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The President's budget ASSUMES that inflation will be over by October.
https://abcnews.go.com/Politics/wire...icits-83720420
The budget assumes — with a high degree of uncertainty based on forecasts made last November — that inflation at a 40-year peak gets back to normal next year.
A teacher probably pays more in INCOME taxes then retired people who live off investments.
Biden probably stole that from Warren Buffet who said his secretary pays more taxes then he does.
When the talking heads tell people this they know that people have no clue.
France took this posture years ago with tax the rich for their wealth.
12K millionaires up and left France. France rescinded their wealth tax but those millionaires never came back.
buffett surely lied
it has been proven time after time that buffett lied
his secretary makes 60k (his words)..therefore she is in the 15% bracket..and would pay less than 12%....as I will show she pays less than 5%
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buffett pays an effective 17%...meanwhile buffett paid over 8 million in taxes
Buffett said "his secretary pays 30% in federal taxes"...he lies
buffets states he gets taxed at 17% (his earned income is only 100k, the rest is investment (capital gains taxed at 20%) and that is less than his secretary...fact that is a LIE
there is no disputing that fact .
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. FACT: making 60k (which is what buffet himself says she makes) puts her in the 15% bracket..and that's based on her ENTIRE 60k being taxed..and we ALL KNOW that is never the case...even single you have the personal exemption, and the standard deduction
FACTS:
we're talking about a married secretary. with a not working spouse. They file jointly, pay a home mortgage and have 2 older kids (still claimed ) . They probably place at least $4,000 in an 401k (the average is about 7%) and itemize $15,000 in deductions(about 3k over the standard deduction). .....Here the tax picture changes dramatically. ....Taxable income drops to $27,800 -- the 15 percent tax bracket. With child tax credits, secretary now pays $1,419 in federal taxes, or 2.4 percent of $60,000. Add in another 2 percent for $1,218 in state taxes, and secretary pays a grand total, state and federal(to include payroll(ss)), of 4.4 percent on the $60,000-a-year salary. .
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. IF she is single/renter (which she is not) this would be the number:
60k gross:
That would give her taxable income of $50,250 ($60,000 less 1 exemption @ $3,400 and a standard deduction of $5,360) and a federal income tax liability of $8,986.25 – $4,386.25 + 25% of the excess over $31,850. So, the secretary’s effective Federal income tax rate is only 15% ($8,986.25 / $60,000). Hmmmm. .
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. so FACT is that she would only be rated at 15% for INCOME...if you want to throw in payroll, (which is not income tax) it still only brings her up to 22%...certainly not the 30% that buffett lied about .
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. FACTS:
buffett is a salaried worker for his companies...his salary 100k
his secretary earned 60k
he paid multi-millions..his secretary paid less than 3k......
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buffett want the rates (for ALL) to be higher,, because it wont effect him, but it will hurt his competition....those are facts
buffett LIED, and the left fell for it...and now biden is pushing/continuing the lie
I notice no one ever asks how we can afford those annual increases? But infrastructure?! We can't afford that!
It's a lot more often than "annual".
The $1.3 trillion bill that just got passed to help Ukraine....
$13 billion went to Ukraine..over $800 billion went to the Pentagon and the rest..welfare programs
Since most of America can't stand him, he's got to do something. The "Defund The Police Movement" will most likely keep their mouth shut until the next GOP president, when it will become fashionable once again.
If anyone believes that people making under $400k a year won't bear the brunt of this budget, then you are fools.
Go ahead an tax the billionaires. Their total wealth as of last year was $4.8 trillion. The US Gov't spent $6.8T last year. He wants to raise taxes by $2.5T.
You go get 'em, Poops!!! Screw the American people. Tell them to eat cake like Marie did...
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