https://www.wsj.com/articles/bidens-budget-would-cut-deficits-by-3-trillion-over-10-years-raise-taxes-on-businesses-b5081d03?st=wdgc3vldc124vuq&reflink=desktopwebshare_permalink
Love the sentiment; no way this happens. 85%? Goodness.
Ukraine about to get paid.
Rich people to get soaked.
Corporate America gets more taxes which means you pay higher prices.
Sneaky m'fer right here with his Medicare tax expansion.
More federal indoctrination programs to get people hooked on government and Democrat policies.
Bottom line: it's laughable to anyone with a brain that he's going to cut the deficit by $3T while increase spending the way he proposes. The former savings are mythical or overstated by multiple factors as always and the latter once implemented never end and only grow.
Quote:
President Biden will outline a plan to reduce federal budget deficits by nearly $3 trillion over the next decade and raise taxes on wealthy people and large corporations, kicking off monthslong spending negotiations with Republicans in Congress.
Love the sentiment; no way this happens. 85%? Goodness.
Quote:
House Speaker Kevin McCarthy has said Republicans will seek to eliminate the annual budget deficit. If lawmakers take raising taxes and cutting Medicare, Social Security, defense and veterans programs off the table, Congress would need to cut 85% of spending in all other categories to balance the budget in 10 years, according to the Committee for a Responsible Federal Budget, a nonpartisan group that advocates for reducing federal deficits.
Ukraine about to get paid.
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Mr. Biden is expected to call for a defense budget of more than $835 billion, according to people familiar with the matter. That is a higher recommended defense budget than last year's request, against a backdrop of the conflict in Ukraine and rising tensions with China.
Rich people to get soaked.
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For instance, the budget is expected to include a plan to impose minimum taxes on very wealthy Americans, who often pay little in taxes if they don't sell their investments and realize income. That tax would be 25%, up from last year's 20% proposal.
Other tax-increase proposals include new limits on wealthy people's tax-advantaged retirement accounts and higher tax rates on private-equity managers' carried-interest income.
As he has before, Mr. Biden will propose raising the top individual tax rate to 39.6% from 37% and taxing top earners' capital gains at higher rates.
Corporate America gets more taxes which means you pay higher prices.
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He has said he would call for quadrupling the 1% tax on stock buybacks that took effect in January, which the White House has said would encourage companies to invest in their growth instead of boosting shareholders and higher levies on oil-and-gas companies.
...raising the corporate tax rate to 28% from 21% and increasing taxes on U.S. companies' foreign profits.
Sneaky m'fer right here with his Medicare tax expansion.
Quote:
Mr. Biden will propose changes the White House says would extend the solvency of Medicare's hospital-insurance fund by at least 25 years. That would involve raising Medicare taxes to 5% from 3.8% for people earning more than $400,000 a year and effectively expanding the reach of the tax so it applies to business income as well as investments, wages and self-employment income. Mr. Biden would also redirect some existing taxes from the government's general fund to a Medicare fund.
More federal indoctrination programs to get people hooked on government and Democrat policies.
Quote:
Mr. Biden is also planning to revive policy initiatives from prior years, including measures to expand child care and fund a universal prekindergarten program. The budget will propose more than $22 billion for the Department of Health and Human Services' early-care and education programs, as well as $13.1 billion for Head Start, both increases from last year's enacted budget levels, White House officials said.
Bottom line: it's laughable to anyone with a brain that he's going to cut the deficit by $3T while increase spending the way he proposes. The former savings are mythical or overstated by multiple factors as always and the latter once implemented never end and only grow.
