Biden: ‘We Want To Raise Taxes By $1 Trillion’


#1

Vice President Joe Biden, speaking earlier today in Iowa said, “Yes, we do” want to raise taxes by a trillion dollars:
**“On top of the trillions of dollars of spending that we have already cut, we’re gonna ask – yes – we’re gonna ask the wealthy to pay more,” said Biden. **
"My heart breaks, come on man. You know the phrase they always use? Obama and Biden want to raise taxes by a trillion dollars. Guess what? Yes we do in one regard. We want to let that trillion dollar tax cut expire so the middle class doesn’t have to bear the burden of all that money going to the super wealthy.

Biden: ‘We Want To Raise Taxes By $1 Trillion’ | Sweetness & Light

Of course they want to increase taxes and do no cutting except the military.


#2

I wonder how the limousine liberals feel about that? They are always asking Obama to raise their taxes. I wish the Feds had a special 10% tax that they would assess every time someone said on TV that their taxes were too low.


#3

LOL I second that.


#4

[quote=“KS_American, post:3, topic:36462”]
LOL I second that.
[/quote]I think we have already seen the results from those who claim they want to raise their tax burden, They either do not pay them or they move from areas that raise their taxes.


#5

…Kinda like moving ones yacht to a neighboring state with lower taxes…:yes:


#6

What is interesting is that Biden is so stupid.

IF you take ALL the tax deductions in the current code, its about $1 Trillion, total for ALL who pay taxes. Fact is the rich as he likes to call them don’t have a Trillion to give.

But lets say we squeeze and tax them at say at 90% rate, still won’t get you a trillion but get you close. Lets look at Billy Gates, worth $50 Billion. How many folks think he has $50 Billion sitting in CASH in some account? Got bad news, he does not…ok, lets let it slide, say it he does have ALL in cash and he can write a check on it…90% = $45 Billion he owes Uncle Sam.

Rejoice, rejoice the have extracted $1 Trillion from the super rich, now lets see if we can do it again NEXT YEAR???

Sorry folks, Billy aint got it and for him to get, he needs to start ANOTHER Microsoft and do it all over again…THIS YEAR!

And you thought we were broke before…now its ALL GONE!

As for JoBob Biden, anyone got any idea what his family is worth? Joe not so much, but his family is worth well over $50 Million, but Joey boy hides behind his sons wealth ALL due to DaDa’s connections…


#7

But that’s not his current income; that’s what he’s worth after many years of success.


#8

Susanna

SUCESS, try 36 years in Congress and now a VP. He is making more money now than at anytime in his life. Nothing but a career politico hack. Far as I am concerned he has not success, never had a job, never started a business, never served in the military, never worked a counter waiting on a customer in his life.

Yet they are worh MILLIONS and the guy is as stupid as a bag of rocks


#9
  1. Biden’s TRILLION is over 10 years…100billion a year not a trillion a year as you claim. (Most of this …$75 billion a year… is in the elimination of the top tier of the BUSH tax cuts and applies NOT just to the super rich but to any couple earning over $250k… including small businesses filing individual returns.
  2. Deductions are taken by those who itemize. There is certainly 100 billion a year to be had in deduction elimination…otherwise ROMNEY’s plan wouldn’t work either. (You can’t cut taxes 20% ($173billion) and make up for them with deduction elimination otherwise.)
  3. Gate’s wealth is immaterial. You get taxed on INCOME.
  4. The following graph shows that the top1% pay 38% of all income tax.

The numbers show they paid 343 billion on income of 1.3 Trillion. It is QUITE obvious that their tax rate could easily be raised to generate another 100 billion.
Summary of Latest Federal Individual Income Tax Data | Tax Foundation

You analysis is deeply flawed as the Dems can easily do what they **claim **to want to do and your numbers are unsupported and not credible.
It is the effect on the economy of raising taxes on the very rich (and slightly rich) that serves as the argument against it. (As well as the moral argument of asking 1% of the population to pay around 60% of all taxes.)


#10

If that 1% were receiving 60% of all income, then it would be fair. (I have no idea if that is the case, nor any idea how to find out. That is why I favor a flat tax on incomes with no deductions or loopholes, and yes, I know I will never see such a thing.)


#11

#12

Are YOU talkin to ME???

I have no earthly idea who or what you are replying to here…I read it last night a couple of times and again this am but nada, zip, zero…

When you slap leather better have a target identified. When you are out on the killing fields you better know where the bad guys are before you launch the attack or you just blow past the objective.

Lets look at what I said: "IF you take ALL the tax deductions in the current code, its about $1 Trillion, total for ALL who pay taxes."
I am talking about the US Tax code having about $1 Trillion in deducts embedded in the code itself. I NEVER said anything about a $100B a year or even made ref to it.

You missed the objective and blew right past me, LOL, that’s fine we all misinterpret and I will take the hit for maybe not explaining myself more, thought when I wrote “tax code” it would be clear…my fault. You made a good argument, save it, sure you can use it later buts its not applicable to my post.

My point was was hitting the rich or anyone can only be done so many times and then the people are out of money. One of the major flaws in socialism, when you run out of other peoples money it collapses. It does not collapse because they go broke, it fails because there is no more money for capital investment, starting businesses and investment. To believe in socialism you have to believe in perpetual motion machines or that a fully charged battery can charge itself. Govt is a parasitic loss on any society. We have reached or near reached the point at which the govt consumes more than we can afford and continue to grow our economy…'Bammy knows this and I fully believe he and his masters do also and this was the plan all along. If you cannot win against us on the battlefield then attack us on all fronts on economics…


#13

The top 1% earn 17% of all income and pay 38% of all taxes. I favor the FairTax (FairTax Video - Americans For Fair Taxation) but would be happy with the flat tax for incomes above the poverty line. Neither will come to pass so I’m just in favor of reduced rates…and fewer deductions and loopholes. We CAN make incremental progress on that every once in a while. :smiley:


#14

Yes…I was talking to you. I was picking apart your post point by point to make it clear that you were posting crap data. Even though WE BOTH believe the same thing about the inadvisability and immorality of taxing the rich…and Maggie Thatchers…“socialism works till you run out of other people’s money” … Your post stated a number of things which simply are NOT true and it serves no purpose to spread falsehoods because the enemy can exploit them. To be clear, let me reiterate:

  1. YOU claim Biden wants a trillion dollars which the rich cannot possible provide.

What is interesting is that Biden is so stupid. IF you take ALL the tax deductions in the current code, its about $1 Trillion, total for ALL who pay taxes. Fact is the rich as he likes to call them don’t have a Trillion to give.

My point is that Biden wants a $Trillion over 10 YEARS …**otherwise known as $100billion a year. **
2.Then I disprove your point by detailing exactly how the rich CAN afford to pay $100 billion a year more (or $1Trillion over 10 years…by giving back the $75 billion a year they get from the Bush Tax cut and eliminating a few deductions that benefit the rich. (Rich defined as $250k/yr./couple)
3. As proof that the additional $25billion is achievable…I point to Romney’s 20% REVENUE NEUTRAL tax cut which requires the elimination of deductions far in excess of the $25billion Biden/Obama would need beyond the elimination of the Bush tax cut for the wealthy.
4. I further stated that your whole Bill Gates point is ridiculous in this context as WEALTH has nothing to do with income tax. The whole example is flawed and mis-placed in a discussion of Obama/Biden’s tax policy plans. The point that you can’t keep asking a small # of people to pay more and more of the “bill” is a valid one… we are talking INCOME tax proposals here…not confiscation of existing wealth.

The Biden/Obama tax increase on the “rich” should NOT be challenged on the basis that the rich cannot afford to pay it. They CLEARLY CAN afford to pay it.

It should be challenged because it is TERRIBLE economic policy to raise taxes in a recession since that kills jobs and economic expansion.
It should be challenged because those taxes will fall largely on the small business community and kill business and jobs.
It should be challenged because higher taxes on businesses mean higher PRICES for the MIDDLE CLASS and POOR. Trickle down taxes.
It should be challenged because higher taxes on businesses mean higher PRICES on USA made goods/services and less exports and jobs.
It should be challenged because businesses will not locate here and innovation will take place elsewhere.
It should be challenged because it is immoral and un-American for 1% to pay 38% NOW of all taxes…and even more so to pay 50% or so.

Your point about “eating the rich”… is well made here:


#15

The point of the topic would be the "trillion in taxes’ Biden speaks of by some shennagans of taxing the rich the liberal tax mantra. Biden just blows smoke and his minions are blinded by it. BUT paul best be careful when it goes to debate. Biden Is baiting a trap. He is crafty, real mouthy but crafty.
Truth be told. The whole tax structure NEEDS to be reviewed by a new administration, but if it even comes to that , that is where it will die. Nothing will be done. Pandoras box is open. There is no moderate democrat anymore. There IS a broad rift developing in the republican ranks too. The democrat has taken the face of the old socialist party and the Obama OM of share the wealth has reverberated throughout the democratic ranks. Because the democrat party is almost of not all lawyer, no matter what the tax code becomes it will still be overwritten and so complex, no matter what changes may be made.


#16

Really? When was the last time that happened? (Snarky, but not aimed at you. I just honest to God don’t remember any progress made on tax policy. It seems to me that every “advance” is offset by setbacks contained in simultaneous or even the same piece of legislation which results in nothing except more complexity and confusion in a tax code that is all ready impenetrably convoluted. Who designed that monstrosity, Daedalus?)


#17

[QUOTE=Cam;546605]Yes…I was talking to you. I was picking apart your post point by point to make it clear that you were posting crap data. Even though WE BOTH believe the same thing about the inadvisability and immorality of taxing the rich…and Maggie Thatchers…“socialism works till you run out of other people’s money” … Your post stated a number of things which simply are NOT true and it serves no purpose to spread falsehoods because the enemy can exploit them. To be clear, let me reiterate:

  1. YOU claim Biden wants a trillion dollars which the rich cannot possible provide.

My point is that Biden wants a $Trillion over 10 YEARS …**otherwise known as $100billion a year. **
2.Then I disprove your point by detailing exactly how the rich CAN afford to pay $100 billion a year more (or $1Trillion over 10 years…by giving back the $75 billion a year they get from the Bush Tax cut and eliminating a few deductions that benefit the rich. (Rich defined as $250k/yr./couple)
3. As proof that the additional $25billion is achievable…I point to Romney’s 20% REVENUE NEUTRAL tax cut which requires the elimination of deductions far in excess of the $25billion Biden/Obama would need beyond the elimination of the Bush tax cut for the wealthy.
4. I further stated that your whole Bill Gates point is ridiculous in this context as WEALTH has nothing to do with income tax. The whole example is flawed and mis-placed in a discussion of Obama/Biden’s tax policy plans. The point that you can’t keep asking a small # of people to pay more and more of the “bill” is a valid one… we are talking INCOME tax proposals here…not confiscation of existing wealth.

The Biden/Obama tax increase on the “rich” should NOT be challenged on the basis that the rich cannot afford to pay it. They CLEARLY CAN afford to pay it.

It should be challenged because it is TERRIBLE economic policy to raise taxes in a recession since that kills jobs and economic expansion.
It should be challenged because those taxes will fall largely on the small business community and kill business and jobs.
It should be challenged because higher taxes on businesses mean higher PRICES for the MIDDLE CLASS and POOR. Trickle down taxes.
It should be challenged because higher taxes on businesses mean higher PRICES on USA made goods/services and less exports and jobs.
It should be challenged because businesses will not locate here and innovation will take place elsewhere.
It should be challenged because it is immoral and un-American for 1% to pay 38% NOW of all taxes…and even more so to pay 50% or so.

**Your point about “eating the rich”… is well made here: **

Again, we are talking on 2 different subjects and FAR different objectives in our posts!

  1. I posted NO data outside of stating the tax code contains about $1 Trillion in deducts. Then I made-up a scenario in which we take most of Billy Gates money and that when we do he no longer has it and we cannot get it twice unless it starts up another MS.

  2. I have no idea what you are talking about and I suspect you do not either. You have NOT picked apart anything and it that was your goal then you failed. I NEVER made any such claim Biden wants or is anything other than stupid…you are clearly become delusional or losing what is already a tenuous grip on reality. Your claims I said this or that are in fact fabrications and putting them in quote marks that does not make me having said it. This is what you do when you are losing…I am just waiting on the race card.

  3. Folks on here can read, you are not doing so well, suggest you:

Take this to PM’s

Take this to the “No Holds Barred” part of the forum

Or just accept that your personal attack is a failure, your dream world about what I said and meant are YOUR fabrications not mine.

Any further discussion at this point is doing you no good and not needed in THIS threads, suggest you end it now. You are welcome to post “last word” if that will make you happy, my ego is not as big as yours…

Please, take this somewhere else…


#18

Yo, Major… Some things just aren’t worth spending the time typing the extra words on.

You made your point well enough to anyone not looking through Liberal Agenda tinted goggles.


#19

That you cannot comprehend is not my problem. But you are correct that others here can read and comprehend. You claim your post is something other than what the WORDS say…which was an attack on Biden’s 1Trillion dollar tax proposal…which quote you conveniently keep leaving out.
Nevertheless…I’m done criticizing your lack of logic and facts to support your positions on this thread…it is all there for others to read.
I don’t take things to PM…this is a FORUM.
I don’t take things to NHB unless I want to sling crap at you. I merely destroyed your unsupported asserstions. Don’t like it? Tough.


#20

Let’s end it here guys. I don’t want to see this blow up anymore. Points have been made clear.