Biden budget would cut deficit by $3 trillion over next decade with 25% minimum tax on richest Ameri

Source: https://www.cnbc.com/2023/03/09/bid...percent-minimum-tax-on-richest-americans.html


If you believe more tax revenue will result in something other than more spending, as opposed to debt relief, then consider yourself hopelessly naive.

 

If you took every penny from the richest people in the country, you'd have about 2 trillion dollars.

That wouldn't run the country for 6 months.

 

Another con that doesn't understand the concept of moderation.

 

Another leftist that doesn't understand the concept of math.

 

Sorry but I do.

 

Clearly you don't.

Medicare alone will require more than 3 trillion in the next 10 years.

We are at $1.25 trillion over-spending every year.

A 25% tax on the entire $2 trillion possessed by america's rich is $500 billion.

That still means our deficit will be $750 billion EVERY year, and the debt still grows.

Use a calculator if it helps you.

 

Republicans should counter with some tax cuts then and add them to the bill.

 

"There is no conservative party in US, when Republicans are on control" Rand Paul, 2017 in response to GOP spending bill, which hiked spending by 20%.

GOP wanted to write a law to 'force' the WH to come up with their own proposal. Well such proposal is submitted every year, and this is the 2023 version.

 

A budget that isn't balanced isn't a budget. A budget is balancing assets and expenditures over time and coming out on the plus side.

 

Sure. People that can't grasp basic math are more fiscally responsible.

 

Democrats want to tax and spend
Republicans want cut taxes (for the wealthy) and spend

 

Nor do Democratic leaders who would cheerfully spend 80% of gdp increasing government power and still claim they needed more money.

 

And Democrats tax about a third as my h as they spend and call it a balanced budget.

 

Biden has joined a long list of moron presidents. The USA government doesn't have a taxing problem, it has a spending problem.

 

If you think there will be significant debt relief under the GOP plans, you are also hopelessly naive. The ONLY reason why the GOP wants to cut spending when a Dem is in the WH is because they hope they can hurt the economy with the spending cuts, and force a recession, so that the GOP can take back the WH in the next election cycle.

The truth is that the last four presidents have bought GDP growth through government spending. Take that spending away, and the GDP growth disappears or goes negative. That's why spending cuts are only discussed by the opposition. It's quite anti-American, actually, because they don't care about the well-being of the American people, only about their own power.

 

One day a certain group of clowns will learn the difference between the debt and deficit. Furthermore, having a trillion dollar deficit and reducing it 100 billion still leaves a 900 billion deficit.

Congrats, you're still ****ed.

 

So you would do nothing. Got it.

 

like gun control, the desire for the left for more taxes is not about making things better for the public but rather punishing people they don't like. Here is a good article on how stupid the Biden schemes are

https://www.culturcidal.com/p/5-rat...id=107484518&isFreemail=true&utm_medium=email

 

Democrats want to pander to the masses with promises of soaking a minority. I hope the democrats piss off some of their wealthiest members. once the rich unite, the Democrats will be doomed.

 

Spending cuts don't hurt the economy. Government spending does.

 

You expect moderation from the government? Um...LMAO!

 

You could say Clinton balanced the budget only if you ignored the liability created from the Social Security tax receipts.

Obama balanced the budget for a brief time during one the budget ceiling fights which limited government spending by law. It was not voluntary on his part and only kicked the can down the fiscal road until the debt ceiling impasse was resolved.m

 

Politicians know to stay in power they must take our money and then give it back to us in perks. Some people think the politicians are helping them so they keep voting for the same politicians. If the U.S. government was a private company all the leaders would have been fired years ago due to the financial handling of the company. Meanwhile our leaders become millionaires while spending 20 years in office on a moderate government salary. They do very well by themselves. The answer can start by term limits -- one term and back to work. But it will never happen.

 

Haha, that's a good one. Maybe that's why the GOP NEVER cuts spending when in power, but ALWAYS cuts taxes? Did you ever ask yourself what the REAL reason is?

To put it very simply: the current $1.3 trillion deficit is 6% of the $23.3 trillion economy. Now, tell me what happens when you take that 6% away (i.e. people not getting paid, retirees receiving less money...)? Yes, the GDP will shrink.

And, just before you claim this is a Biden problem. No, it was a Trump problem too, even BEFORE covid. 2019: Deficit: $1 trillion. GDP $21 trillion. That's 4.8% of GDP. 2019 GDP growth: 2.3%. Therefore, the economy would have contracted by 2.5% if not for government spending. There you have it, Trump's greatest ever economy was purely propped up by the federal deficit. Of course, you'll challenge that notion, but the math doesn't lie. And that's, in a nutshell, why Trump will be not the person to solve our fiscal problem. It won't be him, nor anyone else, no matter whether Dem or GOP. It's because the math doesn't work out.

That's what happens when you have an economy that is addicted to debt (both public and private) to sustain growth. Taking the debt away is like taking the crack away from an addict. It won't happen until it is forced by circumstance. Until then, the can WILL be kicked further down the road.