Radiance3 wrote:
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The Biden expenditures, the most expensive administration in US history.
Biden's expenditures since 2021.
2021 $6.8 trillion
2022 $ 6.7 trillion
2023 $5.8 trillion
2024 $6.8 trillion proposed to earn revenue via tax hike of $4.7 trillion.
In 2023, the highest recipients are Social Services from 40% to 102%. Mostly concentrated to welfare services, the Labor Unions Public Schools so that the Union donate back to the Dems tens of millions of dollars.
Most of these schemes are for buying votes. He still plans to pay off debts of 43 million students. Total debts are $1.6 trillion.
The lowest Department funded is Dept. of Defense for 18% only versus 102% to the Social services, and labor union public schools.
These will give him another 43 million votes. He also planned to naturalize 11 million illegal aliens. These 11 million could vote 2024 so he is assured again of winning the election.
That is why Joe is confident he'll win again when he announced, he'll run again, during his Ireland visit with Hunter via Airforce One.
In 2024 Biden plans to spend $6.8 trillion. This is election time Nov. 2024, and he'll be buying votes even illegals are paid to vote.
Biden also begins raising taxes in 2023. Plans to tax the unearned income. This is unconstitutional and a violation of GAAP. ( Generally Accepted Accounting Principles. )
This will adversely affect hundreds of millions of dollars, or even billions of dollars. But when the market slows down the investments lost its principal, therefore, investors lost twice. Their business will eventually dissolve or get out of the market. Or will prepare tax reflecting the loses. This is non-sense. Biden is so greedy, and dumb on how economy works,
The 2nd is the capital losses of the investors including the principal.
Effect on this: The economy will be severely destroyed. In addition, fewer investors will not engage in the stock market or real estate investments. They will withdraw. Economy will be disastrously affected.
Currently we only tax on Capital gains, on earned income. This has been done since accounting thru GAAP application started.
There are two faces of Capital Gains. Short term capital gains, and long term capital gains.
Short term is 1 year or less. Currently short term is taxed on the regular tax rate the taxpayer pays.
The Long Term is over one year. For the long term however, tax is rated lower, depending upon the value of the gains.
The long-term capital gains tax rates at present are 0 percent, 15 percent and 20 percent, depending on your income. These rates are typically much lower than the ordinary income tax rate.
That is why for the present, holding investment in a long term is beneficial to the investors.
Biden is going to change this. His proposed rates including unearned income.
Biden's proposal would raise it to 49.8 percent by increasing the NIIT (Net Investment Income,) from 3.8 percent to 5 percent and taxing capital gains at ordinary income tax rates for taxpayers with more than $1 million in income.
Biden also targets the tips to workers in the restaurants or other service provider industries. These people working in the restaurants are low income and many are students to supplement their college expenses.
There are still many faces where Biden is going to extort our hard-earned money for his spending free and for buying votes.
e br ================= br i The Biden expenditu... (
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