President Biden made the pitch for his 2024 budget proposal today, and as expected there are a couple trillion worth of tax increases and lies about deficit reduction:
In addition to deficit reduction, Biden’s 10-year budget largely revolves around the idea of taxing the wealthy to help fund programs for the middle class, older adults and families. It would raise $4.7 trillion from higher taxes, with an additional $800 billion in savings from changes to programs.
The tax increases include a reversal of the 2017 tax cuts made by President Donald Trump on people earning more than $400,000 a year.
Biden has floated a new 25% minimum tax on households worth $100 million or more. Also, the tax that companies pay on stock buybacks would rise fourfold and those earning more than $400,000 would pay an additional Medicare tax that would help to keep the program solvent beyond the year 2050. Medicare could negotiate on the prices of more prescription drugs, helping to save the government money.
Accompanying that would be $2.6 trillion worth of new spending, including the restoration of the expanded child tax credit that would give families as much as $3,600 per child, compared with the current level of $2,000.
Elements of what Biden’s after are, as usual, really bad ideas:
JUST IN: Biden’s new budget includes a new minimum tax on wealthy individuals’ unrealized capital gains, a quadrupled tax on stock buybacks and higher Medicare taxes on people making over $400,000.
— unusual_whales (@unusual_whales) March 8, 2023
JUST IN: 🇺🇸 President Biden calls to double capital gains tax from 20% to 40%.
— Watcher.Guru (@WatcherGuru) March 9, 2023
Unrealized capital gains? So they can just pretend you sold something at a profit when you didn’t (or haven’t yet) and just tax it accordingly? We are officially in banana republic territory.
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taxing unrealized gains after the shit show of 2022 is absolutely insane
— Shibetoshi Nakamoto (@BillyM2k) March 8, 2023
“Absolutely insane” is this administration’s middle name! They call it “Build Back Better” but we all know it’s really the first one.
It has to be asked:
Taxing unrealized capital gains? I'm gonna guess they're not going to allow me to write off unrealized losses. What a dangerously stupid clown show https://t.co/Iya09u0Tgk
— Physics Geek (@physicsgeek) March 9, 2023
Do we get money back for our unrealized losses too?
— Patrick e/acc (@PatrickWStanley) March 8, 2023
Let me guess the Biden White House’s answer to that: No freaking way!
To get us to go along with him, Biden reminded everybody how much his initiatives have — wait, first I should make sure you’re not drinking anything when you read what’s next.
Ready? OK, Biden reminded Americans how his initiatives have lowered Americans’ energy bills.
No, seriously:
BIDEN: "I took the most aggressive action ever — in all of history in any country — to take on the climate crisis by lowering your home energy bills." pic.twitter.com/wkev9rkNaH
— Breaking911 (@Breaking911) March 9, 2023
Does Biden know he’s lying or is that what his staff tell him and he just repeats it? Nobody’s energy bills (or any other bills for that matter) have gone down during this disaster of a presidency:
Biden says he is "lowering your home energy bills."
Huh? Electricity is up 11.9%, fuel oil is up 27.7%, and natural gas is up 26.7% over last year. pic.twitter.com/5xoSUyligh
— RNC Research (@RNCResearch) March 9, 2023
That’s actually maddening and insulting all at the same time.
I bought a 96% efficiency two-stage furnace in July of 2022, and my gas bill is substantially more expensive with lower CCF usage.
— Trey Kinsey (@HalEdwardKinsey) March 9, 2023
The only thing Biden is lowering is the balance on our accounts! Is he taking 10% of our money too?
— SamJ❤️🇺🇸💙 (@SamJuneau) March 9, 2023
Eventually everybody will be forced to pony up to the “Big Guy.”
When is this lowering of the bills supposed to happen?
— MrSus 🇺🇲🦅 (@MrRoboto_sus) March 9, 2023
Maybe around the same time the “Inflation Reduction Act” actually reduces inflation?
The clown spews lies 24/7. https://t.co/88Om9yGfqJ
— 𝙅𝙖𝙢𝙚𝙨𝙩𝙤𝙬𝙣 (@CifJamestown) March 9, 2023
All while the “fact-checkers,” for the most part, collectively yawn.
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