We get it, math can be tricky. Algebra, calculus, trig -- they're challenging.
But 2 + 2 = 4 is pretty darned simple. So is knowing that trillion is bigger than billion.
Last night, Biden asked for just a quarter of billionaire's income. That's it.
I propose a minimum tax of 25% for billionaires.
— President Biden (@POTUS) March 8, 2024
Just 25%.
That would raise $500 billion over the next 10 years.
Imagine what that could do for America.
Except Thomas Massie points out the obvious:
Biden says increasing taxes on billionaires would raise $50 billion per year.
— Thomas Massie (@RepThomasMassie) March 8, 2024
The problem is our debt is increasing at $3000 billion per year.
Cut spending now! https://t.co/kNVXLGeAN7
The debt is going up by a trillion dollars every 100 days.
Billionaires in America are worth a collective $5.2 trillion dollars. Which means Biden could confiscate every single penny from them, and it wouldn't even cover a fiscal year. The US spent $6.3 trillion in FY2023.
I’m fine with a min 25% tax (my record tax payment was roughly 50%!), but, as you point out, it is false of Biden to claim that a 25% min for “billionaires” will solve the deficit.
— Elon Musk (@elonmusk) March 8, 2024
It's the spending. Not the taxation.
Plus billionaires already pay more than that on their income, unlesss he is proposing a tax on their non-liquid assets.
— Sara Higdon (@SaraHigdon_) March 8, 2024
Recommended
Billionaires -- and the wealthy in general -- already pay most of the tax revenue.
And fails to recognize the U.S. tax system already is the most progressive in the world: https://t.co/fHl3dPDh1t
— NOfP-X (@NOfPPlus) March 8, 2024
We have a very progressive tax system.
Start abolishing entire agencies.
— Axiomatic Enemy of the State (@DeTocqueville14) March 8, 2024
This is the way.
I will never understand why so many people do not understand that simple concept that only spending more than you have creates debt, not the aspect of having less revenue.
— Fed Up Kentuckian (@FedUpKentuckian) March 8, 2024
The average American family understands this. Unlike the government, they can't demand more revenue. They have to live within their means.
A minimum tax would also backfire since the billionaires would:
— Mankosmash (@Mankosmash) March 8, 2024
1. In some cases leave America to avoid the tax, cutting receipts
2. Modify their behavior to cut their now-worthless write-offs, such as by eliminating charitable donations
Liberals 👑 of unintended consequences
They don't think about the consequences of their policies, just how the policies make them feel.
And sometimes, the bad consequences are a feature, not a bug, of their policies.
Middle class pay upwards of 32% with our progressive tax system. Why wouldn’t he give us a tax cut? That would help us MORE. He only wants to help the gov dependent class. We don’t matter
— Alaidamom (@Alaidamom) March 8, 2024
Commies hate the middle class.
We don't have a tax revenue problem.
— J. M. Friday (@CroonerFriday) March 8, 2024
We have a out of control spending problem.
It's time to cut spending and eliminate most Federal departments and bureaus. https://t.co/7ccsm3cgpm
The current revenue would be more than enough if we just stopped spending like drunken sailors on shore leave.
The difference between math and political hyperbole. https://t.co/kgqWCVQfPS
— Bob Runyan (@robertrunyan) March 8, 2024
Reality only cares about math.
50 billion is like 5% of the INTEREST we pay annually on the #NationalDebt. These people are laughing at us as they ruin the future of this once great country https://t.co/xIs6V5bIlb
— Hugh Honey (@Phat2Matt) March 8, 2024
They've got theirs, so when things collapse, they'll be fine.
And many of them won't live to suffer the consequences of their reckless spending.
You can’t tax anyone enough to keep up with this level of spending. https://t.co/7vh6nWxkyx
— Noble Heathen (@NobleHeathen) March 8, 2024
No, you cannot.
Math is not a Democrats strong suit.
— Prospernot (@Prospernot77) March 8, 2024
Gaslighting is. https://t.co/bqgf81OfB9
And last night was a master class in gaslighting.
We don't have a tax revenue problem.
— J. M. Friday (@CroonerFriday) March 8, 2024
We have a out of control spending problem.
It's time to cut spending and eliminate most Federal departments and bureaus. https://t.co/7ccsm3cgpm
Yep.
And reform Social Security and Medicare. Before it collapses.
Exactly. Even if Biden’s figures are true, this class warfare nonsense in an election year is a drop in the bucket. @POTUS https://t.co/MjixN7E8Xq
— Mike Dury (@MikeDury) March 8, 2024
It really is. Rearranging the deck chairs on the Titanic, basically.
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