Mike & Co. —
This past weekend in Orlando, the Democratic Platform Committee advanced a final draft of the party’s 2016 official platform, to be ratified at the upcoming Convention in Philadelphia. The platform has been described by many as about as progressive and precedent-setting in several areas as any in recent history.
In this update, we outline the principal themes and vision of the platform, highlight policy areas that break new ground, and cast light on ambiguous provisions begging further analysis.
Best,
Dana
______________________________
Financial/Economic Themes
The platform has a progressive message and a positive tone, conveying the economic strides made in the past eight years with an eye toward further improvements in the future. The platform promises to defend the average American against the depredations of Wall Street; to protect, implement, and expand the Dodd-Frank Act; and to maintain the mission of the Consumer Financial Protection Bureau. The plan aims to support the middle class through increased loans for small and medium-sized enterprises (SMEs) and tax reforms.
The theme of income and wealth inequality is central and is pursued largely through tax reforms:
• eliminate breaks for special interests, like oil and gas companies, and the very wealthy
• impose a multimillionaire surtax
• target tax relief towards the middle class
• endorse corporate tax reform that incentivizes companies to remain in the U.S.
New Planks
The platform contains several policy proposals not included in previous Democratic platforms. Among the most striking is the commitment to a $15 per hour minimum wage, indexed to inflation. Unions strongly endorsed this measure, though HRC supported minimum wages reflecting the disparity in costs of living across the country.
The platform also includes a financial transaction tax (FTT), which imposes a levy on securities sales. The goal of the tax is to reduce excessive speculation and high-frequency trading. HRC has already backed a tax that would specifically address high-frequency trading. While the proposal has not been included in a modern platform, the FTT idea is not new, and the U.S. imposed such a levy from 1914 to 1965.
Ambiguities in the Text
There are ambiguities present in the text of this year’s platform that require further examination.
While the financial transaction tax, it is unclear how far Democrats officially support taking the tax and, therefore, if the current language is completely consistent with HRC’s interpretation of the proposal.
With regard to proposals on carried interest and Section 162(m) bonus deductions, the draft does not explicitly address these issues by name while it does mention the TFF. The platform states the party’s intention to “close egregious loopholes” enjoyed by the wealthy, a category to which carried interest and Section 162 (m) would apply. Both proposals are widely supported by Democrats and have already won over some leading Republicans.
One of the most consequential uncertainties concerns not policy but the qualifications of executive branch personnel. The language of the platform seeks prevent former Wall Street executives from serving in regulatory positions overseeing their relevant sectors. The ostensible goal of the proposal is to end the revolving door between Wall Street and economic and regulatory agencies. The provision states that “personnel is policy,” and supports only appointing officials “who are not beholden to the industries they regulate.”
Some view the inclusion of this language as an attempt to limit the influence of Wall Street in a potential HRC administration. As Jared Bernstein, former chief economist adviser to Vice President Biden, says, knowledge of contemporary markets on the part of former Wall Street executives shows they shouldn’t be disqualified because they worked there.
Świetny post. Bardzo ciekawie opisany artykuł. Jak możesz sprawdź stronę o samochodach u mnie! Do zobaczenia!
I intended to compose you a bit of note in order to give many thanks again considering the beautiful concepts you’ve contributed above. It’s extremely generous of people like you in giving easily all a few people could have advertised as an e-book in making some bucks for their own end, certainly considering that you could have done it if you considered necessary. The concepts additionally acted as a easy way to be aware that many people have a similar desire just as mine to figure out a great deal more concerning this condition. Certainly there are a lot more enjoyable instances ahead for folks who check out your blog.
I enjoy you because of all of the effort on this blog. Debby delights in conducting internet research and it’s easy to see why. A number of us hear all about the compelling form you convey both useful and interesting guidelines by means of the blog and boost contribution from other individuals about this area of interest and my child has been becoming educated a great deal. Enjoy the remaining portion of the new year. You’re carrying out a dazzling job.
Thanks for your whole work on this website. My niece takes pleasure in working on research and it is simple to grasp why. We all notice all relating to the powerful ways you render vital tricks via your website and therefore welcome response from website visitors on this topic while our own simple princess is without question understanding so much. Take pleasure in the rest of the year. Your performing a wonderful job.
I am only writing to make you understand what a cool discovery my child encountered checking your blog. She came to understand a wide variety of details, most notably how it is like to have a marvelous coaching heart to get folks easily fully grasp a variety of complicated matters. You actually did more than my desires. I appreciate you for delivering such good, dependable, edifying and also cool guidance on that topic to Evelyn.
Bardzo interesujący temat, dzięki za wysłanie wiadomości plastry na opryszczkę compeed plastry na opryszczkę compeed.