Biden's tax proposals have almost no chance of passing Congress: D.C. policy specialist
Brian Gardner, Stifel Chief Washington Policy Specialist, discusses President Biden's tax proposals.
You can watch the entire interview here.
Key video highlights
00:06 On chance of Biden's tax proposals passing
00:32 On Republicans critical of buybacks
00:48 On billionaire tax not being 'serious' proposal
DAVE BRIGGS: Do you think the president's tax proposals have any shot in this Congress?
BRIAN GARDNER: Almost none. Dave, let's start with the buyback tax because I think that actually has the better shot of passing. Maybe not in this congress, but in future congresses. What we were telling clients when it was included in the IRA, the Inflation Reduction Act, last year is, once you get that into law, then each party can look at it and dial the number that they want to raise revenues. And there are a number of Republicans who have been critical of buybacks.
So I don't think the Republican Party is monolithic in its view on stock buybacks and taxing stock buybacks. So I think down the road, yeah, it's possible, just not now. The billionaire tax, I think there's absolutely no way. I think it was done in there for-- put in the speech for political messaging.
I don't think it was-- I don't think it was a serious proposal. Republicans will not touch it. I think a lot of Democrats on the Hill won't touch it. There is certainly a group of Democrats who support it. They're very loud about their support, but they're also fairly small in number. And so I just don't think there's widespread support for a billionaire unrealized capital gains tax.