The cognitively impaired 46th president wants to pile on and raise taxes significantly! What a fool!
"Total [government] debt is now more than 120 percent of the size of our entire economy.
The 120 percent level is just the beginning. Since that time, President Biden has spent $1.9 trillion in the third (or is it fourth? Perhaps it is the fifth?) Covid-relief bill. And now, President Biden is “readying a multi-part $3 trillion infrastructure package”. Relative to the current size of the economy, financing all of these expenditures with debt will push the debt to GDP ratio up to a staggering 150.4%. ...
Of course, instead of debt, the increased government spending could be covered by raising taxes, which seems to be the Biden Administration’s intentions. Tax increases reduce economic growth, so whether financed with debt or taxes, economic growth is sure to suffer if these spending plans continue to be implemented. ...
Extrapolating from the data maintained by the IRS, the nearly 4 million households with an adjusted gross income (AGI) greater than $400,000 paid approximately $600 billion in income taxes in 2018. Assuming the $3 trillion President Biden wants to spend will be spread evenly out over 5 years, the federal government would need to double the amount it confiscates from the wealthiest families just to cover the costs of the infrastructure spending. Doubling the amount of tax revenues raised from the richest families is infeasible – certainly in the long-run. ..."
Of course, instead of debt, the increased government spending could be covered by raising taxes, which seems to be the Biden Administration’s intentions. Tax increases reduce economic growth, so whether financed with debt or taxes, economic growth is sure to suffer if these spending plans continue to be implemented. ...
Extrapolating from the data maintained by the IRS, the nearly 4 million households with an adjusted gross income (AGI) greater than $400,000 paid approximately $600 billion in income taxes in 2018. Assuming the $3 trillion President Biden wants to spend will be spread evenly out over 5 years, the federal government would need to double the amount it confiscates from the wealthiest families just to cover the costs of the infrastructure spending. Doubling the amount of tax revenues raised from the richest families is infeasible – certainly in the long-run. ..."
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