The New york Times reported Thursday that the president’s massive new budget, which he will unveil Friday, “would take the United States to its highest sustained levels of federal spending since World War II.”
Biden’s budget starts with a $6 trillion spending plan for this year, but would increase total annual spending to $8.2 trillion by 2031.
A spending plan that large will naturally require higher taxes — a fact the Times acknowledged, saying that the plan includes raising taxes on corporations and high earners.
But everyone knows that won’t be enough to cover all the new spending, particularly since the administration has said the “jobs and families plan would be fully offset by tax increases over the course of 15 years,” the Times noted.
How to pay the Piper?
The NY Times exposed that the Biden Plan includes tax hikes for all income levels.
“The documents forecast that Mr. Biden and Congress will allow tax cuts for low- and middle-income Americans, signed into law by President Donald J. Trump in 2017, to expire as scheduled in 2025,” the Times reported. “Mr. Biden has said he will not raise taxes on people earning less than $400,000 a year. It is possible that he could propose to extend the Trump tax cuts for those earners in a future budget, potentially coupled with additional tax increases on high earners or businesses.”
The threshold would also apply to families, CNBC reported.
House Ways and Means ranking Republican Kevin Brady (Texas) put it in perspective, “President Biden’s budget blunder sets us up for an even worse economic recovery than the Obama-Biden record of the slowest in history,” said, according to the Times. “Lower- and middle-income families are already suffering under the stealth tax of higher prices. Now the president wants their income taxes to go up as well.”
About the Author
Is that Joe Biden smelling that little girl’s head?
My goodness, how yucky, and the look on the boy’s face tells it all – this man is a real sick twist, and God help the nation because he is in the white house in charge of the nation.
I’s rather be kissed by creepy uncle joe, than by vagina-grabbing donald, any day of the week,…and twice on Memorial Weekend Sundays!!!
I do so love watching leftists deny that women are attracted to money and or power.
Realllllllly shows their grip on reality.
And creepy uncle joe would probably be the dude to give you a great big smacker right on your lips with a little tongue-thrusting action thrown in, twice on a Memorial Day Sunday.
And creepy is indeed the word for the dude.
And Phil, I’m an independent which means I don’t vote for either Democrats or Republicans, so if you don’t want to hook up and make out with Trump, preferring creepy uncle joe instead, that confronts me not one whit.
And have a wonderful Memorial Day and don’t forget to thank all those dead veterans for giving you the freedom to decide which American president you would rather get kissed by.
You got a problem?
Never in my life do I recall a presidential administration starting out with such a heavy and pervasive spew of BULL**** flying fast and thick in all directions at once as this one of Joseph “Corn Pop” Biden, who is spending hand over fist money he does not have, while taking credit for non-existent tax increases to pay for the massive deficit his grandiose “welfare” state is going to create which takes us to a Reuters article entitled “U.S. Treasury backs off 21% global minimum corporate tax rate, wants at least 15%” by David Lawder on May 20, 2021 where we had as follows:
WASHINGTON (Reuters) -The U.S. Treasury Department said it proposed a global minimum corporate tax rate of at least 15% during international tax negotiations on Thursday, backing down from its earlier call for a 21% minimum rate.
The department said the proposal was made during a Organization for Economic Cooperation and Development (OECD) tax steering group meeting on base erosion and profit shifting.
“Treasury proposed to the steering group that the global minimum tax rate should be at least 15%,” the department said in a statement.
“Treasury underscored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher.”
U.S. Treasury Secretary Janet Yellen first proposed a 21% global corporate minimum tax in April as part of President Joe Biden’s $2.2 trillion infrastructure spending proposal, which would be financed largely by increasing the U.S. corporate tax rate to 28% from the current 21%.
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Pie in the sky accounting, people – make wild claims about how the Biden administration is going to pay for things, like these corporate taxes Joe likely will never see a dime of, because who is going to know the difference, which takes us back to Reuters as follows:
Some countries, notably France and Germany, backed the U.S. proposal for a minimum rate as high as 21%, but other countries viewed that level as too high.
Previous OECD minimum tax discussions had centered around 12.5% – the same rate charged by Ireland.
The Treasury Department said officials from its Office of Tax Policy were “heartened by the positive reception to its proposals and the unprecedented progress being made towards establishing a global minimum tax.”
It proposed the global minimum tax as a way to minimize the impact of a higher U.S. tax rate on the competitiveness of American companies and deter them from shifting operations or profits to lower-tax jurisdictions.
Yellen had said she wanted to stop a “30-year race to the bottom on corporate tax rates” at a time when governments have spent trillions of dollars on COVID-19 relief measures.
The Treasury Department said it made clear at the OECD meeting that a global minimum tax rate “would ensure the global economy thrives based on a more level playing field.”
…snore…snort…oh, what — I’m Sorry. Did you say Anything, Paul?
TRUMP WON
Yes, Phil, I did, and dude, you really need to go back to your biology book, or that other book you got on the human reproductive system in the sex ed class in high school, and check out the real definition of “vagina,” which is a muscular canal lined with nerves and mucus membranes that connects the uterus and cervix to the outside of the body.
So how exactly was it that Trump, and no, Phil, I’m not a fan and never was, so I’m not making excuses for the dude in anyway, was grabbing women by the vagina?
Seems difficult to do to me, but then, I’m not you.
So how was he doing that, then, getting his hand actually onto the vagina so as to be able to grab it?
So, how is “Corn Pop” Biden going to pay for his HUGE welfare state that is going to make Democrats rich on taxpayer dollars?
Who is going to have to suffer some pain, so that others may be relieved of their pain, according to Joe Biden?
And that answer came down to us disabled veterans here to the north of you on this Memorial Day weekend in a story in the Albany, New York Times Union entitled “Assemblyman calls for Troy VA clinic to remain open” by Kenneth C. Crowe II on May 29, 2021, as follows:
TROY – State Assemblyman Jake Ashby said the U.S. Veterans Administration should reverse its decision to close the Troy Community Based Outpatient Clinic at 295 River Street.
“The decision to close the Troy CBOC facility represents a tremendous error in judgment and a slap in the face to the thousands of veterans who rely on the VA for their medical coverage,” Ashby, R-Schodack, said in a statement issued Friday.
“I know many fellow Rensselaer County Veterans who utilize this facility for their care who will now be directed to facilities far outside of our county,” said Ashby, a combat veteran and the current Ranking Member of the Assembly Veterans Affairs Committee.
A spokesman at the Stratton VA Medical Center in Albany could not be immediately reached for comment Saturday.
Ashby said the clinic serves more that 1,000 veterans annually and apparently is being closed to save money on rent.
“Announcing the closure of this facility at any point of the year would have been difficult for our local Veterans, but to do it as we begin Memorial Day Weekend comes off as disrespectful to the women and men who answered the call in service to our country,” Ashby said.
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“Corn Pop” needs that rent money to pay for his programs that benefit the illegals who are a part of the core of the Democrat party that supports “Corn Pop.”
And seriously, Jake, who in the “Corn Pop” Biden administration gives a flying **** about some veterans who most likely do not vote Democrat, nor support “Corn Pop’s” policies?
And contrast that closure to save rent with what “Corn Pop” had to say to the candid world in his transcript from President Joe Biden’s address to a joint session of Congress on 28 April 2021, to wit:
We’re making one of the largest one-time investments ever in improving health care for veterans.
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Yeah, right, Joe!