Record Taxes Aren't Enough for Biden

Townhall.com ^ | April 20, 2022 | Terry Jeffrey

[Kaslin]

As Americans filed their federal tax returns this Monday, resident Joe Biden's White House put out a statement promoting his plan to increase taxes.

It adopted Biden's typical class-war rhetoric, claiming to protect the incomes of middle-class Americans, while increasing taxes on corporations and the "rich."

"resident Biden's plan would give tax relief to tens of millions of families -- continuing the tax relief families are seeing this Tax Day -- and he'd apply new minimum taxes on billionaires and large corporations to make sure they're paying their fair share," said a statement issued by the White House.

The truth: The Biden administration is already collecting taxes at a faster pace than any previous administration.

In fiscal 2021, which ran through September, the federal government collected a record $4,045,979,000,000 in taxes. That was $441,674,390,000 more than the $3,604,304,610,000 (in constant September 2021 dollars) that the federal government collected in taxes in fiscal 2020.

In the first six months of fiscal 2022 (October through March), the federal government collected $2,121,987,000,000 -- the most it has ever collected in the first half of a fiscal year.

As of now, the Treasury is projecting that it will collect a total of $4,436,626,000,000 in taxes this fiscal year -- and, thus, set another record.

But that is not enough for Biden.

According to the Treasury's projections, while the federal government will collect a record $4,436,626,000,000 in taxes this year, it will also spend $5,851,576,000,000. Thus, it will run a deficit of $1,414,950,000,000.

[sauropod]

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[FamiliarFace]

I wonder if Hunter will be included in those who get taxed more. Probably not.

[COBOL2Java]

Nooo! Don't tax my LPs!

Oh, not that kind of record? Nevermind...

[bert]

Cash and securities lodged in multiple corporations off shore are not taxable. No one knows how much or where they are

The only evidence onshore is a credit card untraceable to the source

[bk1000]

Everything else is going up, why not taxes? After all, democrats are in now, and that’s what they do. That’s what they always do. When have they not?

[cld51860]

I thought only the super wealthy were going to get robbed - er, I mean - taxed higher under General Secretary Xiden.

[Rapscallion]

You cannot possibly satisfy the desires of politicians who feel they must spend everybody’s money for this “need” or that “need”. You soon realize it is never going to be enough and the wisest course of action is just to say NO MORE and mean it.

[Trillian]

Their greed is never ending.