bidens new $6.8 trillion budget proposal on new social programs and higher taxes.

[Jim H - VA USA]

Hey dumb ass math fail, a family of 4 will have to earn $80k a year just to pay for Biden's pipe dream.

That's right. Over $20k per person, just for taxes.

When the wealthy get ahead the middle class takes a step back.

Not true. The wealthy don't take money from you; the government does.

Any money you give to the wealthy is by your own free will, because they provide a service you want.

The richest among us tend to pay the most taxes, generally about 27% for the top 1%. They pay so much more than most of us do. Personally, I am thankful and wish them even greater future success, but I do pay a tidy sum of taxes myself.

The wealthy make more money by continuing to employ people who buy homes and other things, paying property, sales, social security and other taxes, while these employers are paying similar taxes themselves.

If you are looking for a job, you don't go to a poor person for one, you go to a rich person (or the government).

The wealthiest among us pay most of the taxes, and that pays for most of the operations of the government, including schools, roads, law and order, defense, energy, etc.

Demonizing the successful has to stop. We need to encourage success. Everyone would love to be successful. Everyone can be, if they strive to do so, every day.

So, contrary to what you say, the success of the wealthy is the primary contributor to the success of the Middle Class.

Regards,
Jim

 

[Dante Reawakened]

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes (Published 2023)

The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.

www.nytimes.com

Much of Biden’s budget hinges on trillions of dollars worth of proposed tax increases targeting the wealthiest Americans and major corporations.

The proposals include a so-called “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate from 21 percent to 28 percent. Biden also called for quadrupling the stock buybacks tax and upping the tax rate on U.S. multinationals’ foreign earnings.

Do you even understand what you're posting? From the link:

"The proposals stand little chance of becoming law because Republicans won control of the House in November. Instead, Mr. Biden’s budget request was a political statement of values aimed at winning public opinion amid the debt-limit fight and a nascent 2024 campaign."

 

[Dante Reawakened]

• The first bill passed by the new Republican House majority increased the debt by $114 billion by allowing wealthy people and corporations to continue to cheat on their taxes.
• Congressional Republicans proposed repealing—and are even running ads attacking—reforms President Biden signed to lower prescription drug costs. Repealing these policies would increase the amount of money Medicare pays Big Pharma, raise costs for seniors, and add $159 billion to the debt.
• House Republicans have advocated and proposed repealing tax increases on large corporations that President Biden has signed into law, adding $296 billion to the debt.
• House Republican leaders have also committed to extend the expiring Trump tax cuts, a $2.7 trillion debt increase that would give the top 0.1% (with incomes over $4 million per year) a $175,000 annual tax cut, over 2.5 times a typical family’s annual income.

That trickle-down economic theory has never worked. President Trump and President Bush’s tax cuts added trillions to the debt and failed to deliver their promised benefits for the economy or American workers. And taking revenues—and even savings from cutting corporate subsidies—off the table means Congressional Republicans consistently propose deep cuts to programs seniors and middle-class and working families count on.

That’s why the American people deserve to see Congressional Republicans’ full and detailed budget plan and compare it with the President’s Budget plan to invest in America, bring down costs for families, protect and strengthen Social Security and Medicare, and reduce the deficit.

Congressional Republicans’ Commitment to Debt Increases

The Tax Cheats Protection Act: House Republicans’ first bill in the new Congress would add $114 billion to the Federal debt by repealing President Biden’s legislation that cracks down on wealthy tax cheats. While working people pay 99% of taxes on their income from wages and salaries, the top 1% hides about 20% of their income from tax, including by funneling it through offshore accounts and tax havens that do not report earnings. President Biden passed a law to make our tax system fairer by cracking down on wealthy tax cheats, while protecting middle-class taxpayers and small businesses and improving taxpayer service. But 221 House Republicans voted to enable tax fraud by wealthy Americans and large corporations.

Increase Spending With a Handout to Big Pharma: House Republicans have introduced a bill to repeal the entire Inflation Reduction Act (IRA), including the reforms President Biden signed into law to lower prescription drug costs. Congressional Republicans and Big Pharma have launched a concertedattack on the IRA’s prescription drug reforms, advocating to increase both Federal spending and seniors’ costs to increase Big Pharma’s profits. Thanks to the new prescription drug law, Medicare will finally be able to negotiate drug prices, and drug companies will pay rebates to Medicare if they try to hike their prices faster than the rate of inflation. Congressional Republicans want to repeal these policies, giving a $159 billion handout to Big Pharma, raising costs for seniors, and driving up the Federal debt.

Enrich Multi-Billion Dollar Corporations: In 2020, 55 of the largest, most profitable corporations paid $0 in taxes. The President signed into law legislation to level the playing field for companies and small businesses that are already paying their fair share in taxes. Under his corporate minimum tax, the largest, most profitable corporations—those with over $1 billion in profits—have to pay a 15% minimum tax on the profits they report to their shareholders. But House Republicans—through their Inflation Reduction Act repeal bill and other statements—have made clear that they want to enrich large corporations that don’t pay their fair share. That would add $222 billion to the debt.

Increase the Tax Subsidy for Stock Buybacks: President Biden signed into law a surcharge on corporate stock buybacks, which reduces the differential tax treatment between buybacks and dividends and encourages businesses to invest in their growth and productivity as opposed to paying out corporate executives or funneling tax-preferred profits to foreign shareholders. The President in his State of the Union address proposed quadrupling the stock buybacks tax to 4% to address the continued tax advantage for buybacks and encourage long-term investment over giveaways to executives. House Republicans instead want to repeal the stock buybacks tax and let corporations continue to funnel tax-preferred profits to shareholders instead of investing in productivity and the broader economy. That would add $74 billion to the Federal debt.

Extend President Trump’s Unpaid-for Tax Giveaway to the Wealthy and Large Corporations: President Trump and Congressional Republicans deliberately sunset portions of their tax giveaway to the wealthy and large corporations. They did this to conceal how much their plan added to the debt as well as how large the tax breaks were for multi-millionaires and large corporations. Now, House RepublicanLeadership has made clear that extending President Trump’s tax giveaway to the wealthy and large corporations is one of their top priorities. An analysis by the Tax Policy Center found that doing so would mean an average tax cut of $175,000 for the top 0.1%—Americans making more than $4 million per year. That average tax cut is more than 2.5 times a typical family’s annual income. Meanwhile, extending the expiring Trump tax cuts would add $2.7 trillion to the Federal debt over 10 years.

The President supports a fiscally responsible approach to continuing current tax policies for people making less than $400,000 per year, and opposes any tax increase for this group. Meanwhile, Congressional Republicans—including the more than three quarters of them who are signatories to Grover Norquist’s tax pledge—have made clear they will oppose paying for middle-class tax cuts by raising taxes on the wealthy and large corporations.

Even Without a Budget, Congressional Republicans Are Already Showing Who Will Pay the Price

The proposals Congressional Republicans have put forward show that, even as they commit to massive tax cuts for the wealthy and large corporations, they are more than ready to raise taxes on middle-class and working families. The House Republican IRA repeal bill would cut premium tax credits that are helping an estimated 14.5 million people pay for health insurance. And the House Budget Committee last week doubled down on eliminating Affordable Care Act premium tax credits for middle-income people with high health insurance premiums: a tax increase of $7,600 per year for a typical 62-year old earning $55,000.

It's all on the President's website. Got a problem with his agenda? Want to defend what the Republicans want to do? Then you are the party for the rich.

ty

 

[Jim H - VA USA]

Do you even understand what you're posting? From the link:

"The proposals stand little chance of becoming law because Republicans won control of the House in November. Instead, Mr. Biden’s budget request was a political statement of values aimed at winning public opinion amid the debt-limit fight and a nascent 2024 campaign."

OP stated that the budget won't pass in the 2nd sentence of his OP.

Regarding Biden proposing a fantasy budget which is simply a "political statement of values," well, that would just be a further waste of resources and something only a completely inept administration might do.

Regards,
Jim

 

[Deplorable Yankee]

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes (Published 2023)

The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.

www.nytimes.com

Much of Biden’s budget hinges on trillions of dollars worth of proposed tax increases targeting the wealthiest Americans and major corporations.

The proposals include a so-called “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate from 21 percent to 28 percent. Biden also called for quadrupling the stock buybacks tax and upping the tax rate on U.S. multinationals’ foreign earnings.

No one in the world pisses away more on social programs than the former USA ...how's that working out for yas


Down with the union

 

[Dante Reawakened]

OP stated that the budget won't pass in the 2nd sentence of his OP.

Regarding Biden proposing a fantasy budget which is simply a "political statement of values," well, that would just be a further waste of resources and something only a completely inept administration might do.

Regards,
Jim

What resources? The House has yet to put forth anything realistic. The budget won't pass, because it's positioning, which always happens. Nothing out of the ordinary here. Your ignorance and feigned outrage is noted.

 

[Theowl32]

Hey dumb ass math fail, a family of 4 will have to earn $80k a year just to pay for Biden's pipe dream.

Always with someone else's money. That's when they feel compassionate. Ask them to feed someone or house someone themselves, well.....that's where it ends with all of them.

Like this leftist Brits for instance.

 

[Theowl32]

What resources? The House has yet to put forth anything realistic. The budget won't pass, because it's positioning, which always happens. Nothing out of the ordinary here. Your ignorance and feigned outrage is noted.

Your feigned concern for the poor and pretending you actually care about them or any other group of people is what's duly noted you pathetic fake virtue signaling woke for thee but never for me left wing loser.

You in a nutshell......



Always with someone else's money but never ever with yours unless it's for show.

Losers.

 

[sealybobo]

Word salad 'war and peace' post!!


Way too long for most to read so doesn't pass the smell test except for this one......

It’s all on the White House website.

Yes, Biden’s accomplishments too long for you to read all

 

[sparky]

Biden will go down as the next FDR

Is Biden Really the Second Coming of F.D.R. and L.B.J.?

Proposing historic legislation is not transformative; passing it is.

www.newyorker.com

~S~

 

[B. Kidd]

When the wealthy get ahead the middle class takes a step back.

For the last 22 month's running, inflation has outpaced wage growth.
Check out whose been President during this time.

 

[Dante Reawakened]

Your feigned concern for the poor and pretending you actually care about them or any other group of people is what's duly noted you pathetic fake virtue signaling woke for thee but never for me left wing loser.

You in a nutshell......



Always with someone else's money but never ever with yours unless it's for show.

Losers.

Weirdo post? OKAY.

 

[leftwinger]

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes
The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.

Biden’s $6.8 Trillion Budget Proposes New Social Programs and Higher Taxes (Published 2023)

The president requested trillions in new spending that has no chance of passing a Republican House, even as he sought to reduce deficits by raising taxes on businesses and the rich.

www.nytimes.com

Much of Biden’s budget hinges on trillions of dollars worth of proposed tax increases targeting the wealthiest Americans and major corporations.

The proposals include a so-called “billionaire” minimum tax aimed at imposing a tax of at least 25 percent on total income for Americans whose wealth exceeds $100 million, and raising the corporate tax rate from 21 percent to 28 percent. Biden also called for quadrupling the stock buybacks tax and upping the tax rate on U.S. multinationals’ foreign earnings.

*25 percent on total income for Americans whose wealth exceeds $100 million,

How exactly does that work? Most Billionaires do not have a steady income, they don't draw a paycheck from Coca Cola? Are they suggesting a running total wealth calculation? A tax on property value increases for example? You buy a $10M house......next year worth $11M you get taxed 25% on $1M on un-realized gain?
Supposed buyer did not sell the house mentioned above.

 

[leftwinger]

Do you even understand what you're posting? From the link:

"The proposals stand little chance of becoming law because Republicans won control of the House in November. Instead, Mr. Biden’s budget request was a political statement of values aimed at winning public opinion amid the debt-limit fight and a nascent 2024 campaign."

Bottom line: the cowards did not do it when they had full control. They know it will tank the economy and all they do is make noise.

 

[leftwinger]

$6.8T budget. $4T revenue. I am all for a balanced budget and pay off debt. But this is nothing but business as usual.

No plan to increase $3T in taxes that won't tank the GDP. Tanking GDP will reduce revenue rather than increase revenue received.//

 

[Dante Reawakened]

Bottom line: the cowards did not do it when they had full control. They know it will tank the economy and all they do is make noise.

The MAGA cowards did not do what they now demand back when they had full control? Wow!

congrats as you're on the road to recovery

 

[Dante Reawakened]

$6.8T budget. $4T revenue. I am all for a balanced budget and pay off debt. But this is nothing but business as usual.

No plan to increase $3T in taxes that won't tank the GDP. Tanking GDP will reduce revenue rather than increase revenue received.//

Billionaires like Trump sometimes demand we treat government like they treat their businesses. Okay. Even though they are far different in reality -- when did Trump walk away from debt and keep his books balanced?

 

[leftwinger]

No talk of cutting spending. Just marginal tweaks on taxes to bring in maybe $100B per year (one 1/2 day debt interest payment). If they were serious they would show how to collect $3T/yr in additional TAXES. Notice they do not show it. They know it does not exist. Spending is out of control for the size of the GDP.

The UNI_PARTY...they are working for FISCAL COLLAPSE while they are in charge. Generate a crisis....never let a crisis go to waste. Seize more power....guarantee never to lose power......control the masses. //

 

[Dragonlady]

Word salad 'war and peace' post!!


Way too long for most to read so doesn't pass the smell test except for this one......

In other words, you don’t have a clue about the economy, but you just wanna piss on the post anyway.

 

[hadit]

I think we need to boost food stamps back to where it was last year and add a lot more housing funding. This is the moral thing to do.

Pass the damn budget!

Who's going to pay for it?