U.S. Politics

[Rick Plant]

This is a landmark proposal from President Biden, a minimum tax that also applies to unrealized gains—as a prepayment against future capital gains. This should get serious consideration as a fair and efficient way to raise significant revenue.



President Biden to unveil new minimum tax on billionaires in budget
https://www.washingtonpost.com/us-policy/2022/03/26/billionaire-tax-budget-biden/

Biden budget seeks minimum tax on households worth $100m

WASHINGTON (AP) — President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheets released Saturday by the White House budget office.

The introduction of the minimum tax on the wealthiest Americans would represent a significant reorienting of the tax code. It would apply to the top 0.01% of households with half of the expected revenue coming from households worth $1 billion or more. The minimum tax would effectively prevent the wealthiest sliver of America from paying lower rates than families who think of themselves as middle class, while helping to generate revenues to fuel Biden’s domestic ambitions and keep the deficit in check relative to the U.S. economy.

In his proposal expected Monday, the lower deficits also reflect the economy’s resurgence as the United States emerges from the pandemic. It’s a sign that the government’s balance sheet will improve after a historic burst of spending to combat the coronavirus.

The fading of the pandemic and the growth has enabled the deficit to fall from $3.1 trillion in fiscal 2020 to $2.8 trillion last year and a projected $1.4 trillion this year. That deficit spending paid off in the form of the economy expanding at a 5.7% pace last year, the strongest growth since 1984.

For the Biden administration, the proposal for the budget year that begins Oct. 1 shows that the burst of spending helped to fuel growth and put government finances in a more stable place for years to come as a result. One White House official, insisting on anonymity because the budget has yet to be released, said the proposal shows that Democrats can deliver on what Republicans have promised before without much success: faster growth and falling deficits.

Yet the Biden budget would pledge to do so through a kind of wealth tax that many Republicans say would hurt the economy by diminishing private investment in companies that create jobs and cause the wealthy to put their fortunes to work abroad.

Biden inherited from the Trump administration a budget deficit that was equal in size to 14.9% of the entire U.S. economy. But the deficit starting in the upcoming budget year will be below 5% of the economy, putting the country on a more sustainable path, according to people familiar with the budget proposal who insisted on anonymity to discuss forthcoming details.

The lower deficit totals will also be easier to manage even if interest rates rise.

The expected deficit decrease for fiscal 2022 reflects the solid recovery in hiring that occurred in large part because of Biden’s $1.9 trillion coronavirus relief package. The added jobs mean additional tax revenue, with the government likely collecting $300 billion more in revenues compared to fiscal 2021, a 10% increase.

Still, the country will face several uncertainties that could reshape Biden’s proposed budget, which will have figures that don’t include the spending omnibus recently signed into law. Biden and U.S. allies are also providing aid to Ukrainians who are fighting against Russian forces, a war that could possibly reshape spending priorities and the broader economic outlook.

[Richard Smith]

This is a landmark proposal from President Biden, a minimum tax that also applies to unrealized gains—as a prepayment against future capital gains. This should get serious consideration as a fair and efficient way to raise significant revenue.



President Biden to unveil new minimum tax on billionaires in budget
https://www.washingtonpost.com/us-policy/2022/03/26/billionaire-tax-budget-biden/

Biden budget seeks minimum tax on households worth $100m

WASHINGTON (AP) — President Joe Biden intends to propose a minimum tax of 20% on households worth more than $100 million and cut projected budget deficits by more than $1 trillion over the next decade, according to a fact sheets released Saturday by the White House budget office.

The introduction of the minimum tax on the wealthiest Americans would represent a significant reorienting of the tax code. It would apply to the top 0.01% of households with half of the expected revenue coming from households worth $1 billion or more. The minimum tax would effectively prevent the wealthiest sliver of America from paying lower rates than families who think of themselves as middle class, while helping to generate revenues to fuel Biden’s domestic ambitions and keep the deficit in check relative to the U.S. economy.

In his proposal expected Monday, the lower deficits also reflect the economy’s resurgence as the United States emerges from the pandemic. It’s a sign that the government’s balance sheet will improve after a historic burst of spending to combat the coronavirus.

The fading of the pandemic and the growth has enabled the deficit to fall from $3.1 trillion in fiscal 2020 to $2.8 trillion last year and a projected $1.4 trillion this year. That deficit spending paid off in the form of the economy expanding at a 5.7% pace last year, the strongest growth since 1984.

For the Biden administration, the proposal for the budget year that begins Oct. 1 shows that the burst of spending helped to fuel growth and put government finances in a more stable place for years to come as a result. One White House official, insisting on anonymity because the budget has yet to be released, said the proposal shows that Democrats can deliver on what Republicans have promised before without much success: faster growth and falling deficits.

Yet the Biden budget would pledge to do so through a kind of wealth tax that many Republicans say would hurt the economy by diminishing private investment in companies that create jobs and cause the wealthy to put their fortunes to work abroad.

Biden inherited from the Trump administration a budget deficit that was equal in size to 14.9% of the entire U.S. economy. But the deficit starting in the upcoming budget year will be below 5% of the economy, putting the country on a more sustainable path, according to people familiar with the budget proposal who insisted on anonymity to discuss forthcoming details.

The lower deficit totals will also be easier to manage even if interest rates rise.

The expected deficit decrease for fiscal 2022 reflects the solid recovery in hiring that occurred in large part because of Biden’s $1.9 trillion coronavirus relief package. The added jobs mean additional tax revenue, with the government likely collecting $300 billion more in revenues compared to fiscal 2021, a 10% increase.

Still, the country will face several uncertainties that could reshape Biden’s proposed budget, which will have figures that don’t include the spending omnibus recently signed into law. Biden and U.S. allies are also providing aid to Ukrainians who are fighting against Russian forces, a war that could possibly reshape spending priorities and the broader economic outlook.

Inflation, crime, open borders, record gas prices, and world war are not enough?  Biden has to add more taxes to the misery that he has unleashed on the American public.  That sounds like a winning agenda for the Dems.  Keep up the good work bungling Joe!  The mid-term elections are just around the corner.  And when the republicans control the House and Senate, Joe can blame his failures from that point onward on the republicans.  His only hope to now avoid going down as the worst President in history.

[Rick Plant]

Inflation, crime, open borders, record gas prices, and world war are not enough?  Biden has to add more taxes to the misery that he has unleashed on the American public.  That sounds like a winning agenda for the Dems.  Keep up the good work bungling Joe!  The mid-term elections are just around the corner.  And when the republicans control the House and Senate, Joe can blame his failures from that point onward on the republicans.  His only hope to now avoid going down as the worst President in history.

More

Criminal Donald handed a total disaster off to President Biden including an economic crisis and COVID disaster. President Biden has created the best economy on record and the most jobs of any President in history with 7.4 million. And now the pandemic is under control for a second time. Crime, inflation, and gas prices all started under Criminal Donald. Those are the facts. And once again, you have zero sources for your propaganda.         

We had record crime and homicide under Criminal Donald.   

Provisional data from the CDC's National Center for Health Statistics, released early Wednesday, suggest the homicide rate for the United States rose 30% between 2019 and 2020. It is the highest increase recorded in modern history.

Researchers noted that provisional data on gun-related deaths also increased last year, climbing from a rate of 11.9 firearm deaths per 100,000 in 2019 to 13.6 per 100,000 in 2020 -- a 14% increase.

The FBI released its annual Uniform Crime Report for 2020, showing that the number of homicides increased nearly 30% from 2019, the largest single-year increase the agency has recorded since it began tracking these crimes in the 1960s.


Inflation started in 2020 under Criminal Donald.           

More Groceries, Less Gas: The Pandemic Is Shaking Up The Cost Of Living
September 11, 2020
https://www.npr.org/sections/coronavirus-live-updates/2020/09/11/911880715/more-groceries-less-gas-the-pandemic-is-shaking-up-the-cost-of-living


Oil companies are setting gas prices high for profit. 

Excluaive: oil companies’ profits soared to $174bn this year as US gas prices rose
Exxon, Chevron, Shell and BP among group of 24 who resisted calls to increase production but doled out shareholder dividends[/i]
https://www.theguardian.com/business/2021/dec/06/oil-companies-profits-exxon-chevron-shell-exclusive


Biden is doing what Americans demand by taxing billionaires. The overwhelming majority of Americans support taxing billionaires and corporations who pay nothing while Rick Scott's tax America plan will soak working Americans and seniors while ending social security and Medicare. The GOP will get wiped out in November.     

Poll: Two-thirds of voters say billionaires should pay a wealth tax
https://thehill.com/hilltv/what-americas-thinking/484771-poll-67-of-voters-believe-billionaires-should-pay-wealth-tax

GOP's new plan: Raise taxes on working people, end Social Security and Medicare
https://www.salon.com/2022/03/14/gops-new-plan-raise-on-working-people-end-social-security-and-medicare_partner/


Criminal Donald is already the worst "President" ever.     

Trump Ranks Among The Worst Presidents In History, According To Survey

[Richard Smith]

More

Criminal Donald handed a total disaster off to President Biden including an economic crisis and COVID disaster. President Biden has created the best economy on record and the most jobs of any President in history with 7.4 million. And now the pandemic is under control for a second time. Crime, inflation, and gas prices all started under Criminal Donald. Those are the facts. And once again, you have zero sources for your propaganda.         

We had record crime and homicide under Criminal Donald.   

Provisional data from the CDC's National Center for Health Statistics, released early Wednesday, suggest the homicide rate for the United States rose 30% between 2019 and 2020. It is the highest increase recorded in modern history.

Researchers noted that provisional data on gun-related deaths also increased last year, climbing from a rate of 11.9 firearm deaths per 100,000 in 2019 to 13.6 per 100,000 in 2020 -- a 14% increase.

The FBI released its annual Uniform Crime Report for 2020, showing that the number of homicides increased nearly 30% from 2019, the largest single-year increase the agency has recorded since it began tracking these crimes in the 1960s.


Inflation started in 2020 under Criminal Donald.           

More Groceries, Less Gas: The Pandemic Is Shaking Up The Cost Of Living
September 11, 2020
https://www.npr.org/sections/coronavirus-live-updates/2020/09/11/911880715/more-groceries-less-gas-the-pandemic-is-shaking-up-the-cost-of-living


Oil companies are setting gas prices high for profit. 

Excluaive: oil companies’ profits soared to $174bn this year as US gas prices rose
Exxon, Chevron, Shell and BP among group of 24 who resisted calls to increase production but doled out shareholder dividends[/i]
https://www.theguardian.com/business/2021/dec/06/oil-companies-profits-exxon-chevron-shell-exclusive


Biden is doing what Americans demand by taxing billionaires. The overwhelming majority of Americans support taxing billionaires and corporations who pay nothing while Rick Scott's tax America plan will soak working Americans and seniors while ending social security and Medicare. The GOP will get wiped out in November.     

Poll: Two-thirds of voters say billionaires should pay a wealth tax
https://thehill.com/hilltv/what-americas-thinking/484771-poll-67-of-voters-believe-billionaires-should-pay-wealth-tax

GOP's new plan: Raise taxes on working people, end Social Security and Medicare
https://www.salon.com/2022/03/14/gops-new-plan-raise-on-working-people-end-social-security-and-medicare_partner/


Criminal Donald is already the worst "President" ever.     

Trump Ranks Among The Worst Presidents In History, According To Survey

That is music to republican ears!  A sure strategy to lose by an historic margin in the midterms.  Blaming all the ongoing disasters of Biden's administration on Trump.  Two years into his term Biden is going to say he failed and it was all somehow Trump's fault?  And then raise their taxes.  What an inspirational message to voters!  The red tsunami has formed and will coming crashing down on the Dems in November.   That's the best thing that can happen to Old Joe as he can then use the Obama excuse to blame everything on the republicans.  This is the same guy who promised during the campaign that his experience in Congress would allow him to work across the aisle.  But when he gets into office he suddenly can't to do it.  That's the classic political bait and switch that led to Trump's election in 2016.   The American public is fed up with the political establishment lying to them and failing to deliver.  If you were truly interested in defeating Trump in 2024, it would not be through phony conspiracy theories and politically driven investigations to "lock him up" but through actual results that benefit Americans.  Unfortunately, that is not something Biden can deliver.  He is prototype swamp creature.  Promise the moon, fail to deliver, then blame someone else.  Stay in power so that your family acquires incredible wealth.

[Rick Plant]

Adam Kinzinger hints at Ginni Thomas subpoena: 'We'll call in whoever we need to call in'



Rep. Adam Kinzinger (R-IL) on Sunday suggested that the House Select Committee to Investigate Jan. 6 may ask for testimony from Ginni Thomas, the wife of Supreme Court Justice Clarence Thomas, because she allegedly sent texts to then-White House Chief of Staff Mark Meadows about overturning the 2020 presidential election.

During an interview on Face the Nation, guest host John Dickerson asked Kinzinger about reports that the committee has seditious text messages exchanged by Thomas and Meadows.

"I can't as a member of the committee confirm or deny the existence of those," Kinzinger replied. "We are going to in a methodical, fact-driven way get to the answers here. We'll call in whoever we need to call in."

"I think the bottom line for the committee is this: Was there an effort to overturn the legitimate election of the United States?" he continued. "What was Jan. 6 in relation to that and what is the rot in our system that led to that and does it still exist today?"

"So no one is disputing the authenticity of these texts," Dickerson followed up. "It's the question, will the committee subpoena Ms. Thomas and question her?"

Kinzinger said that he wanted to "make sure" that the committee's actions are not driven by political motivations.

"So when it comes to any future potential calling in of Ms. Thomas, we'll take a look at what the evidence is and we'll make a decision and you all will know as soon as we do," the congressman added. "I think what we don't want to do is get into speculating too much."

Dickerson wondered if the "rot in the system" that Kinzinger was referring to reaches the Supreme Court.

"I'm not going to say that," the Republican lawmaker remarked. "I'm not going to say that it does or doesn't. We're just going to present the American people with what the answer is. And the Supreme Court handles its own ethics, they handle their own internal stuff."

Kinzinger concluded: "But what we need to is present to the American people where they've been lied to, where they've believed lies, where there are bad actors out there. ... That kind of stuff is very important so in five or ten years when kids are reading in the history books about Jan. 6, they're not buying into any of these conspiracy theories, they're getting the truth."

Watch the video below from CBS:

[Rick Plant]

The GOP's plan is to raise taxes on hard working Americans and seniors. They are also going to cut social security and Medicare. Something they've been dreaming about for decades. Even a Fox News host called out Rick Scott on his "Tax and Gut plan".

Fox News Anchor Calls  on GOP Senator’s Spin Over Taxing the Poor: ‘It’s in the Plan!’

"It's not a Democratic talking point! It's in the plan,” Roberts exclaimed on Sunday when Scott attempted to spin his proposal on taxing the poor and sunsetting Social Security.



Even Fox News isn’t buying Sen. Rick Scott’s ridiculous spin on his proposal to possibly “sunset” Social Security and force poor people to pay more in taxes.

Ostensibly appearing on Fox News Sunday to discuss the ongoing crisis in Ukraine and President Joe Biden’s European trip, the Florida Republican soon found himself being grilled by anchor John Roberts over the legislative agenda he recently unveiled.

As the head of the National Republican Senatorial Committee, Scott hoped to give GOP candidate a platform to run on by putting forth his “11-Point Plan to Rescue America” last month. The plan, however, was roundly mocked across the political aisle, and Senate Minority Leader Mitch McConnell quickly dismissed it.

We will not have as part of our agenda a bill that raises taxes on half the American people and sunsets Social Security and Medicare within five years,” McConnell said earlier this month.

During Sunday morning’s interview with Scott, Roberts brought up two of the most contentious items in the politically ambitious senator’s proposal.

“Two of the big points are ‘all Americans should pay some income tax to have skin in the game, even if a small amount. Currently over half of Americans pay no income tax,’” the Fox News moderator stated. “It also says, ‘All federal legislation sunsets in five years. If a law is worth keeping, Congress can pass it again.’ So that would raise taxes on half of Americans and potentially sunset programs like Medicare, Medicaid, and Social Security. Why would you propose something like that in an election year?”

Despite Roberts reading directly from his plan, the conservative lawmaker immediately objected and insisted that the anchor was echoing “Democrat talking points,” prompting Roberts to push back.

“No, no, it’s in the plan! It’s in the plan!” Roberts dramatically exclaimed.

“But here’s the thing about reality for a second,” a clearly flustered Scott begged, only to find the Fox host continue to grill him.

“But, Senator, hang on," Roberts declared. “It's not a Democratic talking point! It's in the plan!”

Defending his policy proposals, Scott went on to say that his plan “says we ought to every year talk about exactly how we are going to fix Medicare and Social Security,” adding that “no one that I know of wants to sunset” those programs. Additionally, he appeared to paint poor Americans as freeloaders that need to be taxed more by the government.

“Here’s what’s unfair. We have people that don’t—that could go to work and have figured out how to have government pay their way. That’s not right. They ought to have some skin in the game. I don’t care if it’s a dollar. We ought to all be in this together.”

Roberts, meanwhile, pointed out that McConnell doesn’t agree with Scott’s plan, noting that the Florida senator followed that up with a Wall Street Journal op-ed declaring that he was standing up the “Beltway cowardice” with his proposal.

“Are you calling Mitch McConnell a coward?” Roberts wondered.

Dodging the Fox News Sunday host’s question, Scott instead sounded a familiar right-wing refrain about culture war issues and the “woke left” destroying America.

© 2022 The Daily Beast Company LLC

[Rick Plant]

That is music to republican ears!  A sure strategy to lose by an historic margin in the midterms.  Blaming all the ongoing disasters of Biden's administration on Trump.  Two years into his term Biden is going to say he failed and it was all somehow Trump's fault?  And then raise their taxes.  What an inspirational message to voters!  The red tsunami has formed and will coming crashing down on the Dems in November.   That's the best thing that can happen to Old Joe as he can then use the Obama excuse to blame everything on the republicans. This is the same guy who promised during the campaign that his experience in Congress would allow him to work across the aisle.  But when he gets into office he suddenly can't to do it. That's the classic political bait and switch that led to Trump's election in 2016.   The American public is fed up with the political establishment lying to them and failing to deliver. If you were truly interested in defeating Trump in 2024, it would not be through phony conspiracy theories and politically driven investigations to "lock him up" but through actual results that benefit Americans.  Unfortunately, that is not something Biden can deliver.  He is prototype swamp creature.  Promise the moon, fail to deliver, then blame someone else.  Stay in power so that your family acquires incredible wealth.

Hilarious! More falsehoods and made up nonsense which is why you never cite any sources because it's all fiction.

President Biden promised to Build Back Better from the 4 year Trump disaster and he already has delivered for the American people in less than a year.

7.4 million jobs created and the lowest unemployment rate since 1969. Plus manufacturing jobs are booming where Criminal Donald had manufacturing in a recession. And now a historic bipartisan infrastructure bill implemented into law. 

President Biden already worked across the aisle to pass his historic bipartisan Infrastructure Bill. That's what bipartisan means, working across the aisle. Why are you making up blatant falsehoods again saying "he can't do it"? Biden already did it last year.

No other President has ever gotten an historic bipartisan bill like this passed.

Here are the facts which is sourced and documented.

Congress passes $1.2 trillion bipartisan infrastructure bill, delivering major win for Biden
https://www.cnn.com/2021/11/05/politics/house-votes-infrastructure-build-back-better/index.html

Congress Passes Bipartisan Infrastructure Bill

Late November 5, the House of Representatives passed the long-awaited bipartisan infrastructure bill, totaling $1.2 trillion over five years, including $550 billion of new spending. These investments will go toward “hard infrastructure” such as roads, bridges, water and energy systems, and broadband, including some provisions that could be beneficial for schools. The Senate had passed the legislation in August.

https://ctepolicywatch.acteonline.org/2021/11/congress-passes-bipartisan-infrastructure-bill.html