09/17/2021 | Press release | Distributed by Public on 09/17/2021 16:22
Akin Gump public law and policy partner Arshi Siddiqui has been quoted by POLITICO in the article 'K Street counting on Senate to pare back Democrats' tax plan.' The article looks at how the business community is reacting to the tax proposal put forward by Democrats in the House of Representatives.
'This is the beginning of the process,' said Siddiqui, a former aide to House Speaker Nancy Pelosi. 'We are talking about landmark legislation and a legislative centerpiece for the Biden administration. By definition, signature pieces of legislation require a healthy give and take throughout the process.'
POLITICO reports that the current proposal calls for just over $2 trillion worth of tax increases, roughly split between corporate tax provisions and individual rate hikes aimed at the biggest earners. Democrats, the article says, hope to pass the bill through reconciliation, which would allow them to sidestep a filibuster by Senate Republicans.
'The question is the size and scope of what ultimately passes Congress,' said Siddiqui. She predicted 'a fierce competition not only on which provisions survive, as well as ensuring that some of the revenue offsets strike the right balance on policy and politics,' leading into the 2022 midterms.
Siddiqui compared the process to 'drinking out of a firehose,' adding that the bill is particularly unique because of how drastically it is likely to change from the time each piece is approved by committees to when it actually hits the Senate floor.
Siddiqui noted that as the process moves forward, it will be harder to have any sort of impact. Time is of the essence, she stated. 'Obviously, those who laid the groundwork for their strategies earlier in the process are better situated. But, ultimately it is one of those things where it isn't over till it's over, and you cannot take anything for granted.'