Laurence Tribe @tribelaw ·
“BIDEN has delivered the largest economic recovery plan since ROOSEVELT, the largest infrastructure plan since EISENHOWER, the most judges confirmed since KENNEDY, the second largest health care bill since JOHNSON, and the largest climate change bill in history.”
And this from that guy who used to be POTUS, lost the popular vote twice; and then as POTUS, lost the House, Senate, and Presidency:
1st sentence of Trump’s “MAJOR motion”: “Politics cannot be allowed to impact the administration of Justice.”
2nd sentence: Trump should be exempt from any accountability because he is the “clear frontrunner in the 2024 presidential primary, should he decide to run.”
As the Trumpublican cult feverishly begins work to unravel all the hard work and headway made by the Biden Administration.
History is clear, after the party of red f's things up the blue team gets called in to straighten things out. Unfortunately the American electorate is one of the ficklest groups on the planet. So, we can rest assured the cycle will repeat itself again.
The GOP had a chance to gain more seats than with Reagan but due to their total incompetence they are now facing a close race. It doesn't look like they will win the majority in the senate just the house. If trump runs in 2024 they will lose the presidency as well when it should be a shoe in.
I will grant you that biden finally got something passed by lying and massive giveaways. The lying part is proven just by naming it inflation reduction where even the CBO says this will not reduce inflation. Billions are going to be given away to buy votes and incentivize the rich to buy a electric vehicle. They are the only one's who will pay 60K+ to run to the store.
I do realize they couldn't be honest and call it the buy votes and reward the rich bill. The only thing positive was fixed cost for insulin but somehow it was not worth 300+ billion.
RN, I know you feel the "rich" don't pay their "fair" share and they shouldn't take advantage of the tax system that congress passed but what would you consider a fair share. Since 50% of Americans don't pay any FIT should they pay the "fair" share. Maybe everyone should pay 15% of the income with zero deductions would that be fair?
"Maybe everyone should pay 15% of the income with zero deductions would that be fair?"
"What is middle class income in America?
So who is in the middle class? Broadly, Pew Research Center defines middle-class households as making two-thirds to double America's median income. That adds up to an income range of about $30,000 to $90,000 for single Americans in 2020 dollars. May 1, 2022"
A family of four living on say, $30,000 a year, the lowest end of middle class income, would be left with $24,000 after the 15% was deducted.
"What is the average income of the poor?
The U.S. Census Bureau annually updates its list of poverty levels. Preliminary estimates show that the average poverty threshold for a family of four people was 26,695 U.S. dollars in 2020, which is around 798 U.S. dollars more than the previous year. Jul 27, 2022"
15% of $26,695 is $4,004.25, leaving the poor family of 4 with $22,695.75
How would that 15% tax with no deductibles affect a billionaire?
A family of four living on $1 billion a year would be left with $850 million to live on after the 15% was deducted.
PS. Even the poor pay taxes each time they purchase goods that require a sales tax or eat in a restaurant -- even a fast food one.
Ms. Shaw, FIT is federal income tax not sales tax. Why is there not a cry to reform the tax system instead of blaming the high earners. A billionaire has a team of accountants who make sure they pay the minimum while using the tax code. A fair tax would be the most representative system but it takes away the power of the IRS from politicians as we are seeing now.
There have been fair tax proposals that take into account income levels. It could be a fixed percent depending on the income with the lowest income paying zero taxes and graduating up from there and the highest not being able to deduct from their income so they pay less. Everyone files a simple tax form which would relieve the burden on the overworked IRS. We also need to tax churches and charities because there should be a division between church and state. Eliminating the RE tax deduction may put pressure on state governments to trim expenses.
Today a family of four should pay $0.00 in federal income tax.
And yes skud, a 15% tax on a family of 4 making 1 billion in a single year is ridiculous. Our current system of taxation is outmoded as it is and has ALWAYS been skewed to keep the wealthy wealthy and the rest paying the bulk of the taxes.
Our greatest problems facing America are ignorance and greed. In that order.
Biden has two years to show results from his new 800-billion-dollar bill. It may well determine a win, or loss in 2024.
Not true. Some of the provisions in the bill don't kick until a few years after Biden's first 4 years.
The proposal won't help curb inflation dramatically nor right away, experts say.
"It's not likely to have a major effect on inflation in the next few months," Akabas said.
Some experts, like Kent Smetters, faculty director of the Penn Wharton Budget Model, do not expect a significant impact in the next few years.
"On one hand, it does not add to inflation, which was what the previous concern that people had about passing legislation like this right now," Smetters said. "But at the same it doesn't really take away from the rise in prices either."
The nonpartisan Congressional Budget Office, which scored the bill, also determined that the bill will have a "negligible effect" on inflation this year and next.
What are some changes I'll see in the near future?
experts don't see a rapid curb to inflation through this bill, there are a range of measures to help with high costs. For instance:
The bill offers a number of tax credits for people switching to cleaner energy sources, including electric vehicles and rooftop solar panels. Those incentives will take effect in 2023, and according to Democrats, will mean a 40% cut in greenhouse emissions from 2005 levels by the end of the decade.
The Internal Revenue Service will get a boost in funding, particularly to improve its customer service and tax enforcement. Akabas said that investment could help alleviate some of the challenges with long response times or getting tax refunds processed. It could also increase collection of taxes that are currently owed but go unpaid.
Millions of Americans will continue to benefit from subsidies that help with rising health insurance premiums that were originally slated to expire next year.
The bill will put a $2,000 annual cap on out-of-pocket prescription drugs for people insured by Medicare, which will be most impactful for senior citizens with illnesses such as cancer and multiple sclerosis. But that provision won't materialize until 2025.
"Prices are high now but we're talking about prices that have been putting burdens on household budgets for decades," said Rakeen Mabud, the chief economist of the Groundwork Collaborative, a progressive economics think tank.
Ms. Shaw, According to the CBO this will have little if any effect on reducing inflation. One of the biggest causes for the high rate of inflation was the attack on oil driving it to unprecedented levels. Had the administration have allowed the country to build again shortages would not have been so widespread. Economics 101, supply and demand determine cost.
I want to know how I go about getting my tuition check. Because I am an independent does that mean I don't get one because I won't sell my vote? What about the auto mechanic or welder who had to pay for school. Guess this is another fulfillment of the obama legacy in punish the working class because they just don't matter.
Correction: In the oil industry in particular greed drives cost. Pure and simple unadulterated greed. After all money is the god of capitalism in the 21st century...
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