Biden Admits He Will Raise Taxes

[billyerock123]

These Useful Idiots believed the sonofabtch when he said he wouldn't raise taxes on anybody making less than $450K just like the dumbshits believed the worthless Negro when he said he wouldn't raise taxes on anybody making less than 250K a year. Dumbshits.

The sad thing is that he won't use any of the the money to retire the enormous debt. He will just spend it on worthless crap like welfare for the millions of illegals he is going to let flooding along with the Muslim refugees. Maybe he will throw out a couple of freebies to the Useful Idots like pay of their worthless college degrees,

A lot of it will be going to foreign governments, especially China.

Only idiots voted for this China Joe piece of shit.

and finally
After Trump’s meeting with Zelensky at the United Nations, one of Hunter’s lawyers told the Washington Post that, “To date, Mr. Biden has not received any return or compensation on account of this investment or his position on the board of directors.”

The characterization of Mr. Biden as owning a $1.5 billion private equity firm funded by the Chinese, or suggesting that Mr. Biden has earned millions of dollars from the firm is a gross misrepresentation of Mr. Biden’s role with BHR.”

In December 2013, the same month the fund was officially established, Hunter joined his father and one of his daughters on a trip to China. There, Hunter met up with Jonathan Li, the fund’s China-based partner. The New Yorker reportedthat Li met Hunter at his hotel and shook hands with the vice president. Days after the start of the trip, Hunter had officially joined BHR’s board, the Washington Post reports, raising questions about whether he had used his father’s access for his own personal benefit.

 

[BlueGin]

80% of taxes raised on the too 1%. The rest from the top 7%.

That's where it starts, but it never stops there, because you just don't get much additional revenue. To get a lot more money, you have to hit the middle class, and hit them he will.

Well...the middle class that is left anyway..

 

[Papageorgio]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

We need to cut all that spending and then we need to raise taxes to help reduce the debt quickly. The issue now is, it would cripple the economy and voters would vote out those that did the right thing. We are a soft nation and we want all these entitlement programs, a great and growing economy, less taxes, cut spending and none of it should effect our daily lies. We want the instant solution that doesn’t exist.

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

so tell me where is the government going to get 28 trillion dollars?

It ain't just the so called rich.

If I had all the answers it would take thousands of pages and I would be in office.

We are going to have to raise taxes.

we really don't have to.

we really need to cut spending.

and like I said the debt isn't as big of a deal as you think

The rest of the world is not going to allow us to continue to create paper wealth while they struggle. It's not going to happen. It is going to end. It's already started.

we don't have to print more money.

No but we will.

maybe maybe not.

inflation has been kept low for a long time I don't think we will be messing with that anytime soon

We have never stopped.

and yet there is no inflation to speak of

Ask the person doing the grocery shopping what they feel about inflation. I saw yesterday that new car prices will be the highest ever.

Cost of renting continues to steadily rise - HousingWire

There is a ton of inflation. Do you in general accept the governments numbers?

inflation has bee low single digits for a long time now.

and what makes you think rent increases are due to inflation instead of other forces like demand for rentals or gentrification ?

It doesn't matter, it's inflation.

a rise in prices caused by demand is not inflation.

Mumbo jumbo. You still haven't answered my question.

 

[kyzr]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

so tell me where is the government going to get 28 trillion dollars?

It ain't just the so called rich.

If I had all the answers it would take thousands of pages and I would be in office.

We are going to have to raise taxes.

we really don't have to.

we really need to cut spending.

and like I said the debt isn't as big of a deal as you think

The rest of the world is not going to allow us to continue to create paper wealth while they struggle. It's not going to happen. It is going to end. It's already started.

we don't have to print more money.

No but we will.

maybe maybe not.

inflation has been kept low for a long time I don't think we will be messing with that anytime soon

We have never stopped.

and yet there is no inflation to speak of

Ask the person doing the grocery shopping what they feel about inflation. I saw yesterday that new car prices will be the highest ever.

Cost of renting continues to steadily rise - HousingWire

There is a ton of inflation. Do you in general accept the governments numbers?

inflation has bee low single digits for a long time now.

and what makes you think rent increases are due to inflation instead of other forces like demand for rentals or gentrification ?

It doesn't matter, it's inflation.

a rise in prices caused by demand is not inflation.

Mumbo jumbo. You still haven't answered my question.

what question?

 

[kyzr]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

We need to cut all that spending and then we need to raise taxes to help reduce the debt quickly. The issue now is, it would cripple the economy and voters would vote out those that did the right thing. We are a soft nation and we want all these entitlement programs, a great and growing economy, less taxes, cut spending and none of it should effect our daily lies. We want the instant solution that doesn’t exist.

Exactly right. To raise taxes and cut spending means you and your party get fired.

Cut all WHAT SPENDING? BE SPECIFIC!!

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

 

[jknowgood]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The green new deal will cost well over 2 trillion.

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The green new deal will cost well over 2 trillion.

And it will never pass.

 

[Papageorgio]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

We need to cut all that spending and then we need to raise taxes to help reduce the debt quickly. The issue now is, it would cripple the economy and voters would vote out those that did the right thing. We are a soft nation and we want all these entitlement programs, a great and growing economy, less taxes, cut spending and none of it should effect our daily lies. We want the instant solution that doesn’t exist.

Exactly right. To raise taxes and cut spending means you and your party get fired.

Cut all WHAT SPENDING? BE SPECIFIC!!

I was agreeing with you, “all that spending” was the cuts in spending you listed.

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

 

[billyerock123]

Trump got it going through eliminating anti-growth regulations>>>>>>
now this is tunny

saying this and proving it is not factual ...you need proof here other the spouting republican talking points Most of the regulations he cut were regulations that concerned land and pollution... but tax cut to the middle class and the poor never really happened... what he did do is raise them to help pay for the tax cut to the rich 1%

 

[jasonnfree]

Need to raise taxes to make right an economy which was gutted and ruined by four years of t-rump. Can't bring back all the pandemic victims he killed through his total not giving a shit about anyone but himself.

 

[jknowgood]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The green new deal will cost well over 2 trillion.

And it will never pass.

Lol, democrats have all houses and almost all of them want the green new deal. There is nothing to stop them.

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The green new deal will cost well over 2 trillion.

And it will never pass.

Lol, democrats have all houses and almost all of them want the green new deal. There is nothing to stop them.

It's not going to pass. They had even larger majorities under Obama and it didn't pass.

 

[Blues Man]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

 

[pknopp]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The US economy was doing fine under the Obama tax rate, even then the Debt under Obama doubled. Under Trump the Debt doubled again. Under Biden the Debt will keep going up. The crap hits the fan in 2022 or 2023 when the Fed needs to raise the interest rate and the cost of paying for that borrowed money crushes the US Budget, there will be weeping and gnashing of teeth....

Save us Joe Manchin. Stop the Green New Deal and other wasteful spending!

Will Biden actually address the debt? I have my doubts BUT what I asked still stands.

We are $28 trillion in debt. If someone says they are going to raise taxes they are saying they are going to be responsible for the debt.

Problem?

We all should demand we address our debt. We all love our "free stuff" but only like to condemn it out of others. Maybe if the taxes hurt enough they will start condemning "their guy" also.

If those who supported Trump have to pay higher taxes they only have his $8 trillion in new debt and tax cuts to blame.

Your post is confusing?!
1. Will Biden address the Debt? Short answer is NO.
2. If someone raises taxes and increases spending even more, are they addressing the Debt? HELL NO.
3. Problem? The "problem" is spending, and "spending" means entitlements. Much of the Federal Budget is "structural", i.e. "mandatory" spending, such as SS, Medicare, Medicaid, Welfare, and interest on the Debt. (see 2019 Budget below)
4. The Fed can "print money" but that only goes so far, if/when inflation exceeds 2%, the dollar eventually becomes worthless. We're on a very dangerous financial track.
5. Higher income taxes won't hit Trump supporters any more than the democrats. What will hit everyone is Bidens energy policy, with higher gas and electricity costs, and that will increase the cost of everything.

2019 Federal Budget
Mandatory spending $2.74T
Social Security $878b
Medicare $625b
Medicaid $412b
Welfare $462b
Interest on the Debt $363b

Discretionary $1.3T
Defense $893.0b
HHS $70.0b
Education $59.9b
VA $83.1b
Homeland $52.7b
Energy Dept $29.2b
NNSA $15.1b
HUD $29.2b
State Dept $40.3b
NASA $19.0b
Foreign Aid $55.0b
All Other Agencies $78.1

If Biden raised taxed 1 Trillion and then spends an extra 2 trillion that won't help BUT it won't be as bad as the one who cuts taxes and then spends an extra 2 trillion.

I'm all for slashing some of the things you list. I'm also for raising taxes to address our debt. Why are you so eager to avoid paying your portion?

1. The GOP economic assumption as shown in their Budgets is to grow the GDP at 4% or more with the tax cuts. We can say that is just plain STUPID, but that was their plan. Obama and Trump actually grew the economy at about 2%, so their rosy growth assumption failed.
2. The bad news is that we need to "fix" entitlements or they go bankrupt. SS will be bankrupt about 2030, and Medicare will be insolvent in 2026, and the democrats talk about "Medicare for all", WTF???
3. So Biden needs to "fix" SS & Medicare ASAP. (raise retirement age, raise co-pays, remove caps, etc.)
4. Why do you say I'm eager to avoid paying taxes? I pay whatever I owe. Look at the wealthy who buy their loopholes.

AND we need to raise taxes. Also, take out the money the Fed simply created out of nothing and we are negative growth. It's all a paper mirage. We have to address the debt.

How should we address our $27T Debt? The last time we had a Balanced Budget was when Newt had his "Contract with America".
So where would you cut spending, and where would you raise revenue?
Here are my recommendations:

• A. Hire another "Grace Commission" to audit and fix the Federal budget deficit
• B. Cut Spending: [CUT $625b a year]
  1. Cut defense to 2017 levels of $600b until the Debt is reduced, saving $150b
  2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
  3. Cut Welfare $200b & Medicaid $200b (about half)
  4. Cut education $20b (state responsibility)
  US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
• C. To cover the budget deficit the following taxes need to be raised:
  1. Raise the top tax rate ~7% above 2016 levels +$400b
  2. Implement a new ~3% Fed sales tax +$400b
  3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
  4. Implement a new remittances tax/fee on all money sent out of the US Taxing Remittances Can Build the Wall 2% of $140b is +$3b a year
• D. Reform "fix" entitlements, Medicare & Social Security, currently projected to be insolvent:

I'm going to cut the military and foreign aid. I'm going to cut the bail outs. I'm going to raise taxes. I'm going to make sure the poor does not suffer more than they do now.

P.S. We are $28 trillion in debt.

Do the math. The Budget is about $1T overspent. You didn't come close to reducing the $28T Debt.
To balance the Budget you'd need to cut about $500b and raise taxes about that much.
You can't just cut defense, you could, but that would put the US behind China, like when Trump took office.
Foreign Aid is about $55b, a drop in the bucket.

You need to reduce entitlements, aka "the 3rd rail" of politics.
How about cutting Welfare, Medicaid, and Education? Those charity "safety nets" are just too expensive.

I'd prefer to raise taxes and keep the next generation educated. I do agree with eliminating the Department of Education.

Thank you! Raising taxes to cover the Budget Deficit is a plausible solution.
Looking at the math:

What Is the Current US Federal Budget Deficit?

The U.S. federal budget deficit was $2.8 trillion in fiscal year 2021. Learn more about what impacts the federal budget and whether you should be concerned.

www.thebalance.com

"The U.S. federal budget deficit is projected to reach a record of $3.3 trillion in 2020. This increase is largely a result of government spending in reaction to the coronavirus pandemic. U.S. federal outlays for 2020 total $6.6 trillion, which is $2.2 trillion more than in 2019. Revenue for 2020 is projected to be $3.3 trillion, too, which leaves the deficit at $3.3 trillion."

2020 was a one-off pandemic year. The 2019 Budget Deficit was "only" $1T. So lets say we want to reduce the Debt 500b a year by raising taxes. Here is the normal Revenue "pie chart", with $3.5T in revenue and $4.5T in spending. Just to balance the budget, that would mean everyone's taxes go up 28%. So to start paying down the Debt about 500b a year means that everyone's tax needs to go up about 43%.
You okay raising everyone's Federal Tax about 43%?
View attachment 440053

No, this has been going on for years. You aren't going to blame it all on what happens in one year. Yes, it made it worse before but let's take the argument further.

The argument is to raise taxes when the economy is good for when it goes bad. Trump argued he was ruling over the greatest economy ever. Did we raise taxes? No, so now we will have to.

so you want to raise taxes when the economy is in the shitter like it is now?

Being $28 trillion in debt it would be the responsible thing to do. Failures of the past can be painful to fix.

I already told why 24% of the debt isn't really debt at all

and most of the remainder is owned by Americans who have invested in this country.

The debt is not that much of a problem. We should pay off the foreing holders of the debt but the rest doesn't matter

And we will have to raise taxes to do that.

 

[jknowgood]

We are $28 trillion in debt so someone saying "I will raise taxes" is simply saying they are willing to be responsible for our debt.

Problem?

The green new deal will cost well over 2 trillion.

And it will never pass.

Lol, democrats have all houses and almost all of them want the green new deal. There is nothing to stop them.

It's not going to pass. They had even larger majorities under Obama and it didn't pass.

Biden and Harris both want it passed. Pelosi wants it passed. Anyone objects to it will be destroyed. I'll give you Kavanagh as an example if democrats don't like your politics. Congratulations on picking the people that will be running our country.