Then the Republican Senate should block all of Biden’s legislative proposals and raise taxes to balance the budget.
What Biden ‘promises’ is irrelevant – Congress alone enacts laws, Congress alone controls spending.
You can't raise enough taxes to balance the budget, why do people keep ignoring the massive expanding entitlements problem ( $2.735 trillion.) , and the massive interest payments for trying to cover the debt problem ( It was $375 billion in FY 2019)
The Balance
FY 2019 Federal Budget: Trump’s Budget Request
BY
KIMBERLY AMADEO
Updated June 29, 2020
Excerpt:
The
fiscal year 2019 federal budget outlines U.S. government revenue and spending from October 1, 2018, through September 30, 2019. The Office of Management and Budget reported that revenue was $3.464 trillion.1 That's less than the spending of $4.448 trillion. It created a $984 billion
budget deficit.
This year was unusual because, in February 2018, Congress enacted a bill to guide spending for FY 2019 as well as FY 2018.
Revenue
Almost half of the FY 2019 revenue of $3.464 trillion came from income taxes.
They contributed $1.718 trillion. Payroll taxes were $1.243 trillion and included Social Security and Medicare taxes. Corporate taxes added $230 billion,
contributing just 7% to the total revenue. The corporate contribution was brought down from 9% in FY 2016 by
Trump's tax plan.
The remaining $273 billion was from excise taxes, estate taxes, interest on Federal Reserve deposits, and other miscellaneous sources. It's also lower than in FY 2016. The tax plan cut estate taxes. Also, the Federal Reserve was reducing its holdings of U.S. Treasurys acquired through quantitative easing.
Tax Freedom Day occurred in mid-April. That's how long taxpayers work to pay for federal, state, and local government revenue collection. It's more than they spend on food, clothing, and housing combined.
LINK
www.washingtontimes.com
