Biden: Your Taxes Will Be Raised, NOT CUT. (salaries, legal, illegals)
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I'm not voting for Biden, but tax increases are inevitable no matter who wins. All of this CV19 stimulus money didn't grow on trees. At least Biden is being truthful about the situation.
Biden thinks raising taxes and reaching into the people's wallets is going to gain him votes.
Taxes are going nowhere but up regardless of who wins since neither party gives a toss about fiscal conservancy. My taxes went up 10k a year due to Trump’s “tax cut”. Biden at least isn’t an egomaniacal bigot. That’s why he’ll get my vote. Time to end the Cult of Trump.
We make plus or minus 100,000. Our taxes went down $1,700. And now it takes 10 minutes to do my taxes.
Also, didn't revenues go up after.
Spending is the problem and that is the Democrat Maxum, spend, spend, spend. Free, free, free.
Republicans used to complain about over spending. Until Trump got in. Now they are also spend, spend, spend, free, free, free.
Trump recently said he would send $200 debit cards to all Medicare recipients. No reason; no need to prove they actually need the money. I call that a blatant attempt to buy votes.
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Of course your taxes will be raised. Also he is going to tax the corporations more. What does that mean to you? Higher prices for you! Corporations are not people. They just pass the tax on to you and they also will lay off workers.
You are kidding right ? Drive around the area you live in...take a look at some of the mid size businesses, those are the people you want to see their personal income taxes go up and their businesses being taxed more ?
For an example. There is a local excavating company, family owned. It has gotten quite large and they employ quite a few people...paying really good money. At the moment they have a help wanted sign out front, trying to fill several positions. So you think it's okay to raise the owners personal income tax, and his companies ? I'm pretty sure when that happens, that help wanted sign will go down, and people will probably be laid off. How is that okay ?
And this will happen many times over. These are the people/businesses that can't absorb the added cost, or offset it by offshoring like large corporations will do.
My wife works for a small financial investment firm. Once the owner gets hit with higher taxes, and his business as well...I'm sure it will effect my wife, in a negative way.
You've got to think this out, and look at the bigger picture. This won't just effect those that make over $400k, it will effect each and every one of us.
The large corporations functioned quite well prior to the tax breaks, a small increase in taxes isn't going to damage those at the high end. This is not the time to raise taxes on the middle class but those that benefitted from the 2017 Tax Cut can certainly pay more, not going to balance the budget but a start.
The large corporations functioned quite well prior to the tax breaks, a small increase in taxes isn't going to damage those at the high end. This is not the time to raise taxes on the middle class but those that benefitted from the 2017 Tax Cut can certainly pay more, not going to balance the budget but a start.
Technically you are correct, except you must have forgotten about the 3-5 million jobs that have been offshored since the early 2000's. So of course they will function and make a profit for their shareholders, raise taxes and they will do whatever it takes to offset that....layoffs, downsizing, offshoring etc. All effecting the worker bee. Tax breaks brought many jobs back (no where near the amount lost) but also spurred billion dollar investments back in this country.
Yes each year is a record but that graph isn't very convincing that the 2017 Tax Cut spurred an increase in revenue.
It clearly shows an increase in tax revenues even after the tax cuts. That's not unusual, at all. Same thing happened after JFK's tax cuts. People who have a firm grasp of economics understand why tax cuts are a tax revenue stimulus. Democrats other than JFK clearly don't get it. Math is too hard for them.
Its both but if anyone thinks that this deficit of few trillion dollars can be addressed purely on spending cuts I would like to see the plan. The Tax reform act of 2017 was a solution looking for a problem, you don't cut taxes in a hot economy with massive deficits.
It cannot be solved with tax rates either, since Hauser's Law, the Laffer Curve and 75 years of readily available data PROVE that no matter what the tax rates are, the American people will adjust their behaviors accordingly and the federal revenue will be ~17.3% of the GDP, +/- 2.0%, with the last 12 years being closer to 16.3%, +/- 1.7%.
NO MATTER WHAT THE TAX RATES ARE.
Anyone can look at this data. It's published on www.omb.gov and is found by searching "historical tables."
I'd say any trend that holds up for 75 years with such rock solid reliability is a pretty good predictor of overall revenue. Figure revenue under optimistic (take the "+") and pessimistic (take the "-") scenarios, and budget accordingly.
And the annual deficit absolutely reflects the fiscal and political willpower and sense of that Congress. They cannot blame it on prior Congresses, because no Congress is beholden to the promises of any prior Congress. No no, each year, that year's annual deficit belongs to the 535 members of the US House and Senate, and to them alone. It isn't a legacy of a prior President, or three Speakers ago, or the last senate majority leader. None of that crap is true. Every year, the revenue could be predicted to within maybe 2% of the actual numerical total. The fed.gov has teams of economists who do nothing else but number crunch the GDP constantly. They could have the number figured out (since it is absolutely regardless of the tax rates) well ahead of time and budget to that number no problem. But they don't.
Know why?
Because they know for a fact that for every one person like me who is both willing and able to look at 75 years of available data and make common sense conclusions about their lies and fiscal malfeasance, there are 1,000 people like you who actually believe you can tax your way out of a spending problem.
Now, to make this real easy, you erase an annual deficit by spending less than or equal to revenue for a given year. You erase accumulated debt by spending less than revenue over a sustained period of time.
To make spending less than revenue, the Congress can affect revenue indirectly and spending directly. Revenue is ENTIRELY DEPENDENT ON THE GDP, so the Congress can do things that promote bigger GDP, thus indirectly raising revenue. They cannot directly raise revenue because the tax rates do not determine revenue, human behavior and the GDP do.
What they can directly control, however, is spending. Every single penny spent by fed.gov is 100% up to them, every year, quarter, month, week and day.
The lie that they can pass a tax rate change and it magically results in X revenue is in the top 3 political lies of all time. Doesn't matter which party tells it.
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