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How the Democrats plan to tax the rich; Newsom wins CA recall

Jon Lieber, head of Eurasia Group's coverage of political and policy developments in Washington, shares insights on US politics:

Will the House Democrats actually be able to "tax the rich"?

The answer to that question is yes, the House Democrats this week rolled out a proposal in order to partially finance their plans to spend $3.5 trillion. The tax proposal is notable for three things. One, while it does raise taxes on corporate America, including the corporate rate (that's 26.5% from 21% today), it goes a little bit softer on them than a proposal from Senate Democrats or from the Biden administration who wanted to be much more aggressive in going after the overseas earnings of US multinational corporations.

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What We're Watching: California's governor faces the heat, worrying signs for Argentina's president, a Malaysian deal

The world's fifth largest economy votes: Voters in the US state of California will vote Tuesday on whether to fire the state's Democratic Governor, Gavin Newsom, and replace him with someone else. Some 46 candidates have put their names on the ballot to take the governor's mansion from Newsom, the former San Francisco mayor who has been broadly criticized for his pandemic policies — in particular his decision to keep many public schools closed last year, as well as dining out at an exclusive restaurant while telling Californians to stay home. But while the recall effort initially had steam, low projected turnout and an uninspiring group of replacement options — including right wing shock-jock Larry Elder and Caitlyn Jenner of Kardashian fame — mean that Newsom will likely survive. The vote has national implications: there is increasing pressure on the state's 88-year old Senator Diane Feinstein to retire before her term is up in 2024, and it would be up to the governor to appoint her replacement. With the Senate currently divided 50-50, a Republican governor could flip control back to the GOP. But that's a long-shot: Republicans only make up 24 percent of the electorate, compared to 35 percent in 2003, the last time the state recalled its Democratic governor. Who took over after that? The Terminator.

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COVID hypocrisy & misinformation

Ian Bremmer's Quick Take:

Hi, everybody. Ian Bremmer here from sunny Nantucket and going to be here for a little bit. Thought we would talk about the latest on COVID. Certainly, we had hoped we'd be talking less about it at this point, at least in terms of the developed world. A combination of the transmissibility of Delta variant and the extraordinary misinformation around vaccines and COVID treatment means that we are not in the position that many certainly had hoped we would be today.

The United States is the biggest problem on this front. We are awash in vaccines. Operation Warp Speed was an enormous success. The best vaccines in the world, the most effective mRNA, the United States doing everything it can to get secure doses for the entire country quick, more quickly than any other major economy in the world, and now we're having a hard time convincing people to take them. The politics around this are nasty and as divided as the country, absolutely not what you want to see in response to a health crisis.

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Why US COVID relief package progress is unlikely before January

Jon Lieber, who leads Eurasia Group's coverage of political and policy developments in Washington, offers insights on US politics:

With 250,000 Americans dead of COVID and case counts rising, is there any sign of a federal relief package on the way?

And the answer is a solid maybe. The interesting thing is even after the election, neither party has really changed their views on what they want in a stimulus. The Democrats are still holding to their $2.5 trillion number, and the Republicans are saying they want something much smaller and more targeted. President Trump is nowhere to be found in these discussions. He's busy litigating the outcome of an election he lost. Vice President Biden, the incoming President on January 20th, has indicated he basically supports the Democrat's position. He can probably be the deal breaker here. If he wants to tell the Democrats to come down with their number, that could potentially drive compromise with the Republicans. Negotiations haven't really gone anywhere though in the last six months, and I'd frankly be surprised at this point if we saw relief before the fifth January runoff election in Georgia, which will determine control of the Senate.

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