P.Resident Joe Biden wants to get more tax money to make amends for others’ mistakes along with his own disastrously irresponsible inflationary overspending, but America’s billionaire said the tax rate was only 8 percent.
So here is the perfect excuse to throw as much financial power as the Treasury at this relatively small group of 700 or maybe 1,000 people without worrying about losing millions of votes.
But the difficulty for Biden is that the tax rate is 25.6 percent, more than triple what he said, showing that he’s either made a big mistake or deserves to be called a political trickster. I favor the second possibility. Because even though the top 1 percent of taxpayers pay about 43 percent of all federal taxes, how the meager tax claim confuses the public and the hero he catches the cheap billionaire. what it looks like.
The way Biden arrives at the deception is by saying that billionaires and other ultra-rich taxpayers pay nothing for unrealized gains in their stock portfolios. In fact, no one does. The Constitution limits personal income tax to the income a person actually receives, not what may one day be converted into income.
Also, when stocks are finally exchanged for money, that money is actually taxed and, as any investor knows, one day’s profit can be the next’s loss. Please also understand that there is
But the same can be said about taxes. If taxes are fair and honest, they are the best way to finance government finances, and if taxes are bad, governments need to find ways to reduce costs to affordable levels. Tax revenue and government spending should be par as much as possible, and policy makers should definitely avoid what President Donald Trump did: cutting taxes while increasing spending.
The worst and most common financial threat these days is another: overborrowing. Our debt has ballooned to an incredible $31.4 trillion, and our ever-increasing borrowing costs have had a huge impact, with an annual cost of $352 billion in 2021, $475 billion in 2022, and $475 billion in 2023. is projected to be $640 billion.
Back in 1960, Congress decided that the federal government should not borrow beyond prudent calculations and should set debt limits that kept spending and taxation within reasonable limits. Aware that things could still go wrong, Congress also gave permission to vote to remove the borrowing limit if a majority agreed.
guess what? Since then, the limit has been raised 68 times.
In 2006, a wise U.S. Senator named Barack Obama called it a “failure of leadership” that the government was unable to pay its own bills from tax revenues and had to borrow and pay hefty interest rates. explained that it was The senator said the interest paid that year exceeded the combined costs of Medicaid, children’s health insurance programs, education, homeland security, transportation and veteran’s benefits.
One of Biden’s biggest mistakes is spending an unneeded trillion on recovering from COVID-19, in addition to the trillions of dollars he self-sufficient under Trump. A variety of other factors contributed to the recent debt restriction crisis that would have led to catastrophic defaults had it not paid the outstanding interest abroad.
The catastrophe was averted by a compromise between Mr. Biden and Republican House Speaker Kevin McCarthy that lowered the debt ceiling and persuaded Mr. Biden to cut costs significantly.
What we need now is a compromise that aligns taxes and spending according to reason and reality on both sides of the aisle, not Biden or Trump or those aforementioned wise senators who broke spending records as president. Different, the new president of 2024.
