Saturday, March 11, 2023

Read Biden’s Lips: More New Taxes; Biden Reveals He Will RAISE Taxes in His March 9 Budget as He Ups War on Billionaires - But Insists He Won't Make Americans Earning Less than $400,000 'pay a penny more'

Illustration by The Washington Times
Read Biden’s lips: More new taxes:
President Biden has announced he will raise “some taxes” in the budget he is proposing this week to Congress. Mr. Biden again claims that no one making less than $400,000 a year will pay more taxes.
The federal government receives record amounts of revenue but spends and borrows in ways that add to the astronomical and unsustainable $31 trillion debt. As The Wall Street Journal noted in an editorial, “The Internal Revenue Service recently released its income and tax statistics for 2020, and they show the top 1 percent of earners paid 42.3 percent of the country’s income taxes … a two-decade high in the share of taxes the 1 percent pay.” The president repeats the false claim that “the rich” aren’t paying their “fair share.”
Sen. Joe Manchin III, D-W.Va., is partially right when he says, “You can’t basically just tax your way out of debt. You can’t borrow your way out of debt, and you can’t cut your way out of debt.” In fact, you can cut the debt by spending and taxing less.
Let’s start with improper payments made by federal agencies. According to reporting by the Washington Examiner, such payments totaled $175 billion in 2019 alone, as calculated by the government website That’s $15 billion per month. This amount doesn’t include the $2.25 trillion in taxpayer and borrowed money spent on improper payments, including millions sent to dead people. Auditors for discovered the most wasteful federal programs were Medicaid, Medicare and the earned income tax credit. In just these three programs, the Examiner reported, 69%, or $121 billion, consisted of improper payments.
Then there was the money wasted on COVID-19 relief, including the Paycheck Protection Program. NBC News reported that “many who participated in what prosecutors are calling the largest fraud in U.S. history — the theft of hundreds of billions of dollars in taxpayer money intended to help those harmed by the coronavirus pandemic — couldn’t resist purchasing luxury automobiles … mansions, private jet flights and swanky vacations.” --->READ MORE HERE
Biden reveals he will RAISE taxes in his March 9 budget as he ups war on billionaires - but insists he won't make Americans earning less than $400,000 'pay a penny more':
President Joe Biden revealed Tuesday that he will pitch raising taxes when he releases a proposed budget on March 9, but insists he will stick to his campaign promise not to hike taxes on Americans making less than $400,000 a year.
Biden made the remarks during his trip Tuesday to Virginia Beach, Virginia, in a speech that was mainly dedicated to defending the Affordable Care Act and Medicaid against Republican cuts.
'I want to make it clear, I'm gonna raise some taxes,' Biden said in the speech. 'Many of you are billionaires out there. You're going to stop paying at 3 percent.'
He said, however, that 'no one over 400 - making less than $400,000 - is going to pay a penny more in taxes.'
Biden has agreed to cut the deficit by $2 trillion over a 10-year period so that Congressional Republicans will vote to lift the debt limit.
The U.S. will default on its debt sometime between July and September if the $31.4 trillion debt limit doesn't get raised before then, the nonpartisan Congressional Budget Office projected last month.
Biden has challenged House Speaker Kevin McCarthy to release a Republican budget proposal so they can jointly negotiate spending cuts.
'Instead of making threats about default, which could be catastrophic even if it doesn't happen - because the markets around the world begin to hedge against it and it affects the economies - let's take that off the table,' Biden said Tuesday. --->READ MORE HERE
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