Posted on 09/16/2020 8:31:46 AM PDT by karpov
The national debt has reached levels not seen since the end of World War II, but Democratic presidential nominee Joe Biden is calling for a combination of spending increases and tax hikes that will require trillions of dollars of additional borrowing in the next 10 years.
Biden is calling for more than $3 trillion in new taxes that would be imposed primarily on corporations and the wealthiest Americans. But two recent analyses of Biden's spending plans agree that his proposals would not come close to paying for themselves over 10 years. If enacted, Biden's plans would push federal spending to higher highs while also adding to the national debt—which is already on pace to eclipse the size of the entire American economy next year.
The Penn Wharton Budget Model, a nonpartisan organization within the University of Pennsylvania's business school, crunched the numbers and concluded that Biden's proposed tax increases would cost Americans about $3.4 trillion over 10 years. To get there, Biden would repeal some of President Donald Trump's tax cuts for high earners, raise income taxes on the very highest earners, tax capital gains at the same rate as other income, raise the corporate tax rate, and institute a series of changes to the payroll taxes that fund mandatory spending on entitlements like Social Security.
Cumulatively, Biden's tax plans would not raise taxes on households that earn less than $400,000 per year, the Wharton analysis concludes, though lower-earning households would likely see knock-on effects like "lower investment returns and wages as a result of corporate tax increases."
Those huge tax increases, however, wouldn't be sufficient to cover the cost of the new spending Biden has proposed. The Wharton analysis says Biden plans to hike spending by $5.35 trillion over 10 years
(Excerpt) Read more at reason.com ...
...mostly....
Math is hard.
“$3 trillion in new taxes, mostly on the rich, to pay for up to $11 trillion in new spending.”
The remaining $8 trillion, I presume, will be freshly-printed money, a stealth tax, mostly on the poor. They never seem to figure that out.
Fox Poll (yes, a piece of junk that isn’t accurate) says 51% of the people believe Biden will do a better job of fixing the economy than Trump. Incredible! How impossibly stupid are the American people? Don’t answer.
They similarly said Biden could calm the unrest better as leader and could handle the Covid crisis better.
Maybe they think the Sun gets soaked and turned off by the oceans when it goes down on the flat Earth at night and you have to pray to get it hot again to arise in the East. Probably the same poll numbers for that.
But the rich are supporting him.
There is no such thing as taxing the rich or any business.
The rich can afford and have tax professionals that transfer money offshore at the right time (and many other shelters) so as to not be required to pay additional taxes.
Businesses raise the cost of the products or services they offer so the customer ALWAYS pays 100% of this so called tax on business.
WHAT? Biden is senile - he won’t be running anything. People can’t see that??? Even if he did he’d ruin everything - we’ll end up in more wars, all DJT’s work will be lost.
I worked at Nike. We had money stashed all over the world to take advantage of tax laws in various countries.
Giant sucking sound siphoning jobs from America
We would pay those corporate tax hikes through higher prices on goods and services, higher prices on utilities, lower salaries and wages, and job losses. Remember all of those stories about employers hiking wages and salaries after the tax cuts went through? Remember stories about utility companies cutting their rates? Small businesses filing under the new corporate rate vs. person income? Capital investment returning to the United States to the tune of trillions? All of that evaporates with Biden’s tax hikes.
All true.
We must pass these stupid people all day in crowds and in traffic. Sometimes that thought crosses my mind. As when a 20 year old finishes a text reply and then looks up and starts driving after the light changed 7 seconds earlier.
It’s not Biden’s proposal. It’s just a handout from the progressive think tanks that are pulling his puppet strings.
Break the back of industry and employers?
No one who is broke will give you a job!
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