Biden latest proposal is tax the rich more,how original.Top 1% pay 40 plus % of federal tax and top 5% pay over 60%.Dems want rIch to pay their fair share ,buy can’t define what fair share is.Maybe they want top 5% to pay 100% ,but can’t say that..Biden just stated top group pays 8%. of their income which is false and reminds of the phrase “ figure’s don’t lie but liars can figure”.He arrives at this by counting all gains on investments not sold.This is not taxable income under current tax law, but that doesn’t stop Biden from telling big lie because that is Biden trademark if you want something to be true just ignore the facts and state it.
Biden State of the Union
- Thread starter SHUSA
- Start date
If the pandemic taught us one thing, is that the government spending will make drunken sailors look like Scrooge.
thats bidens trademark???? you cant actually be serious. you brainwashed people its legitimately unreal.
It’s not brainwashed to see a dementia clown puppet fraudulent President in Bidunce.
It’s brainwashed to not realize that he’s a puppet for an evil globalist organization, WEF.
Oh all of you fiscal conservatives make me laugh. If you cared about the deficit and debt, then you would look to a time when the country actually ran surpluses. Yes, that was under Bill Clinton. I think it would be a good idea to return to the Tax rates u see Bill Clinton. Since George W. Bush did his tax cuts, we never had a surplus again.
Biden’s suggestions of raising taxes on corporations are still lower than tax rates under Clinton.
Did Clinton tax gains on assets not sold,of course not.I talk about Biden lie on tax rate paid by rich and you talk about tax rates under Clinton.You can’t defend Biden lie so you try to deflect by talking about something else.Welcome to Biden trademark.
Paying taxes on assets not sold is not going anywhere. I would be against that as well.
But let’s not play dumb about how the rich take advantage of those assets by getting money tax free. The rich borrow off their portfolio and assets. They get money tax free from that. Due to the size of their assets, they get very favorable interest rates that other people cannot get.
I love these tax and spend liberals that like to roll out the Clinton surplus years but NEVER mention spending. For FY2000, federal revenues were 20% of GDP and federal spending was 17.3% of GDP. For FY2024, federal revenues are projected to be 18.7% of GDP and federal spending is projected to be 26.0% of GDP. Where's the bigger problem?
Now let's look at corporate income taxes, which are a small portion of income tax revenues. For FY2000, federal revenues from the corporate income tax were 2.01% of GDP. For FY 2024, federal revenues from corporate income tax are projected to be 2.3% of GDP. Again, what's the problem?
margin loans are some things that normal individuals cant realistically take advantage of
2000 was the lowest spending as a percentage of GDP compared to the 25 years before and after that year.Not sure that is the best baseline to be using?
There is also significantly older population now where expenditures related to social security and Medicare are almost a full percent higher as a % of GDP than in 2000. Debt service now, obviously significantly higher than 2000 as well.
Not saying it should be 26% (and it won't be because much of that budget will not become law), and there is certainly room to cut, but it shouldn't be 17.3% either.
2018, 2019 and 2020 were also the lowest corporate tax has been as a percentage of GDP ever though.
The other times it came close was because of a decline in corporate profits. The increase from there was because of federal spending / money printing. 2024 is also the highest it is projected to be over the next decade where it's expected to decline to 1.3%, so if you think 2% is the correct number - there does seem to be a problem. Though 2% would still be very low compared to other countries.
