A study shows that a Biden presidency would hammer Americans into a loss of roughly $6,500 per household per year.
The report authored by Casey Mulligan, a University of Chicago professor who previously served as chief economist of the White House Council of Economic Advisers; Kevin Hassett, also a former White House economist now at Stanford University’s Hoover Institution; Timothy Fitzgerald and Cody Kallen, says that the Biden plan would ultimately result in about 4.9 million fewer full-time employees and reduce the nation’s GDP, the broadest measures of goods and services produced in the country, by more than 8% over the next decade.
Biden’s plan to expand subsidies for health insurance under the Affordable Care Act; undo some of the 2017 Tax Cuts and Jobs Act and increase the taxation of corporates; and establish new environmental standards, reversing years of regulatory reform, would discourage Americans from working more and earning more.
Biden says his multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy U.S. households – which he describes as anyone earning more than $400,000 annually – and corporations.
About the Author
Scan down through this recent article for a good look at how much corporations pay in taxes right now with Democrats in control of the House of Representatives, where money bills originate:
MARKETWATCH
“U.S. federal budget deficit soars to record $3.1 trillion in 2020”
By Greg Robb, MarketWatch and Jonathan Nicholson
Published: Oct. 16, 2020 at 2:58 p.m. ET
The numbers:
The U.S. government ran a record budget deficit of $3.1 trillion in the fiscal year that ended in September.
The four pieces of legislation passed by Congress this year to combat the recession was by far the largest fiscal response to an economic crisis since the Great Depression of the 1930s.
By comparison, the deficit in fiscal year 2019 totaled $984 billion.
Personal income taxes, the biggest income source, dropped to $1.6 trillion from $1.7 trillion in 2019 and corporate income taxes, which make up a relatively minor portion of overall revenues, also dropped, to $212 billion from $230 billion.
Payroll taxes, however, inched up, rising to $1.3 trillion from $1.2 trillion in 2019.
The purveyor of misinformation.
Tax Cuts and Jobs Act of 2017
The Act is based on tax reform advocated by congressional Republicans and the Trump administration.
…The bill was introduced in the United States House of Representatives on November 2, 2017 by Congressman Kevin Brady, Republican representative from Texas. On November 9, 2017, the House Ways and Means Committee passed the bill on a party-line vote, advancing the bill to the House floor.[180] The House passed the bill on November 16, 2017, on a mostly-party line vote of 227–205. No Democrat voted for the bill, while 13 Republicans voted against it
https://en.wikipedia.org/wiki/Tax_Cuts_and_Jobs_Act_of_2017#:~:text=Trump's%202017%20tax%20cuts%2C%20which,flowing%20to%20the%20Treasury%20Department.
Nice try though, comrade
Go on Home, your Momma’s calling you…
Frank, to educate you a little more. Paul took a legitimate article which he does quite a lot and then puts the Plante spin on it, omitting a whole bunch of reality. That’s how misinformation campaigns work – a chunk of truth, surrounded by a whole lot of lies.
By the way, I don’t think your debate style is overly effective.
tokenny, your humor in here is some awesome stuff – have you ever considered doing some script writing for Saturday Night Live?
Here we go….it slithers out from the darkness to take up for liberals, negroes, fairies, sissies, wetbacks, transgender and the like. You were called out months ago…
What is your Name, little girl, What’s your Name?
Other than the point on the top of your head, tokenny, which is actually quite prominent, was there any other point in that drivel you spewed?
If so, it was so lost in the drivel that I missed it totally.
To edify me, what exactly was it, if anything?
Are you doubting Marketwatch?
Is that what you are trying to say, that you don’t believe that personal income taxes, the biggest income source, dropped to $1.6 trillion from $1.7 trillion in 2019 and corporate income taxes, which make up a relatively minor portion of overall revenues, also dropped, to $212 billion from $230 billion?
If so, what is your disbelief based on?
And why are you going back to 2017, tokenny, when this is 2020 and the Democrats have owned the House of Representatives since 2018?
Why didn’t the Democrats change anything, tokenny?
It can’t be because they lacked the votes.
So what was it then, tokenny?
I would simply like to point out that the health plan for Americans, planned and implemented by the Obama Administration, truly performed one of the worst bastardizations of any word in the English language. That plan is very inappropriately called The Affordable Care Act. If it is so damn affordable why did the cost for health insurance for so many of us climb so horribly and rapidly ? The word affordable has been bastardized to the nth degree, and I have no freaking idea why anyone would fight to preserve this insurance plan. I have no idea why anyone would be against replacing it with a plan that does work better for more of us.
Frank, a stellar comeback. Maybe I need to break it down further for you – it’s not about democrats/republicans its about FACTS. Like the fact that you are unable to have an intelligent conversation without reverting to juvenile comments.
By the way prove to me you are Frank Bennett.
You can kiss my Rebel A$$. How does it feel to want, bless your heart.
Yea Frank, I agree with the sentiments, but, your language just makes you sound immature and ignorant with more than a dash of racist.