If Democrats win the trifecta with a clean sweep of the Senate, House, and White House in November, taxes would rise by $7 trillion over 10 years. 
The House Ways and Means Committee reports The Biden Tax Hike Will Likely Exceed $7 Trillion.
I believe they mean would not will.
Tax Details
- President Biden Quietly Pledges to Let Trump Tax Cuts Expire
- Sending Jobs and Companies Overseas with Higher Business Taxes than China
- Global Tax Surrender Allows Foreign Governments to Take American Tax Dollars
- President Biden’s proposal to raise the top rate to 39.6 percent goes after small business owners who pay their business taxes via their individual tax return – despite his pledge not to raise taxes on small businesses.
- A Tax on Wealth You Haven’t Even Earned Yet.
- Higher Prices for Energy Bills and an Energy Insecure America.
- An IRS That Would Terrify Godzilla
A friend of mine asked when will the tax hikes cause a recession. I replied never. I suspect my friend was confused over the title that said “will” it should say “would”.
I did not total up all of those details because I don’t believe it’s going to happen. However, It is a warning shot as to what would happen if Democrats did win the trifecta.
Biden’s Populist Budget
The Hill comments Biden’s populist budget marks the overdue end of trickle-down economics
Trickle-down refers to the idea that tax cuts for the wealthiest “trickle down” to the rest of us. It’s long been a popular idea in Washington, but it’s just not true. A few years ago, the London School of Economics studied 50 years of such “trickle-down” policies in 18 industrialized nations, including the U.S., and found that their only result was increasing the wealth of the already wealthy.
So how do we get prosperity for the rest of us? By taxing extreme wealth and investing those revenues in social goods like education, housing, food and health care. President Biden’s recently released federal budget plan follows that blueprint, putting the value of investing in American families and communities ahead of slashing taxes for the rich.
The budget for the fiscal year 2025 would generate about $5.3 trillion in revenues over the next decade. That’s a $388 billion boost compared to last year’s budget — and it all comes from fairer tax policies targeting wealthy individuals and large corporations. Households earning less than $400,000 would see no tax increases, with many seeing reductions.
The proposed budget invests $2.3 trillion towards essential public services for hard-working families while reducing the national debt by almost $3 trillion. That’s a great start toward filling critical investment gaps for families and communities.
Take housing. The National Low Income Housing Coalition reports a shortfall of more than 7 million affordable housing units for poor and low-income Americans. Biden is requesting $33 billion for the Housing Choice Voucher program, which currently helps over 2 million households afford housing and would expand access to homeownership for first-time homebuyers. His request will help to support the existing vouchers and add about 20,000 more.
Though much more is needed, this effort to reduce homelessness by providing access to safe affordable housing in a tight housing market — with high rent prices and often insufficient wages — is a step in the right direction.
Normally writers for The Hill are not nutzoid liberal like the above article.
But it’s not going to happen unless you think Democrats can pull off a trifecta.
Nonetheless, the budget is instructive as are CBO and Fed projections. I will have some comments on those projections Sunday or Monday.
Optimism reins supreme, and it won’t happen.
Is it possible to reverse the slaughter that Biden has wrought on the US? Not undo all the damage but a 180 redirect? Too late to shoot him, but a one way ticket to Haiti might be a good start.
This tax debate was settled buck in the 1960’s when then President Johnson ‘barrowed’ money from the Social Security ‘TRUST’ Fund by the billions and billions of dollars to support the war in Vietnam…President Johnson put ‘I.O.U.’s EVERYTIME HE ‘barrowed’ those BILLIONS of TAX PAYER MONIES…( it has NEVER been replaced…not a dime)…now we will have to pony-up the money via tax increases or let the old people die of hunger and the elements while we pay for the invaders with food, shelter, free phones/air time, expensive hotels, education, complete health car etc…all by what means ?….by MORE TAXES on the Middle Class which will be eliminated within a decade or less…thank your DNC ( Dumb Notorious Criminals)
“Biden Wants to Hike Taxes by $7 Trillion Dollars”
And Trump by $6.95…..
While; at the same time; both wants to hike; debasement-tax funded; debt, “liabilities” and useless-connected-dilettante “wealth” by $70-700 trillion….
It’s a big manurehole, and we’re all; unfortunately; in it. That’s the problem. The rest is just bread, circuses and roundoff.
Every tax is paid by the ultimate consumer of products and services. Tax big or small businesses and the consumer gets the final bill to pay via increased prices.
Can they stop saying no impact to people under 400k?
Every year in the past 10years there has been a tax increase that impacts tax payers below 400k.
Can’t believe much of what our leaders say.
For the 100th time they do not give a s**t about us!
and so we should be smarter when picking leaders. How about someone with honor, courage and committment – or is that too old fashioned and out of style.?
If the Democrats win (I don’t believe Biden will be the nominee) the US will become a socialist country and we won’t be able to come back from that even if the country elects a Rebulican President in the future.
Biden will NOT step aside willingly, it will take a health crisis. People should stop listening to the political commentariat’s stupid speculation and look at historical facts instead. Biden is not LBJ, and this isn’t 1968 all over again. Michelle Obama is not going to be the Dems’ nominee, and third party candidates like RFK Jr. will win exactly ZERO electoral votes.
I think Biden will step aside because so he can pardon Hunter.
Since the WEF is running the country through Susan Rice, Obama and Soros, the nominee will be Gavin Newsom, who is a WEF “Young Global Leader” http://www.maloneinstitute.org
“Biden Wants to Hike Taxes by $7 Trillion Dollars”
What is old becomes new again. At one time the top marginal tax rate was some 90%. A few decades before that had been the roaring 20’s. Coolidge said the business of America is business. The pendulum swings from one extreme to the other. Kondratieff had four seasons, Neil and Howe have four turnings. The Twilight Zone had a story about a man who wished for a million dollars and the tax man came & took 90% after he already gave some away. JFK cut the rate to 70%. Reagan cut it dramatically lower. With a 34 trillion national debt, the pressure on taxes is in the other direction, up. Human nature created the 4 turnings.
Armstrong talks of a public wave and a private wave. Since Reagan we have been in the private wave, which he says will last until 2032, 100 years since Hoover lost to Roosevelt.
Lots of powerful people will lose their power and influence if Biden is not re-elected, including what’s known as the “deep state” and the MIC.
They are pulling out all the stops to keep Biden in office. Given their power, it’s quite possible they succeed.
I expect something desperate and drastic from TPTB before the elections, and it may involve replacing Biden.
Unless Biden has a stroke or is otherwise incapacitated, he’s not going to be replaced. You can bet on that.
7 trillion in ten years is pretty close to a 100% increase…..which, if you have an average inflation rate of only 7% compounded, you will end up paying the same value as when you started. However, I really don’t think things will play out quite that way……
The real “trickle dow” economics is the federal reserve creating money out of thin air and providing it to the finance and real estate industries where the wealthy benefit first before it bids up prices that are borne by the real economy where everyone else lives.
Cantillon Effect
One note that caught my eye: “….I don’t believe it’s going to happen.”
One can only say that IF they believe that Fair Elections are possible. We KNOW that there were election counting issues the last time…..
In the 2020 election, both my wife and I were the first ones to show at the polling station near our home, arriving at 6:00am in the cold waiting for the polls to open at 6:30am. I was the first person to enter and when asked to identify myself was told that I already had voted hence, I couldn’t vote. I said what the hell do you mean I have already voted and called BS. The same for my wife. We both were told that we had voted by absentee ballot. We spent the next 2 hours filling out forms and documents, IDs, etc. in order to rectify the stolen votes. While we were in another room doing all this we periodically would hear loud yells from other people of “what do you mean I have already voted”. Weeks later I went to a board of elections meeting and asked to find out who had voted fraudulently for us and was told that we were not allowed that info. Enough said…our votes and many others were stolen.
And that right there is how it was done. After 2016, tech companies were enlisted to data-mine. Although everyone was identified, the target was registered voters who rarely or never vote. The cover for this was to “engage” those voters to do their civic duty. Mail-in ballots were instituted in a number of states and suddenly many people who never voted before decided that 2020 was their time. Most votes were not stolen. They were borrowed. Borrowed from people who are registered but rarely vote. Those people numbered in the millions last election. Fortunately, you and your wife caught them and likely filled out a provisional ballot which overrode the mail-in ballot. But you can guarantee that this same process will repeat again in 2024.
You people are nuts
You need to read much more and stay off CNN.
But where is the proof of this, and if it’s true, why did Barr go after them when he was AG? Why did he say there was no evidence of widespread fraud in 2020?
oops, I meant, why DIDN’T Barr go after these tech companies and whoever you say orchestrated this ballot “borrowing”–when he was AG under Trump and had all the power to do so? Barr said he found no widespread fraud…
I’ll state the obvious, “The government does have a tax problem, it has a spending problem.” They have squandered $Trillions on stupid wars, dumb green energy initiatives, open borders handouts, and general malfeasance. Stop the madness! Stop the Demo-rats from destroy what remains of our once great nation.
I looked into this and federal tax revenues increased every year since the Trump tax cuts (really deferments) even during Covid. So it IS a spending problem.
link to thebalancemoney.com
20 years ago 7 Trillion dollars was a very large sum. Fortunately the disclosed and undisclosed giveaways of the GFC, along with the decline in the dollar’s purchasing power continuing unabated, the naive public has come to appreciate that 7 Trillion dollars isn’t all that much — especially when spread out over the next 10 years!
If Biden cared at all about working families why would he have open borders which puts a burden on local communities? This old, senile, grifter only cares about himself. He doesn’t even care about his kids, otherwise, they wouldn’t have turned out so bad. An apple doesn’t fall far from the tree.
Biden’s 2024 campaign slogan should be, “I’ll do for the country what I did to my family!” He just needs 4 more years to finish the job. FJB!
Biden isn’t making any decisions.
That is exactly the truth. Biden’s not running a darn thing.
Obama and Valerie Jarrett and their crew are managing everything from behind the scenes
Biden is either purposefully trying to destroy the country or he is incompetent.
He is senile.
Elizabeth Warren is running the country. Yes, she is incompetent.
Yes
Hey, give Old Joe a break. Running a country into the ground ain’t cheap.
Biden’s policies come at a great cost: open borders, crime promotion, weakened energy infrastructure, gender affirming castration, woke military…
And thanks to Biden’s inflation everything costs 20% more than it did before he took office.
It is not the Trifecta we should fear the most. It is the Superfecta. The fourth winner, that we must avoid, is the expansion of the Supreme Court to 14 Justices. Packing the court with liberals would give them total control that they will use to that total control of everything. That includes taking control of elections away from the states.
They could Gerrymander things so that there will be no coming back.
There is no groundswell of support for expanding the Supreme Court. It’s rightly seen as political manipulation.
Can you deduct unrealized losses?
What do you think? 😆
Bibi to Biden, Chuck and their crocodile tears team in the UN : a regime change in Israel during a war, trashing the IDF, pressuring Israel instead of Hamas and Iran ==> go f* yourselves !
We don’t care about your biblical theme park in the middle east.
Politicians talk about equality. But for me, that means same law for all. Taxing gingers, for example, to give money for blondes, would win an election, there are more blondes. But it’s no democratic.
The way to make people vote responsible is same law for all, same taxes, same social security benefits, same medicaid, etc.
So if I buy a steak you deserve a steak ? Or at least a bite of mine?
The Fed raided bank accounts for an IOU, a hollowed promise to return their money without paying dividends. Raising taxes is an IOU by the rich to the gov. The gov will finance itself and cut its Madoff Ponzi scheme ==> pay the Fed ==> the Fed will pay the banks ==> and the banks will pay depositors.
The gov, the Fed and the banks will cut their short positions.
If Trump wins Obama will resume his insurrection against him, destroying this country.
If Biden wins the Patriot insurrection will start a civil war.
The Patriot-Fed-Glowies all get their costumes from JC Penny and Kohls.
Taxes ?! Why ? Don t be ridiculous Joe, All you have to do is PRINT ! Taxes he says….wha ‘ an ignorant fool ..
the rich don’t pay enough taxes so take it out of them. do we need a near trillion dollar defense budget every year? do we need 60 plus multi billion dollar submarines when one can destroy a continent.
The rich are the ones that generate jobs. If their taxes are higher they will just increase the prices of everything they sell so EVERYONE who buys their products and/or services will be paying this tax for them. The rich never pay. It always trickles down.
no middl generate taxes and fight wars and have consumer demand. the rich create monopolies and try to promote the anti semitism racket to cover for Israela genocide.
The budget deficit needs to be reduced, and increased taxes need to be part of doing it (along with spending reductions). I think that letting most of the Trump tax cuts expire would be a good start. A few exceptions: The corporate tax changes, and some of the changes to the standard deductions, child tax credits, and alternate minimum tax should mostly be retained. If more revenue is needed an increase in capital gains and qualified dividend rates could be considered and possibly an addition higher capital gains tax bracket on incomes above about 1 or 2 million would be preferrable to increasing the corporate income tax.
Tax revenues have been increasing every year since the Trump tax cuts even during Covid.
It’s a SPENDING problem.
We spend far more than a trillion dollars on defense. You have to add in the Dept. of Energy, Veterans Affairs, intelligence agencies, Homeland Security and their pro-rated share of interest on the federal debt.
Right away you point out the problem with your personal list of exceptions.
Us boomers might have to put up with inflation but they will not get a dollar of income tax from us. Simply amazing how many will still vote for this guy. I thought we were supposed to be anti-fossil.
I see future = biden forces millions small business owners to retire
and then setup barter only systems
It doesn’t matter who wins, the US is headed for a crash of epic proportions.
link to finance.yahoo.com
It’s a shame, the taxing and spending, yet worth every cent to avoid Trump and the party he corrupted.
Great, you can pay Biden’s new taxes but I do not. The thought of 4 more years of Democrat deviancy, corruption and graft is sickening.
You only get to pick which deviant you want. You cannot pick a non-deviant.
lol 😂
Yeah, they’re coming for your guns.
Bingo.
This is the hope of all responsible gun owners. Time to get the inevitable moving forward
Yeah, thats what Hitler said in 1937 bozo.
“…It is a warning shot as to what would happen if Democrats did win the trifecta…”
I’m no fan of demcrat policy, but why would the Democrats let this cat out of the bag months before the election? It makes no sense with Biden already on the ropes if not down for the count?
Well technically it says no taxes on households making less than 400k. In other words the old song and dance of taxing the rich to give more to the poor in order to get the poor to vote for them.
Nevermind that its nonsense and of course it will hit households under 400k.
Business taxes are like their electric bills. It is just a cost of doing business. To compensate for rising taxes and/or utilities, labor, etc., business raises prices paid by everyone. Those above 400k and those below 400k. Who is hurt more by that $10 burger?
That approach hasn’t worked since the individual income tax was foisted upon the rabble after starting that off as ‘for the rich’. The public grew wise to the scheme.
Oh, never mind 😉
The dims are not very smart. It really is that simple.
Walter Mondale did in 1984.
Most of the US Senate seats up for election in 2024 are Democrat. Republicans only have to flip 2 seats if Trump wins or 3 seats if Biden is reelected. I doubt the Democrats ca hold the Senate, but November IS a long ways away…
The facts: (link to cbo.gov)
The federal deficit in 2023 was $1.7 trillion, equal to 6.3 percent of gross domestic product.
In CBO’s projections, federal budget deficits total $20 trillion over the 2025–2034 period and federal debt held by the public reaches 116 percent of GDP.
One can argue how to do it , but the federal budget deficit cannot grow forever at > 1.7 T /yr pace.
Pete Wes wrote “the federal budget deficit cannot grow forever at > 1.7 T /yr pace.”
I suspect that Pete Wes miswrote that. As written the deficits for 2023, 2024, 2025, 2026 would be $1.7T, >$3.4T, >$5.1T, >$6.8T, …
I suspect he meant “the federal debt cannot grow forever at > 1.7 T /yr pace.” Let us suppose that the debt in 2023 was 100% of GDP = $27T. Then in 2024, 2025, 2026 the debt would be >$28.7T, >$30.4T, $32.1T, each year increasing by >$1.7T over the previous.
Debt is how much the government owes. Deficit is the Δ amount added to the debt in a given year.
The budget deficit doesn’t count the whole deficit because some programs are not budgeted. The increase in debt is larger than the defict.
Yup. We are on the exponential part of the curve.
Hey Pete, Get you website correct. Use: Historical Debt Outstanding | U.S. Treasury Fiscal Data
You’ll find whole deficit is $2,239Trillion for last year and if you will search it out, you can discover the National Debt has gone up 25% since Biden took office and made buying votes his #1 priority.
PS: Durring this period the Majority News media’s #1 priority is to cover for Joe and confuse voters. (Like you)