Biden agrees to "historic reductions in spending" to raise the debt ceiling

Only if it is a single term limit. Incumbency is the source of most corruption in elected office.

 

How about 6 terms for Representatives and 2 terms for Senators? That's 12 years each in Washington, way long enough for them to get rich off their time serving the nation. Even with term limits most of them will have achieved millionaire status before they leave.

 

they are the lowest as percent of income of the rich we have ever seen

 

Weird how Dubya could get 2 UNFUNDED TAX CUTS, 2 UNFUNDED WARS, PUSH THROUGH UNFUNDED MEDICARE EXPANSION (PART D) IN THE MIDDLE OF THE NIGHT THAT COST THE US TREASURY $119 BILLION THIS YEAR

BUT NO, OBAMA DIDN'T HAVE A GOP CONGRESS, BUT WE SAW HOW FISCALLY RESPONIBLE THE REPUGS ARE WHEN THEY HAVE THE W/H AS REVENUES DIP AND SPENDING BLOWS UP!

 

LMAOROG, YOU'RE CONFUSING SPENDING WITH REVENUES

Federal Receipts as Percent of Gross Domestic Product
2022: 19.23360%
https://fred.stlouisfed.org/series/FYFRGDA188S

CARTER HAD IT AT 19%+, CLINTON TOOK IT ABOVE 20%, TWICE

 

IF you mean BJ Bill and the Democrats 1993 omnibus bill that passed without a single GOP vote, created 2 new tax brackets and raised the top rate over 25%, correct. Top rate went from 31% to 39.6%

WHILE CUTTING SPENDING OVER $400 BILLION


FLASHBACK: In 1993, GOP Warned That Clinton’s Tax Plan Would ‘Kill Jobs,’ ‘Kill The Current Recovery’

Rep. Newt Gingrich (R-GA), February 2, 1993: We have all too many people in the Democratic administration who are talking about bigger Government, bigger bureaucracy, more programs, and higher taxes. I believe that that will in fact kill the current recovery and put us back in a recession. It might take 1 1/2 or 2 years, but it will happen


Rep. Bill Archer (R-TX), May 24, 1993: I would much rather be here today supporting the President and I would do so if his proposals could expect to increase jobs and the standard of living for Americans, but I believe his massive tax increases will do just the opposite.

Rep. Bob Goodlatte (R-GA), July 13, 1993: Small businesses generate the bulk of this Nation’s new jobs. And they will be the hardest hit by the Clinton tax-and-spend budget. Because, when you raise taxes, you kill jobs.

Rep. Christopher Cox (R-CA), May, 27, 1993: This is really the Dr. Kevorkian plan for our economy. It will kill jobs, kill businesses, and yes, kill even the higher tax revenues that these suicidal tax increasers hope to gain.


Of course, far from bringing the Doomsday of which Republicans were warning, Clinton’s policies ushered in the longest sustained period of economic growth in the nation’s history, with 23 million jobs created. Compared to the administration of George W. Bush, the Clinton-era saw more job growth, more GDP growth, more wage growth, and more business investment. Incomes grew under Clinton but fell under Bush, while poverty did the opposite, falling under Clinton but increasing under Bush.

On May 27, 1993, Rep. Robert Michel (R-IL) said “[Americans] will remember who set loose this dreadful virus into the economic bloodstream of our nation.”

Rep. John Kasich (R-OH), August 5, 1993: Do you know what? This is now your package. We will come back here next year and try to help you when this puts the economy in the gutter. And virtually every major economic estimating firm in this country says your bill is going to kill jobs.

Rep. Robert Dornan (R-CA), August 5, 1993: The problem with our economy is that there is too little employment and too little growth. This plan will do nothing to improve that condition and will actually make it worse.

Rep. Phil Crane (R-IL), March 18, 1993: The budget proposal offered by the Democrats is a recipe for economic and fiscal disaster…It proposes to increase taxes at a time when we have a fragile economy — higher taxes will only stifle job creation and economic growth.

MORE HERE

https://archive.thinkprogress.org/f...-jobs-kill-the-current-recovery-96adb3663484/

 

So why is the Freedom Caucus against this again if you say is true?

 

And yet inspite of all of that revenue is at its highest point as a percent of GDP ever....

 

BZZ WRONG

2022: 19.23360%
2021: 17.35834
2020: 16.24448
2019: 16.19834
2018: 16.21730 (1ST YEAR DIAPER DONNIE TAX CUT)

BJ BILL HAD IT HIGHER, AND WE HAD IT HIGHER DURING WW2

https://fred.stlouisfed.org/series/FYFRGDA188S

Economists say it's a one time blip because Biden got stock market so high, people are taking capital gains at record rates

Individual income tax collections for the fiscal year ending Sept. 30 are projected to land at their highest level as a share of the U.S. economy since the advent of the income tax in 1913. Overall federal tax revenue this year is expected to hit 19.6 percent of gross domestic product, a figure that’s been topped only three times: twice during World War II and again in 2000, before the dot-com bubble burst.

It’s not entirely unexplained; the CBO attributes much of the revenue growth this year and in the coming years to faster economic growth, higher wages and profits and capital gains realizations from elevated asset prices — and, yes, higher inflation.

https://rollcall.com/2022/06/01/unexplained-tax-revenue-growth-vexes-budget-scorekeepers/



U.S. Commerce Department shows that corporate profit margins are the largest they've been in 70 years

https://www.npr.org/2022/02/13/1080...rd-corporate-profits-despite-rising-inflation



Corporate profits have contributed disproportionately to inflation. How should policymakers respond?

https://www.epi.org/blog/corporate-...to-inflation-how-should-policymakers-respond/

 

So you don't like the tax code. Why attack the rich? Attack the tax code.

 

By reducing their spending. Prices respond to the relation between supply and demand and competition. Recent price increases occurred because of high demand as people changed their behavior from covid days to post covid days.

Inflation results from government expanding the money supply thereby reducing the value of the dollar. If the dollar is worth less more of it is required to pay anything. Last year government added almost a trillion dollars to the money supply in order to pay some debt. Businesses have competition. Federal government, on the other hand, has no competition and can do whatever the politicians want it to do.

 

Talking about 2023 not 2018.

 

WEIRD, WORLD WIDE INFLATION?


Rising inflation is a global problemU.S. policy choices are not to blame

• An international comparison among OECD countries shows that rising inflation is a global phenomenon, not unique to the United States.
• This fact argues strongly that high inflation in the U.S. has not been driven by any unique American policy—not the American Rescue Plan and other generous fiscal relief during the pandemic recession and recovery nor anything else U.S.-centric.
• Some have argued that the global rise of inflation means that many countries— including the U.S.—overstimulated their economies and generated excess aggregate demand. But this explanation is not supported by the data. The countries with larger declines in unemployment over the past 18 months have not seen larger inflation spikes.

https://www.epi.org/blog/rising-inflation-is-a-global-problem-u-s-policy-choices-are-not-to-blame/

JUNE 29, 2022

The big contributors to inflation you’re not hearing about: profiteering corporations


The bigger story is that the expansion of corporate profit margins has far outpaced wage gains over the last two years, including the period of surging inflation. From the first quarter of 2020 through the end of 2021, corporate labor costs increased by about 7%, but corporate after-tax profits by nearly 14%, according to the Bureau of Economic Analysis.

Konczal and Lusiani found that whereas average corporate markups, a fair proxy for profits, averaged about 26% above marginal costs from 1960 through 1980 and about 56% during the 2010s, they shot up to 72% in 2021.

“In other words,” they wrote, “in 2021, we see a sharp increase in ... firms in the aggregate decoupling their prices from their underlying costs.”

Higher markups “don’t necessarily have to translate to higher profits,” they added, “but they did in 2021.” Net profit margins, or profits divided by revenues, averaged 6% during the 2010s; in 2021 the figure jumped to 9.5%, “its highest value on record.”

https://archive.ph/bHsn0

 

2023 ISN'T IN YET, 2022 shows CORP PROFITS AND TAX REVENUES SPIKED BECAUSE STOCKS TOOK OFF AND PEOPLE CASHED IN ON BIDEN'S ECONOMY

If tax revenues increased because of Diaper Donnie's tax cut, why the big lag? lol

 

That tax code that the top 5% have benefited from over the past Ronnie, Dubya and Diaper Donnie's tax cuts for the rich by 80%+? The one that the rich have captured in DC? The one the GOP refused to get a penny from by increasing taxes in the debt ceiling?

 

Nope about the same actually or revenue as a percent would be still higher.

Because growing the economy works better. Soaking the rich is bad economic policy empowering the bureaucracy benefits no one not the poor not the rich and certainly not the middle class.

 

nope, the middle class pay more, the rich pay less now per dollar they earn

 

Yes. That one. The only federal tax code in existence.

 

Federal spending in fiscal year 2023

Social Security 22%
Medicare 13%
Medicaid, CHIP, ACA subsidies 11%
Other mandatory programs 16%
Non-defense discretionary 15%
Defense discretionary 13%
Interest 10%


https://www.cbo.gov/system/files/2023-02/58848-Handout-By-the-Numbers.pdf

IT'S A REVENUE PROBLEM!!

 

Is there a point at which Joe will get any credit for the jobs market?

Payrolls rose 339,000 in May, much better than expected in resilient labor market
https://www.cnbc.com/2023/06/02/jobs-report-may-2023-.html

 

you don't need to defend the rich, they can afford to pay their fair share, they should pay more then the middle class per dollar they earn.. not less

some on the right hates the middle class and wants them to pay off the debt

 

and that was with the republican run FED doing everything they can to keep wages from increasing

 

0

You have a terrible habit of criticizing what I don't say. Nowhere in my post did I defend anything or anybody. I merely suggested that your problem could be the tax code, not the people who use it. Apology accepted.

 

maybe you should not speak for me and I won't speak for you.....

 

I did speak for me.