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xchrom

(108,903 posts) Wed Dec 10, 2014, 10:15 AM Dec 2014

Wall Street’s Democrats

http://www.nationofchange.org/2014/12/09/wall-streets-democrats/

America can’t tackle widening inequality without confronting the power and privilege lying behind it. If the Democratic party doesn't lead the way, who will?

In Washington’s coming budget battles, sacred cows like the tax deductions for home mortgage interest and charitable donations are likely to be on the table along with potential cuts to Social Security and Medicare.

But no one on Capitol Hill believes Wall Street’s beloved carried-interest tax loophole will be touched.

Don’t blame the newly elected Republican Congress.

Democrats didn’t repeal the loophole when they ran both houses of Congress from January 2009 to January 2011. And the reason they didn’t has a direct bearing on the future of the party.

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Wall Street’s Democrats (Original Post) xchrom Dec 2014 OP

In reality Sen Dems didn't have majority fredamae Dec 2014 #1

Actually they did do something since 2009, it is The Dodd-Frank Act, signed in June 2010. Thinkingabout Dec 2014 #2

fredamae

(4,458 posts)

1. In reality Sen Dems didn't have majority

Reply to xchrom (Original post)

Wed Dec 10, 2014, 10:25 AM

Dec 2014

Last edited Wed Dec 10, 2014, 11:34 AM - Edit history (1)

for those 2 years. The GOP has basically Held control in both houses post 2010 in spite of the "on paper" sen majority.

"Democrats didn’t repeal the loophole when they ran both houses of Congress from January 2009 to January 2011. And the reason they didn’t has a direct bearing on the future of the party.

I know what it looks like on paper re: Senate Majority-but in reality - given Everything needs 60 votes to pass...as opposed to the normal 51...Sen Dems only held a filibuster proof majority for about 72 Days. After GOP Scott Brown entered the fray--things have been sideways....not to mention the impact of securing all Conservative "dem" votes.
It's more complicated, as I understand it-than just having a majority on paper.

Thinkingabout

(30,058 posts)

2. Actually they did do something since 2009, it is The Dodd-Frank Act, signed in June 2010.