Biden Set To Unveil More Than $2 Trillion In Tax Hikes In Budget

[g5000]

Biden set to unveil more than $2 trillion in tax hikes in budget

President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decad…

thehill.com

President Biden is set to formally propose an array of tax increases on wealthy individuals and corporations in a budget plan that he says will reduce the deficit by $2 trillion over the next decade, setting up a battle royal with Republicans on Capitol Hill.

Biden told lawmakers during his State of the Union address last month that his budget will lower the deficit and extend the solvency of the Medicare Trust Fund “by making the wealthy and big corporations begin to pay their fair share.”


The White House on Tuesday unveiled a proposal to raise the Medicare surtax on earned and unearned income above $400,000 from 3.8 percent to 5 percent.

Late last month, the president proposed a new tax on wealthy households that would require individuals and families worth more than $100 million to pay a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.


Now that's just stupid, taxing the value of your stocks before you have sold them. There's no way anyone will go along with that. Maybe Biden put that in there as a bargaining chip to give away in exchange for something else.

"Reduce the deficit by $2 trillion over the next decade". So what's that? Reduce our current trillion and a half dollar deficits by $200 billion a year? Whoop-dee-do!


Republicans say Biden’s budget will be dead on arrival when the president formally sends it to Capitol Hill on Thursday.

Meanwhile, Republicans have offered no plan at all to reduce our debt they helped to build.

 

[pknopp]

Taxes need raised to address the debt BUT $2 trillion over 10 years is a very small move to address the debt. They can spend $2 trillion like it's nothing.

 

[g5000]

Taxes need raised to address the debt BUT $2 trillion over 10 years is a very small move to address the debt. They can spend $2 trillion like it's nothing.

Ayup.

We need to eliminate tax expenditures. They add up to $1.4 trillion EVERY YEAR.

People whine about food stamps and welfare, yet completely ignore the $1.4 trillion of annual wealth redistribution UP the food chain.

 

[Woodznutz]

He could reduce SNAP benefits and limit food choices to healthy foods. The poor would eat better and get healthier, which would also reduce Medicaid costs. Longer prison sentences would reduce costs of Federal law enforcement.

 

[g5000]

He could reduce SNAP benefits and limit food choices to healthy foods. The poor would eat better and get healthier, which would also reduce Medicaid costs. Longer prison sentences would reduce costs of Federal law enforcement.

See?

People whine about food stamps and welfare, and totally ignore the annual $1.4 trillion in wealth redistribution up the food chain!

Assholes always blame the poor.

 

[hadit]

Taxes need raised to address the debt BUT $2 trillion over 10 years is a very small move to address the debt. They can spend $2 trillion like it's nothing.

Watch what happens to spending when legislators think they'll get an extra $2 trillion. Guaranteed it will go up by more than $2 trillion.

 

[pknopp]

Also to note.......Biden didn't do this when the (D)'s had the House and could have actually got it passed.

 

[Woodznutz]

See?

People whine about food stamps and welfare, and totally ignore the annual $1.4 trillion in wealth redistribution up the food chain!

Assholes always blame the poor.

If you mean "the rich get richer", that's a natural function of any economy. I myself am a beneficiary of this phenomenon (blue collar working man $millionaire with only a HS education).

The poor aren't poor because the rich are rich. They are poor for many other reasons, most of them indefensible.

 

[Woodznutz]

Assholes always blame the poor.

The poor are to blame for many of our problems. Don't excuse them.

 

[g5000]

If you mean "the rich get richer", that's a natural function of any economy.

Nope. Government intervention in the market is NOT a "natural function of any economy."

Tax expenditures are the largest social welfare program and wealth redistribution in the history of the universe.

 

[Moonglow]

The poor are to blame for many of our problems. Don't excuse them.

Yeah, they do die well in military service though.

 

[g5000]

The poor are to blame for many of our problems. Don't excuse them.

Horseshit.

The mortgage interest deduction screws every taxpayer, not just homeowners.

All those tax deductions, credits, and exemptions are paid for with higher tax rates and federal borrowing.

Also, the MID drives up the cost of houses:

How Would Reforming the Mortgage Interest Deduction Affect the Housing Market?

One widely cited 1996 study by Dennis Capozza, Richard Green, and PatricHendershott estimated that eliminating the mortgage interest and property tax deductions would reduce housing prices in the short term by an average of 13 percent nationwide, with regional changes ranging from 8 to 27 percent.



Why Now's the Time to Kill the Mortgage Interest Deduction

Proponents of the deduction argue that it's a key component to keeping home prices up.

Do you hear that? An open admission the deduction drives up the cost of housing!


As much as homebuilders argue that eliminating the deduction would hurt them, economists agree that the biggest impact would be on the highest-priced homes, with more reasonably priced real estate seeing little or no impact from getting rid of the deduction.

The rich are disproportionately benefitting from this government interference in the housing market.

And homebuilders are whining about losing their government tit.


Who profits from higher housing costs? Mortgage brokers, bankers, and real estate agents. That's why the real estate industry spends over $100 million a year on lobbying and campaign cash donations to Congress.


Who loses from higher housing costs? The poor.

Every penny redistributed by deductions has to come from someone else's pocket in the form of higher tax rates on EVERYONE.

 

[Woodznutz]

Nope. Government intervention in the market is NOT a "natural function of any economy."

Tax expenditures are the largest social welfare program and wealth redistribution in the history of the universe.

What else do you suggest they do with the money?

 

[g5000]

Any real conservative would be opposed to this massive government interference in the private market.

 

[Woodznutz]

Horseshit.

The mortgage interest deduction screws every taxpayer, not just homeowners.

All those tax deductions, credits, and exemptions are paid for with higher tax rates and federal borrowing.

Also, the MID drives up the cost of houses:

How Would Reforming the Mortgage Interest Deduction Affect the Housing Market?

One widely cited 1996 study by Dennis Capozza, Richard Green, and PatricHendershott estimated that eliminating the mortgage interest and property tax deductions would reduce housing prices in the short term by an average of 13 percent nationwide, with regional changes ranging from 8 to 27 percent.



Why Now's the Time to Kill the Mortgage Interest Deduction

Proponents of the deduction argue that it's a key component to keeping home prices up.

Do you hear that? An open admission the deduction drives up the cost of housing!


As much as homebuilders argue that eliminating the deduction would hurt them, economists agree that the biggest impact would be on the highest-priced homes, with more reasonably priced real estate seeing little or no impact from getting rid of the deduction.

The rich are disproportionately benefitting from this government interference in the housing market.

And homebuilders are whining about losing their government tit.


Who profits from higher housing costs? Mortgage brokers, bankers, and real estate agents. That's why the real estate industry spends over $100 million a year on lobbying and campaign cash donations to Congress.


Who loses from higher housing costs? The poor.

Every penny redistributed by deductions has to come from someone else's pocket in the form of higher tax rates on EVERYONE.

Interesting, but how does this address the problems caused by the poor?

 

[g5000]

What else do you suggest they do with the money?

Stop fucking around in the private market, that's what.

Eliminate tax expenditures.

You are punished with higher taxes for not taking out a mortgage. You are punished with higher taxes for not buying the right kind of appliances. You are punished with higher taxes for not breeding.

It wasn't a big leap to punish you with higher taxes for not buying the right kind of health insurance.

Without tax expenditures, we could lower EVERYONE's tax rates and pay down the debt. Once the debt was paid off, we could lower tax rates even more.

 

[g5000]

Interesting, but how does this address the problems caused by the poor?

When held up to the scale of wealth redistribution from tax expenditures, the "problems caused by the poor" fade into insignificance.

You've been seriously gaslighted.

 

[Woodznutz]

Any real conservative would be opposed to this massive government interference in the private market.

How far are you willing to take privatization of social services?

 

[g5000]

I'm so glad someone came along to prove my point.

Asshole always blame the poor while ignoring the $1.4 trillion in annual spending on tax expenditures.

 

[g5000]

How far are you willing to take privatization of social services?

How far are you willing to eliminate tax expenditures?