default. it is about competing businesses for america. under my administration we cut the deficit $1.7 trillion in the first three years, but speaker mccarthy and i have a very different view of who should bear the burden of additional efforts to get the fiscal house in order. i don t think the burden should fall on working class americans. my house republican friends disagree. instead, republicans passed a bill that would make huge cuts in important programs that millions of working and middle class americans count on. huge cuts in number of teachers, police officers, border patrol agents, and increase wait times for social security claims. i won t agree to that. i put forward a proposal that cuts spending, freezes spending the next two years. that s on top of nearly $3 trillion in deficit reduction i previously proposed through a combination of spending cuts and new revenue raises. i propose making the wealthy begin to pay their fair share which will reduce the deficit, but it won t
is the number one, just looking at my notes here $400 billion would produce over ten years and global minimum tax at 15% which would be $350 billion over ten years. of course we haven t seen congress give money scores on this yet and no text yet, what the white house estimate is and alternate minimum tax for large corporations in the united states, 15% that brings in $325 billion over ten years, combined i m doing back of the envelope math here about $1.2 trillion of that total $1.9 trillion in revenue raises. how significant is this corporate minimum tax? there s all this desite over should corporates pay 21%, 25%? we know there are over 50 major corporations that last year paid zero. i m sure none of us paid zero last year but nike, salesforce, fedex paid zero. with this change, everyone, no matter what, will have to pay a
they will whatever they spend they will get back in revenue raises. right. well, of course those were all tax increases. sinema was one of eight democrats to vote against the $15 minimum wage from the federal government earlier this year. and the thumbs down signaling her opposition, which is of course a common gesture among senators as they vote. that provoked an outcry from liberals. not long after that happened, dana, of course as you know sinema posted a picture of herself on instagram wearing a ring that said f off on it. look, everything s hanging on her vote now. but what i find fascinating about her is that it does not seem to bother her when she s the only one left and there s 100 female on the other side of the room all saying you re terrible. it doesn t seem to bother her. it doesn t. she marches to the beat of her own drum. in so many ways. just the fact that as you said
negotiations? i can t tell. can you clear that up for me? no. it is very confusing, jake. so right now you have the moderates that are saying if you do not hold this vote when you promised to hold the vote the infrastructure bill. when you promised it to pelosi and leadership, then we re not going to carry reconciliation. they have leverage on that front because they don t want to vote for reconciliation. progressives have some power. the question is are they actually going to decide to vote in bloc as manu was saying to sink the infrastructure bill? knowing that could very well ruin the chances of the reconciliation bill? i don t know if progressives are fully there yet. they are threatening to be there but we haven t seen them in the past take that big of a step on such a big agenda item for president biden. one thing, also, with the supposed announcement of payment for these revenue raises, quote, what the white house calls them, the white house
maria: i see. this is the exercise you go through with all legislation. i get that. but let me ask you this because there s a feeling that after the house overturned all of the obamacare taxes, that the senate is saying we need a revenue raise. are you expecting that you will have to redo some of those taxes? you know, i would guess not. my view is on taxes, maria, that that was a part of obamacare. those taxes were raised to pay for obamacare. we are repealing obamacare, so we ought to reveal the revenue raises, the taxes included in it. i think it would be hard to get a bill through the senate that doesn t do away with the obamacare taxes. obviously, we re trying to do this within what the cbo has said the parameters are in terms of the budget that we have to work with, and a number of the things that we are doing are going to save significant ams of money. the medicade reforms save almost $1 trillion. we ll work hard with the cbo, come up with a bill that we can put on the presi