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Biden is so Stupid to Realize That Raising Taxes On the Rich Primarily Destroys the Poor
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Jun 3, 2021 14:06:19   #
Radiance3
 
Economic analysis of Joe Biden's policies. How sane is Biden? These are the substances of his mental ability.
By raising taxes on the rich, he does not realize that the rich will have many options to capture the loses due to tax increases. The most affected are the poor.

1. Raising taxes on the rich will be offset by higher inflation. The rich will raise their prices of their products or services to offset the cost. Therefore the value of the dollar shrinks. The poor people will have to pay more than what they could afford. High gas prices on the pump, high food prices on the grocery stores, and everything we pay is inflated.

2. What else will the rich do? They will lay off employees or put their
employees on a part time basis, to reduce cost of overhead. What happen to these employees? They line up for social welfare to augment their income.
The laid off employees don't pay taxes. Whereas when they were employed they pay income tax and the payroll taxes. They could not do that when out of jobs.

3. With high unemployment, with fewer people paying the payroll taxes, result to increase of the SS and Medicare unfunded liabilities, currently at present, Medicare $ 55.1 trillion unfunded liabilities, and SS $41.2 trillion total of $96.3 trillion unfunded liabilities.

Other adverse effects of raising taxes to the rich.
Interest rates increase. That is the cost of borrowing from banks and financial institutions. Most small businesses depend upon loans from banks and financial institutions. Therefore to offset cost, they also raise the cost of their products or services. Even the restaurant where you eat, prices go up.

Cost of buying homes is more expensive.

When corporation shrinks its operations, due to high cost of production, the revenues of those companies also shrink. Therefore with lower revenue. the government collects lower taxes.

That is why Biden's punishing the rich with higher taxes, punishes the poorest of the poor more.

Now, he going to meet world leaders. Because of his brain, I am afraid what he is going to say. I hope and pray he does better.

https://www.realclearpolicy.com/articles/2021/05/05/96_trillion_in_unfunded_us_medicare_and_social_security_benefits_775259.html.

Contrary to president Trump, he reduced taxes and specially the rich companies from 28% to 21%. These actions resulted to the lowest unemployment rate of 3.5% where blacks, Hispanics and Asians have experienced the highest employment throughout history.

When people work, they have dignity and respect. They feel important and useful, because they are using their skills to produce.

Whereas, Biden, he makes people useless, dependent, losing self respect and eventually go crazy and violent, like the BLM's. now demanding CRT.

Reply
Jun 3, 2021 14:33:25   #
victor doherty
 
Radiance3 wrote:
How sane is Biden? These are the substances of his mental ability.
By raising taxes on the rich, he does not realize that the rich will have many options to capture the loses due to tax increases. The most affected are the poor.

1. Raising taxes on the rich will be offset by higher inflation. The rich will raise their prices of their products or services to offset the cost. Therefore the value of the dollar shrinks. The poor people will have to pay more than what they could afford. High gas prices on the pump, high food prices on the grocery stores, and everything we pay is inflated.

2. What else will the rich do? They will lay off employees or put their
employees on a part time basis, to reduce cost of overhead. What happen to these employees? They line up for social welfare to augment their income.
The laid off employees don't pay taxes. Whereas when they were employed they pay income tax and the payroll taxes. They could not do that when out of jobs.

3. With high unemployment, with fewer people paying the payroll taxes, result to increase of the SS and Medicare unfunded liabilities, currently at present, Medicare $ 55.1 trillion unfunded liabilities, and SS $41.2 trillion total of $96.3 trillion unfunded liabilities.

Other adverse effects of raising taxes to the rich.
Interest rates increase. That is the cost of borrowing from banks and financial institutions. Most small businesses depend upon loans from banks and financial institutions. Therefore to offset cost, they also raise the cost of their products or services. Even the restaurant where you eat, prices go up.

Cost of buying homes is more expensive.

When corporation shrinks its operations, due to high cost of production, the revenues of those companies also shrink. Therefore with lower revenue. the government collects lower taxes.

That is why Biden's punishing the rich with higher taxes, punishes the poorest of the poor more.

Now, he going to meet world leaders. Because of his brain, I am afraid what he is going to say. I hope and pray he does better.

https://www.realclearpolicy.com/articles/2021/05/05/96_trillion_in_unfunded_us_medicare_and_social_security_benefits_775259.html.

Contrary to president Trump, he reduced taxes and specially the rich companies from 28% to 21%. These actions resulted to the lowest unemployment rate of 3.5% where blacks, Hispanics and Asians have experienced the highest employment throughout history.

When people work, they have dignity and respect. They feel important and useful, because they are using their skills to produce.

Whereas, Biden, he makes people useless, dependent, losing self respect and eventually go crazy and violent, like the BLM's. now demanding CRT.
I How sane is Biden? These are the substances ... (show quote)


MORE STUPID Stuff as usual a$$ backward

Reply
Jun 3, 2021 14:37:43   #
Radiance3
 
victor doherty wrote:
MORE STUPID Stuff as usual a$$ backward


===============
Lack of comprehension results to this.
I am certain you are hoping that the $6 trillion of Joe's redistribution comes sooner.

Reply
 
 
Jun 3, 2021 15:03:49   #
Kevyn
 
victor doherty wrote:
MORE STUPID Stuff as usual a$$ backward


It is interesting that it worked to end the gilded age and usher in the expansion of the middle class.

Reply
Jun 3, 2021 15:55:26   #
Airforceone
 
Radiance3 wrote:
Economic analysis of Joe Biden's policies. How sane is Biden? These are the substances of his mental ability.
By raising taxes on the rich, he does not realize that the rich will have many options to capture the loses due to tax increases. The most affected are the poor.

1. Raising taxes on the rich will be offset by higher inflation. The rich will raise their prices of their products or services to offset the cost. Therefore the value of the dollar shrinks. The poor people will have to pay more than what they could afford. High gas prices on the pump, high food prices on the grocery stores, and everything we pay is inflated.

2. What else will the rich do? They will lay off employees or put their
employees on a part time basis, to reduce cost of overhead. What happen to these employees? They line up for social welfare to augment their income.
The laid off employees don't pay taxes. Whereas when they were employed they pay income tax and the payroll taxes. They could not do that when out of jobs.

3. With high unemployment, with fewer people paying the payroll taxes, result to increase of the SS and Medicare unfunded liabilities, currently at present, Medicare $ 55.1 trillion unfunded liabilities, and SS $41.2 trillion total of $96.3 trillion unfunded liabilities.

Other adverse effects of raising taxes to the rich.
Interest rates increase. That is the cost of borrowing from banks and financial institutions. Most small businesses depend upon loans from banks and financial institutions. Therefore to offset cost, they also raise the cost of their products or services. Even the restaurant where you eat, prices go up.

Cost of buying homes is more expensive.

When corporation shrinks its operations, due to high cost of production, the revenues of those companies also shrink. Therefore with lower revenue. the government collects lower taxes.

That is why Biden's punishing the rich with higher taxes, punishes the poorest of the poor more.

Now, he going to meet world leaders. Because of his brain, I am afraid what he is going to say. I hope and pray he does better.

https://www.realclearpolicy.com/articles/2021/05/05/96_trillion_in_unfunded_us_medicare_and_social_security_benefits_775259.html.

Contrary to president Trump, he reduced taxes and specially the rich companies from 28% to 21%. These actions resulted to the lowest unemployment rate of 3.5% where blacks, Hispanics and Asians have experienced the highest employment throughout history.

When people work, they have dignity and respect. They feel important and useful, because they are using their skills to produce.

Whereas, Biden, he makes people useless, dependent, losing self respect and eventually go crazy and violent, like the BLM's. now demanding CRT.
i Economic analysis of Joe Biden's policies. Ho... (show quote)



No your wrong Raising Tariffs increased the cost of goods and services.

Lower taxes on the middle class and small businesses generates spending and growth when you have 97% of our population out buying TV and appliances and other goods it creates more manufacturing jobs. So use some common sense.

Wealthy Reagan tax cuts along with Bush and fat ass Trump all that did was increase the deficit by trillions. The problem with the party of Trump they can’t add trickle down economics does not work all it does is increase income in equality and blows up the deficit. It never trickles down all the democrats want is for the wealthy and corporate elite is pay there fair share. So grow up

Reply
Jun 3, 2021 16:13:04   #
dtucker300 Loc: Vista, CA
 
Airforceone wrote:
No your wrong Raising Tariffs increased the cost of goods and services.

Lower taxes on the middle class and small businesses generates spending and growth when you have 97% of our population out buying TV and appliances and other goods it creates more manufacturing jobs. So use some common sense.

Wealthy Reagan tax cuts along with Bush and fat ass Trump all that did was increase the deficit by trillions. The problem with the party of Trump they can’t add trickle-down economics does not work all it does is increase income inequality and blows up the deficit. It never trickles down all the democrats want is for the wealthy and corporate elite is pay their fair share. So grow up
No your wrong Raising Tariffs increased the cost o... (show quote)



You're the one who needs to grow up and get some education at the same time, instead of rehashing the same old lies. You never quit, so neither will we. Enough of your BS already. What is your definition of fair share? A flat tax would be fairer. The top 1% already pay for more than 40% of the tax burden. Do you call that fair? When they have to pay more taxes the opposite of trickle-down occurs and the costs are passed on to the middle and lower classes who can least afford it. The solution has been known for centuries; Decrease taxes and decrease the size of government. Your taxes will increase because of Biden and the ignoramuses who don't understand economics 101. Even you leftist WaPo gets it.

What he’s not saying
Marc A. Thiessen The Washington Post

President Joe Biden’s new $6 trillion budget is both staggering in its scope and dishonest in its design. The New York Times reports that Biden’s plan “would take the United States to its highest sustained levels of federal spending since World War II” while collecting “more tax revenue as a share of the economy than at almost any point in the last century.”

That’s bad enough, but here is what Biden is not telling you: either he has abandoned major campaign promises just months into his administration, or he actually plans to tax and spend a whole lot more.

For example, a centerpiece of Biden’s campaign — his plan to create a “public option” for health care and lower the age at which Americans can receive Medicare — is nowhere to be found in this budget. According to Manhattan Institute budget expert Brian Riedl, Biden’s missing health proposals will cost $1.45 trillion. That’s a huge omission. So, I asked Riedl what else is missing from Biden’s budget? A lot, it turns out. He points out that Biden also did not include a host of other spending plans he proposed during the 2020 campaign — such as his plan to expand Social Security and Supplemental Security Income (SSI), as well as much of the K-12 spending and higher education spending that he promised.

In addition, Biden’s budget assumes that items he did include — such the child tax credit expansion in his American Family Plan and long-term care for seniors — will expire before Biden’s 10-year budget window closes, when, in fact, the president has no intention of allowing those programs to expire.

According to Riedl, when you add up the costs of all the missing items — plus the hundreds of billions in interest costs from these new initiatives — it comes to a whopping $5.8 trillion in additional spending.

That means Biden’s actual spending plans are nearly double those outlined in his budget — which is already the highest level of proposed spending since the Second World War.

And there is something that Biden’s budget does include which he did not propose on the campaign trail — a lower- and middle-income tax increase. When he ran for president, Biden declared, “Under my plan, if you make less than $400,000, you won’t pay a single penny more in taxes. You have my word on it.”

But in this budget, Biden breaks his word. The White House budget assumes that Biden will allow the Trump tax cuts for low- and middle-income Americans to expire as scheduled in 2025. Letting tax cuts expire is a tax increase.

Who would be affected by those tax hikes? The nonpartisan Tax Policy Center estimates that 65 percent of Americans saw their taxes go down under Trump’s tax reform — which means that under Biden’s budget 65 percent of Americans will see their taxes go up.

Even the Institute on Taxation and Economic Policy — a left-wing group which opposed the Trump tax cuts — acknowledged that every income group in every state would pay less on average thanks to those cuts — which means that every income group in every state will pay more if Biden lets their tax cuts expire.

Biden did not campaign on a pledge to raise taxes on the majority of Americans, comprising every income group. And yet he is baking in a massive lower- and middle-income tax increase into his budget plans.

Why is Biden counting revenue he promised not to collect from working-class Americans in his budget? Because, according to Riedl, “the president has already used up nearly everything from his campaign tax hikes in his current proposals.” Even with a lower- and middle-income tax increase, he is still short of revenue to pay for all the $6 trillion in spending he admits to in his budget — leaving him with no way to pay the additional $5.8 trillion in spending he has pledged. That means, despite already proposing the highest levels of taxation in a century, he will have to raise taxes even more.

In other words, from spending to taxes, Biden’s budget is a lie. He plans to tax you more and spend far more of your money than even his record-breaking budget plan admits.

Thiessen is on Twitter, @marcthiessen. For another view of Biden’s budget, please see Catherine Rampell’s column from The Washington Post in Friday’s Opinion section.

Reply
Jun 3, 2021 16:20:03   #
lpnmajor Loc: Arkansas
 
Radiance3 wrote:
Economic analysis of Joe Biden's policies. How sane is Biden? These are the substances of his mental ability.
By raising taxes on the rich, he does not realize that the rich will have many options to capture the loses due to tax increases. The most affected are the poor.

1. Raising taxes on the rich will be offset by higher inflation. The rich will raise their prices of their products or services to offset the cost. Therefore the value of the dollar shrinks. The poor people will have to pay more than what they could afford. High gas prices on the pump, high food prices on the grocery stores, and everything we pay is inflated.

2. What else will the rich do? They will lay off employees or put their
employees on a part time basis, to reduce cost of overhead. What happen to these employees? They line up for social welfare to augment their income.
The laid off employees don't pay taxes. Whereas when they were employed they pay income tax and the payroll taxes. They could not do that when out of jobs.

3. With high unemployment, with fewer people paying the payroll taxes, result to increase of the SS and Medicare unfunded liabilities, currently at present, Medicare $ 55.1 trillion unfunded liabilities, and SS $41.2 trillion total of $96.3 trillion unfunded liabilities.

Other adverse effects of raising taxes to the rich.
Interest rates increase. That is the cost of borrowing from banks and financial institutions. Most small businesses depend upon loans from banks and financial institutions. Therefore to offset cost, they also raise the cost of their products or services. Even the restaurant where you eat, prices go up.

Cost of buying homes is more expensive.

When corporation shrinks its operations, due to high cost of production, the revenues of those companies also shrink. Therefore with lower revenue. the government collects lower taxes.

That is why Biden's punishing the rich with higher taxes, punishes the poorest of the poor more.

Now, he going to meet world leaders. Because of his brain, I am afraid what he is going to say. I hope and pray he does better.

https://www.realclearpolicy.com/articles/2021/05/05/96_trillion_in_unfunded_us_medicare_and_social_security_benefits_775259.html.

Contrary to president Trump, he reduced taxes and specially the rich companies from 28% to 21%. These actions resulted to the lowest unemployment rate of 3.5% where blacks, Hispanics and Asians have experienced the highest employment throughout history.

When people work, they have dignity and respect. They feel important and useful, because they are using their skills to produce.

Whereas, Biden, he makes people useless, dependent, losing self respect and eventually go crazy and violent, like the BLM's. now demanding CRT.
i Economic analysis of Joe Biden's policies. Ho... (show quote)


Nope. Did prices come down when trump gave them a pass on taxes?

Reply
 
 
Jun 3, 2021 16:55:13   #
dtucker300 Loc: Vista, CA
 
lpnmajor wrote:
Nope. Did prices come down when trump gave them a pass on taxes?


Did prices go up under Trump? No!

Do you understand the economic concept of "equilibrium"?

Prices were at equilibrium even though more Blacks and Hispanics were in the labor market and fewer were unemployed, putting more demand and pressure on prices or goods and services. Biden comes along and prints trillions of dollars so that more dollars are chasing these same goods, putting demand pressure on prices to increase and fewer manufacturing jobs to produce them because many people are content to still stay home and collect greater unemployment benefits rather than working. Try picking up an economic textbook and reading it. There are plenty written at a Jr. High School level so that the concepts will be easy for you to understand.

Reply
Jun 3, 2021 17:20:19   #
Radiance3
 
dtucker300 wrote:
You're the one who needs to grow up and get some education at the same time, instead of rehashing the same old lies. You never quit, so neither will we. Enough of your BS already. What is your definition of fair share? A flat tax would be fairer. The top 1% already pay for more than 40% of the tax burden. Do you call that fair? When they have to pay more taxes the opposite of trickle-down occurs and the costs are passed on to the middle and lower classes who can least afford it. The solution has been known for centuries; Decrease taxes and decrease the size of government. Your taxes will increase because of Biden and the ignoramuses who don't understand economics 101. Even you leftist WaPo gets it.

What he’s not saying
Marc A. Thiessen The Washington Post

President Joe Biden’s new $6 trillion budget is both staggering in its scope and dishonest in its design. The New York Times reports that Biden’s plan “would take the United States to its highest sustained levels of federal spending since World War II” while collecting “more tax revenue as a share of the economy than at almost any point in the last century.”

That’s bad enough, but here is what Biden is not telling you: either he has abandoned major campaign promises just months into his administration, or he actually plans to tax and spend a whole lot more.

For example, a centerpiece of Biden’s campaign — his plan to create a “public option” for health care and lower the age at which Americans can receive Medicare — is nowhere to be found in this budget. According to Manhattan Institute budget expert Brian Riedl, Biden’s missing health proposals will cost $1.45 trillion. That’s a huge omission. So, I asked Riedl what else is missing from Biden’s budget? A lot, it turns out. He points out that Biden also did not include a host of other spending plans he proposed during the 2020 campaign — such as his plan to expand Social Security and Supplemental Security Income (SSI), as well as much of the K-12 spending and higher education spending that he promised.

In addition, Biden’s budget assumes that items he did include — such the child tax credit expansion in his American Family Plan and long-term care for seniors — will expire before Biden’s 10-year budget window closes, when, in fact, the president has no intention of allowing those programs to expire.

According to Riedl, when you add up the costs of all the missing items — plus the hundreds of billions in interest costs from these new initiatives — it comes to a whopping $5.8 trillion in additional spending.

That means Biden’s actual spending plans are nearly double those outlined in his budget — which is already the highest level of proposed spending since the Second World War.

And there is something that Biden’s budget does include which he did not propose on the campaign trail — a lower- and middle-income tax increase. When he ran for president, Biden declared, “Under my plan, if you make less than $400,000, you won’t pay a single penny more in taxes. You have my word on it.”

But in this budget, Biden breaks his word. The White House budget assumes that Biden will allow the Trump tax cuts for low- and middle-income Americans to expire as scheduled in 2025. Letting tax cuts expire is a tax increase.

Who would be affected by those tax hikes? The nonpartisan Tax Policy Center estimates that 65 percent of Americans saw their taxes go down under Trump’s tax reform — which means that under Biden’s budget 65 percent of Americans will see their taxes go up.

Even the Institute on Taxation and Economic Policy — a left-wing group which opposed the Trump tax cuts — acknowledged that every income group in every state would pay less on average thanks to those cuts — which means that every income group in every state will pay more if Biden lets their tax cuts expire.

Biden did not campaign on a pledge to raise taxes on the majority of Americans, comprising every income group. And yet he is baking in a massive lower- and middle-income tax increase into his budget plans.

Why is Biden counting revenue he promised not to collect from working-class Americans in his budget? Because, according to Riedl, “the president has already used up nearly everything from his campaign tax hikes in his current proposals.” Even with a lower- and middle-income tax increase, he is still short of revenue to pay for all the $6 trillion in spending he admits to in his budget — leaving him with no way to pay the additional $5.8 trillion in spending he has pledged. That means, despite already proposing the highest levels of taxation in a century, he will have to raise taxes even more.

In other words, from spending to taxes, Biden’s budget is a lie. He plans to tax you more and spend far more of your money than even his record-breaking budget plan admits.

Thiessen is on Twitter, @marcthiessen. For another view of Biden’s budget, please see Catherine Rampell’s column from The Washington Post in Friday’s Opinion section.
You're the one who needs to grow up and get some e... (show quote)


=================


Reply
Jun 3, 2021 18:15:38   #
DaWg44
 
Airforceone wrote:
No your wrong Raising Tariffs increased the cost of goods and services.

Lower taxes on the middle class and small businesses generates spending and growth when you have 97% of our population out buying TV and appliances and other goods it creates more manufacturing jobs. So use some common sense.

Wealthy Reagan tax cuts along with Bush and fat ass Trump all that did was increase the deficit by trillions. The problem with the party of Trump they can’t add trickle down economics does not work all it does is increase income in equality and blows up the deficit. It never trickles down all the democrats want is for the wealthy and corporate elite is pay there fair share. So grow up
No your wrong Raising Tariffs increased the cost o... (show quote)


Airfarce, if you really believe the really rich are going to put up with this bs, you need to read some history, real history, not liberal/leftist lies. France never has recovered from their adventure. Germany & UK the same. You know your queen Hillary is not going to pay a dime. The Clinton Foundation is probably in Ireland now.

Al Sharpton is never going to pay taxes, nor is Jesse Jackson. The SPLC is never going to pay taxes nor is blm, planned parenthood.

The CEOs of all the tech companies will sit before Congress & grin in defiance. Bezos can pull the plug of the servers the DOD is leasing & any other government agencies. The hippy Twitter critter can cancel Congress Obama/Biden & Obama.

What is hilarious is you leftist/liberals are responsible for these leftist/liberal rich people. You have created a class you cannot touch. White Supremacy is not your problem. The mega-rich that have all the liberal/leftist elected officials in their pockets are your problem.

Reply
Jun 3, 2021 19:59:19   #
dtucker300 Loc: Vista, CA
 
DaWg44 wrote:
Airfarce, if you really believe the really rich are going to put up with this bs, you need to read some history, real history, not liberal/leftist lies. France never has recovered from their adventure. Germany & UK the same. You know your queen Hillary is not going to pay a dime. The Clinton Foundation is probably in Ireland now.

Al Sharpton is never going to pay taxes, nor is Jesse Jackson. The SPLC is never going to pay taxes nor is blm, planned parenthood.

The CEOs of all the tech companies will sit before Congress & grin in defiance. Bezos can pull the plug of the servers the DOD is leasing & any other government agencies. The hippy Twitter critter can cancel Congress Obama/Biden & Obama.

What is hilarious is you leftist/liberals are responsible for these leftist/liberal rich people. You have created a class you cannot touch. White Supremacy is not your problem. The mega-rich that have all the liberal/leftist elected officials in their pockets are your problem.
Airfarce, if you really believe the really rich ar... (show quote)



Reply
 
 
Jun 3, 2021 21:48:25   #
FallenOak Loc: St George Utah
 
Airforceone wrote:
No your wrong Raising Tariffs increased the cost of goods and services.

Lower taxes on the middle class and small businesses generates spending and growth when you have 97% of our population out buying TV and appliances and other goods it creates more manufacturing jobs. So use some common sense.

Wealthy Reagan tax cuts along with Bush and fat ass Trump all that did was increase the deficit by trillions. The problem with the party of Trump they can’t add trickle down economics does not work all it does is increase income in equality and blows up the deficit. It never trickles down all the democrats want is for the wealthy and corporate elite is pay there fair share. So grow up
No your wrong Raising Tariffs increased the cost o... (show quote)


How about a 10% federal sales tax on everything sold? No exemptions or exclusions. Charge a 3 cents a mile federal tax on all cars using the highway. No exemptions or exclusions. Get government out of welfare and let local churches be in charge of distributing to the needy. Closer local control.

Reply
Jun 3, 2021 22:28:24   #
Radiance3
 
DaWg44 wrote:
Airfarce, if you really believe the really rich are going to put up with this bs, you need to read some history, real history, not liberal/leftist lies. France never has recovered from their adventure. Germany & UK the same. You know your queen Hillary is not going to pay a dime. The Clinton Foundation is probably in Ireland now.

Al Sharpton is never going to pay taxes, nor is Jesse Jackson. The SPLC is never going to pay taxes nor is blm, planned parenthood.

The CEOs of all the tech companies will sit before Congress & grin in defiance. Bezos can pull the plug of the servers the DOD is leasing & any other government agencies. The hippy Twitter critter can cancel Congress Obama/Biden & Obama.

What is hilarious is you leftist/liberals are responsible for these leftist/liberal rich people. You have created a class you cannot touch. White Supremacy is not your problem. The mega-rich that have all the liberal/leftist elected officials in their pockets are your problem.
Airfarce, if you really believe the really rich ar... (show quote)



Reply
Jun 4, 2021 00:18:49   #
Airforceone
 
dtucker300 wrote:
You're the one who needs to grow up and get some education at the same time, instead of rehashing the same old lies. You never quit, so neither will we. Enough of your BS already. What is your definition of fair share? A flat tax would be fairer. The top 1% already pay for more than 40% of the tax burden. Do you call that fair? When they have to pay more taxes the opposite of trickle-down occurs and the costs are passed on to the middle and lower classes who can least afford it. The solution has been known for centuries; Decrease taxes and decrease the size of government. Your taxes will increase because of Biden and the ignoramuses who don't understand economics 101. Even you leftist WaPo gets it.

What he’s not saying
Marc A. Thiessen The Washington Post

President Joe Biden’s new $6 trillion budget is both staggering in its scope and dishonest in its design. The New York Times reports that Biden’s plan “would take the United States to its highest sustained levels of federal spending since World War II” while collecting “more tax revenue as a share of the economy than at almost any point in the last century.”

That’s bad enough, but here is what Biden is not telling you: either he has abandoned major campaign promises just months into his administration, or he actually plans to tax and spend a whole lot more.

For example, a centerpiece of Biden’s campaign — his plan to create a “public option” for health care and lower the age at which Americans can receive Medicare — is nowhere to be found in this budget. According to Manhattan Institute budget expert Brian Riedl, Biden’s missing health proposals will cost $1.45 trillion. That’s a huge omission. So, I asked Riedl what else is missing from Biden’s budget? A lot, it turns out. He points out that Biden also did not include a host of other spending plans he proposed during the 2020 campaign — such as his plan to expand Social Security and Supplemental Security Income (SSI), as well as much of the K-12 spending and higher education spending that he promised.

In addition, Biden’s budget assumes that items he did include — such the child tax credit expansion in his American Family Plan and long-term care for seniors — will expire before Biden’s 10-year budget window closes, when, in fact, the president has no intention of allowing those programs to expire.

According to Riedl, when you add up the costs of all the missing items — plus the hundreds of billions in interest costs from these new initiatives — it comes to a whopping $5.8 trillion in additional spending.

That means Biden’s actual spending plans are nearly double those outlined in his budget — which is already the highest level of proposed spending since the Second World War.

And there is something that Biden’s budget does include which he did not propose on the campaign trail — a lower- and middle-income tax increase. When he ran for president, Biden declared, “Under my plan, if you make less than $400,000, you won’t pay a single penny more in taxes. You have my word on it.”

But in this budget, Biden breaks his word. The White House budget assumes that Biden will allow the Trump tax cuts for low- and middle-income Americans to expire as scheduled in 2025. Letting tax cuts expire is a tax increase.

Who would be affected by those tax hikes? The nonpartisan Tax Policy Center estimates that 65 percent of Americans saw their taxes go down under Trump’s tax reform — which means that under Biden’s budget 65 percent of Americans will see their taxes go up.

Even the Institute on Taxation and Economic Policy — a left-wing group which opposed the Trump tax cuts — acknowledged that every income group in every state would pay less on average thanks to those cuts — which means that every income group in every state will pay more if Biden lets their tax cuts expire.

Biden did not campaign on a pledge to raise taxes on the majority of Americans, comprising every income group. And yet he is baking in a massive lower- and middle-income tax increase into his budget plans.

Why is Biden counting revenue he promised not to collect from working-class Americans in his budget? Because, according to Riedl, “the president has already used up nearly everything from his campaign tax hikes in his current proposals.” Even with a lower- and middle-income tax increase, he is still short of revenue to pay for all the $6 trillion in spending he admits to in his budget — leaving him with no way to pay the additional $5.8 trillion in spending he has pledged. That means, despite already proposing the highest levels of taxation in a century, he will have to raise taxes even more.

In other words, from spending to taxes, Biden’s budget is a lie. He plans to tax you more and spend far more of your money than even his record-breaking budget plan admits.

Thiessen is on Twitter, @marcthiessen. For another view of Biden’s budget, please see Catherine Rampell’s column from The Washington Post in Friday’s Opinion section.
You're the one who needs to grow up and get some e... (show quote)


You wasted your time and continue to show how childish you really are.

Let’s look at Trump and his promises.

I will build 2000 miles of wall and Mexico will pay.

I will balance the budget in two years that was a joke he exceeded the budget by an average of $1 trillion a year.

I will cut the deficit in half in two years he added $8.2 trillion to the deficit in 4 years.

I will repeal Obamacare and replace it with health care at half the cost.

Want me to give you more of his promises. Look you party of Trump people are children and can’t use any common sense you justify every lie and all you do with Biden or Obama is use conspiracy theories, propaganda and flat out lies. You people have to grow up and stop acting like Trump.

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Jun 4, 2021 01:14:07   #
dtucker300 Loc: Vista, CA
 
Airforceone wrote:
You wasted your time and continue to show how childish you really are.

Let’s look at Trump and his promises.

I will build 2000 miles of wall and Mexico will pay.

I will balance the budget in two years that was a joke he exceeded the budget by an average of $1 trillion a year.

I will cut the deficit in half in two years he added $8.2 trillion to the deficit in 4 years.

I will repeal Obamacare and replace it with health care at half the cost.

Want me to give you more of his promises. Look you party of Trump people are children and can’t use any common sense you justify every lie and all you do with Biden or Obama is use conspiracy theories, propaganda and flat out lies. You people have to grow up and stop acting like Trump.
You wasted your time and continue to show how chil... (show quote)


My biggest waste of time is reading your posts, so don't expect any more of a reply to your inanity. None of what you usually say is worth responding to because you don't deal in facts.

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