Midterm Results Reshape Capitol Hill and Prices

Democrats won both the House and the Senate on Tuesday, according to several outlets, and I'm not going to dress it up. The people who spent two years promising the base lower prices and results got a bill of their own, and the voters sent it.

The Democrats' first order of business is tax hikes. Cory Booker's Keep Your Pay Act would push the top two income tax rates to 41 and 43 percent. Schumer, Wyden and Warren want the stock buyback tax raised from 1 to 4 percent. Keep Your Pay, mind you, is a bill that raises the top two income tax rates. That's a name only Washington could write with a straight face.

Here's the deal, and it's not complicated. Trump is still in the White House with a veto pen, and his 2025 law made the seven brackets permanent. Overriding him takes congressional votes. The real fight now is whether moderates or progressives run the new majority, and a lot of us would pay good money to watch that one.