Pence's chief of staff Marc Short, has previously run ad campaigns in the United States, along with Senator Kyrsten Sinema of Arizona, a moderate Democrat, and other moderate Democrats in crucial seats.
The reaction to inflation by the group comes after theU.S. Department of Labor declared that the Consumer Price Index increased by 6.2 percent in October compared to a year earlier, the largest increase since December 1990, according to the Department of Labor.
Nancy Pelosi calls Biden's tax on the wealthy a "publicity stunt"
Meanwhile, according to sources, multi-millionaire Nancy Pelosi opposed to President Joe Biden's $1.75 trillion spending bill's so-called billionaire tax, dismissing it as a "publicity stunt."
The speaker of the House of Representatives, who is presently attending the COP26 climate summit in Glasgow, Scotland, is reputedly worth over $100 million, making her the sixth wealthiest member of Congress.
According to The Washington Post, she expressed opposition to ideas by some of her Democratic colleagues to slap a tax on billionaires' unrealized capital gains to help pay for the president's social spending bill.
The wealth tax is claimed to have been dubbed as a "publicity stunt" by a top California Democrat in a phone call in October, according to the newspaper. According to the New York Post, Pelosi's objections stemmed from the fact that Senate Finance Committee Chair Ron Wyden had not finalized legislation for the billionaire tax by the time the White House was scheduled to submit an updated framework for the social spending proposal.
In late October, the Biden administration decided to drop a planned tax that would have targeted about 750 millionaires. This came after the tax was criticized by a number of prominent Democrats, including Pelosi, who complained in a phone conversation with senior party leaders on October 26 that the scheme was a publicity stunt.
Companies expected to complain about the spending bill's inclusion
Senator Joe Manchin (D-W.Va.), who has been a thorn in Biden's side when it comes to approving spending bills, has also expressed opposition to the idea. House Majority Leader Steny Hoyer (D-Md.) communicated his disappointment with the planned tax, saying he was "frankly and honestly disappointed." Pelosi is said to be one of Congress' richest members, yet her actual net worth fluctuates depending on who you ask.
Her net worth is estimated to be over $114 million as of 2018, according to campaign funding tracker OpenSecrets. In July of this year, the website GoBankingRates assessed her net worth to be closer to $120 million. According to OpenSecrets, she was the sixth wealthiest member of Congress in 2020.
She was second only to then-Rep. Reps. Greg Gianforte (R-Mont. ), Paul Mitchell (R-Mich. ), Vernon Buchanan (R-Fla. ), Don Beyer (D-Va. ), and Dean Phillips (R-Texas) (D-Minn.). The planned capital gains tax was eventually deleted from the bill's structure. Instead, a proposed 3% surtax on anyone earning more than $10 million per year was added.
According to the newspaper, which cited two anonymous sources, the White House agreed to scrap a planned 3 percent tax on taxpayers earning more than $5 million to fulfill the demands of Sen. Kyrsten Sinema (D-Ariz.). About 35,000 of the wealthiest Americans, or 0.2 percent of the country's richest 1%, were excluded from the tax rise.
The White House is now pushing for a new 15% minimum tax on corporations, but renewable energy companies are expected to complain this week, claiming that it will jeopardize the party's climate ambitions, Daily Mail reported.
Related Article: Joe Biden Condemns Calls To Punish 13 Republicans Who Voted in Favor of the Bipartisan Infrastructure Bill
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