What to know about Biden's 2025 budget proposal

https://abcnews.go.com/Politics/bid...highlighting-election-year/story?id=108010977

So if the goal is to increase taxes in order to cut the deficit, why is most of the proposal more spending, specifically more free money for people to spend and increase inflation?

 

The proposal has 0% chance of even coming to close to being implemented. It is just the usual political BS to give them talking points for their base

 

Several items make sense — we are drowning in healthcare costs and while the savings from negotiating drug prices are minuscule compared to a national program it’s a start.

limiting deductions for earners over $1M / yr also makes sense as only this group seems to be able to use our tax code to pay a vastly lower percentage. Capital gains should also be taxed as regular income.

Unfortunately we will not be able to tackle the debt with taxes alone, we are going to have to cut costs and no one seems serious about this.

 

Crack addicts trying to figure out how to afford their habit.

Nothing more, nothing less.

 

Ritalin Joe is buying votes again.

 

We are paying almost $1T for our security. Plus our government is spending $1T every 100 days. Imagine what the cost will be to service the national debt when Ritalin Joe is finally kicked out of the White House. Forget healthcare. Your solution will only bring in peanuts. The Privileged Class doesn't care about what happens to the US. The US is being sold off piece meal like an aircraft carrier that is scrapped.

 

And what recommendations do you have?
What would you like to see happen?

 

I keep hearing the left claim that the top one percent get all sorts of breaks yet they can never rebut the following facts

1) the top one percent make about 23% of the income and pay almost half the income tax burden. If you count surcharges such as the death tax and Medicare Part B premiums that fund health care for those who are not productive enough to pay for their own health care-it goes over 50%

2) it is idiotic to tax capital gains as ordinary income because that would screw over lots of middle class pensions, 401K. how about taxing everything at a flat rate of 10% rather than constantly trying to make those of us who already subsidize the citizenship benefits of over half of America pay even more

 

And always, without exception, looking for ways to get more money to do it.
It's an addiction to OPM. It's just like addiction to Opium,. but it's spending Other People's Money.

 

That is above my pay grade. That is for our elected representatives. They have access to more info than I do. Watching the debt clock climb makes me cry for America.

 

This has been explained to you several times — the very wealthy do not typically make a large portion of their “income” that is classified as “regular income”. If Jeff Bazos goes and get a billion dollar loan and uses his stocks as the collateral. He now has a billion dollars but no regular income. They are then paid from dividends and disbursements from capital gains.

So it’s true they pay a significant portion of income taxes, but that isn’t the only type of income and isn’t the only kind of tax.

So it’s a disingenuous or lazy argument at best but most likely an outright lie to convince people that do not know must about our tax code that the poor billionaires pay more than the mother of 5 kinda barely able to feed themselves.

According to Forbes, [the 25 richest people] saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.
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Most of the proposals I have seen would put limits on when capital gains taxes would change over, typically around 400M to 1M. Your tax proposal would be regressive just like all other taxes we have except income taxes, where the poor pay a higher percentage of their income than everyone else and would be a massive income tax cut for the wealthy.

How you can look at a struggling family and say they need to pay more and then look at a billionaire flying between their yacht in Monaco to one of their seven homes to California only to return to Monaco two days later to go to the next stop and believe they are paying too much — is fascinating.

 

Unfortunately most of our elected representatives are not elected due to their intelligence, they are elected because they promise the most stuff for their districts or because they put on a show.

Everything that is wrong with this nation, it voted for. The issue is the people.

 

you use a group that is less than a thousand or so people and pretend they are typical for the entire top one percent, which you know is a false picture. People making between 750K to 10 million are the most taxed group in the USA. I am not talking about billionaires and you know it

another false claim you have made is pretending a rise in net worth=income. 28 years ago I bought a house and property for 450K in an area that was basically farmland near the suburbs. It's now all suburbs. the value of my land is now 7 times what I paid for it. but I have not realized that increase (other than my property taxes have gone up but because I farm most of the property that is a check on that). So your argument is that I am not paying INCOME taxes on UNREALIZED increases in wealth is extremely dishonest. Joe BIDEN LIED when he claimed billionaires were only paying about 8% because he INCLUDED increases in UNREALIZED WEALTH. that is appealing to dishonest and class envy. In reality, those billionaires were paying almost three times that on actual income

 

Following up my above post-I posted this a couple days ago

 

I never understand why Cap Gains was taxed at a lower rate than income….oh wait, yes I did

YES, cap gains should be taxed at the same rate as income since that is EXACTLY what it is.

 

I am talking about billionaires, and multi-millionaires. Most of the proposals place limits for anyone below 400K to 1M. The most taxed group as a percentage of their total income in America when looking at an individuals total tax burden is the poor.

Unrealized wealth is already taxed in some cases and it should be included in these types of figures because it shows where the wealth has concentrated. They also take massive loans out to live while using very little “income”.

I am so tired of the “class envy” bs that you people always jump to. They have all the money so of course they should pay the vast majority of taxes. They have created the tax code to benefit themselves while disenfranchised multi-millionaires like yourself make excuses for it.

 

so you believe in taxing wealth (in addition to the death tax which is a tax on wealth) even if that increase in wealth does not result in additional income.

 

other than political pandering and class envy I have never understood why people who pay the most actual tax dollars should have to pay higher rates on each additional dollar of income. People who don't understand why capital gains are taxed at lower rates generally are those who aren't industrious enough to have capital gains (or don't understand how 401Ks work)

 

And what about the unelected officials we have no control over? People who have been in Washington forever?

 

Tell us why a $$$ derived from money, is different that a $$$ earned with time….

Seriously, explain that….

 

tell me why the next dollar I make should be taxed at higher rate than the next dollar you make

I am all in favor of all income being taxed at exactly the same rate for everyone

of course that would castrate the ability of democrats to pander to class envy and buy the votes of the many by claiming only a small group will face higher taxes. the main purpose of the income tax was not efficient collection of revenue but to give congress all sorts of extra constitutional powers

don't believe me-go and read the legislative history and the records of the debates over the income tax and the 16th amendment

 

I don’t necessarily agree or disagree with a wealth tax, I think it would burdensome on both the individual as well as the IRS. Personally I would rather see a tax levied once assets are utilized (like we do with cars, boats and houses) but for stocks.

A death tax is really still a tax on income to the person inheriting said assets. Personally I think the death tax should be abolished entirely and it be reclassified as income (above a certain limit).

 

The people in Washington have allowed them to take control. It all ultimately falls on the voters.

 

EVERY person is taxed at the same rate for the same dollar......

EX: You make $50k and I make $100K - You are taxed at 5% for your entire $50k, I am taxed at 5% for $1-$50K, then I am taxed at the higher rate for $50.1k-$100K.

How does a higher tax = more constitutional powers ?

Income tax was first initiated to pay for the civil war. Then in 1913 the democrats (the conservative party) decided that taxing by income was the fair way to raise revenues to pay for the "common goods". If you read anything on this you shoud read about the debates had, and the conservatives wanted to tax those who took more of the money because they used more of the resources. "Class Envy" has nothign to do with it. Read the debates in 1913 and you will see it was defined by the fact that the riche used more resources than the poor.

 

That at best- is the facade, certainly not a goal.

The financial state of America is like that of a company desperately robbing peter to pay paul, yet wasting money faster than ever.

There are people who are quite skilled at dealing with such situations. They all understand a basic principle, that applies to medical as well as financial emergencies:

FIRST THING YOU MUST DO IS STOP THE BLEEDING.

In financial terms, that means quit spending. Any expense that is not absolutely cricitcal to survival goes on hold. That buys the time to get the assets in order and understand the options.
America's politicians are not just spending our money- it's spending the money of many future generations, without their approval. What your great-great-grandchildren will inherit from out generation- is crippling debt, created to get what we want today to some extent- and to allow unrestrained and reckless spending by an irresponsible government, which we failed to require be accountable.

If we took the approach that such as financial rescue expert would use, once they stop the bleeding, the first thing would be a balanced budget. It would not increase taxes, it would limit spending to the income.
Then it would seek to increase the income of the people, so that more revenue was raised without diminishing the financial position of the people. As a nation, we would live within our means, just as all the people in that nation must learn to do. Simple, common sense financial management.

Today- you, and I and every man, woman and child in America are acquiring $10 a day in the growth of the national debt. Borrowing- on future generations of people yet unborn, and we will never know.
$10 every day. $3650 every year. $14,600 a year for a family of four. Every year- and increasing every year.

Right now, each of us, including our babies- have a share; about $100,000.00 of that debt. The interest alone is now about $1 Trillion dollars a year... and we are borrowing money to pay the interest on the money we have borrowed. None of us voted for that- at least, not directly. What we have done is put people in office who have made us promises of benefits by telling us somebody else (usually the rich) would pay... which makes it sound free. They lied; none of it is free. Never has been. Yet, most of those same people have, by the manipulations of the power we gave them- become very rich themselves.
Reports say 1% of Americans are millionaires- but close to 50% of those in Congress are millionaires.

We continue to buy the promises. They continue to get richer. The bleeding- is increasing.