Biden, Promising Corporate Tax Increases, Has Cut Taxes Overall

*Oops there goes another right wing talking point......

Hah!

( * if you're not familiar with the musical South Pacific Rubber Tree song you won't get it )

https://www.nytimes.com/2024/03/25/us/politics/biden-taxes-cuts.html

No paywall

https://dnyuz.com/2024/03/25/biden-promising-corporate-tax-increases-has-cut-taxes-overall/

President Biden, amping up a populist pitch in his re-election campaign, has repeatedly said he would raise taxes on the wealthy and corporations to make them pay their “fair share.”

Republicans say Mr. Biden has “an unquenchable thirst for taxing the American people.” His Republican opponent in the election, former President Donald J. Trump, said recently that Mr. Biden was “going to give you the greatest, biggest, ugliest tax hike in the history of our country.”

So it might come as a surprise that, in just over three years in office, Mr. Biden has cut taxes overall.

The math is straightforward. An analysis prepared for The New York Times by the Urban-Brookings Tax Policy Center, a Washington think tank that studies fiscal issues, shows that the tax cuts Mr. Biden has signed for individuals and corporations are larger than the tax increases he has imposed on big corporations and their shareholders.

 

He signed tax breaks that only apply to green energy companies. He didn't "cut corporate taxes".

You people really are worried about Biden losing...lol

 

My tax rate has not decreased by Biden. I got a tax rate decrease from Trump.

I am getting about a $7000 tax refund. It was primarily because of some stock market losses.

 

Biden’s policies increased inflation which is basically a tax caused by him.

 

We're they raised?

And

"Overall" is the operative word.

 

You said "So it might come as a surprise that, in just over three years in office, Mr. Biden has cut taxes overall."

Where is my cut?

 

No they lowered inflation.

Fiscal year for a president is from october first to september thirtieth.

Trump's fiscal year ended 9/30

On that date inflation was 6.2% annualized

Biden's peak occurred mid 2022 at 9.1% And due to Biden policies it's dropped down to about 3% On the way to the fed target of two percent and therebouts.

The truth is that the inflation was worldwide and was caused ultimately by the pandemic forcing nations Including Trump and Biden to expand their money supply Via CARES ACT and ARP (Trump, Biden, respectively) to prop up the economies threatened by the pandemic.

Inflation was the price everyone had to pay in order to save the economy.

Now that the pandemic has passed Biden's policies are bringing it back down.

Biden is to be applauded not criticized

And Republicans must start telling the truth

However I doubt they ever will as they rarely do.

 

"Overall". ISN'T the operative word because the only changes Biden signed off on were green energy tax breaks and an increase in the child tax credit...lol

 

Inflation hasn't been lowered...lol

Prices just aren't inflating as fast.

 

Your cut was upheld

You reap the same benefit as you did prior

What tax bracket are you in?

 

Two weeks ago a 24 pack of Sprite was $12.48, last week it was $13.48. When Biden took office a 30 pack of beer was $19.98 and recently the price went up by a dollar to $25.98. A package of 8 chicken thighs used to cost between $4 and 5 bucks, now it's closer to $10. I haven't seen a single price reduction since Biden took office with the exception of gas which fluctuates up and down. Keep in mind these are Walmart prices, the prices at other places are probably higher.

 

Overall "estimates" of predicitons and highly targeted.

Are you denying he wants HUGE tax increases and s already passed many with his tax surcharges amd fees?

Still waiting for you to give me the "fair share" tax distribution between the income groups. If the current numbers aren't fair what would be and if you can't cite specific numbers your just blowing smoke again.

 

Lowering inflation does not lower the prices.

 

In other words, I got no tax cut under Biden.

 

He caused it in our currency which causes it worldwide. He raised to 9% and you absurdly the FED getting it to 4% IN SPITE OF HIM is some credit to him.

The GOVERNMENT fiscal years ends then and LOTS happend between January and October. Are you now asserting Biden was a do nothing President from day one?

Yes due to his unnecessary spending increase and energy policies.

What policies? What policies did he institute to slow spending increases and put people back to work in the private sector rather than handing out free money?

The truth is many counties had much lower if any becuse the practiced fiscal restraint but many who tied their currency to ours and intituted similr policies had the same governmdnt induced inflation.

No it wasn't at least no at those levels.

Wha has he done to bring it down and offset the inflationary effects of his HUGE spending both current and propsed. Do you think his latest budget proposal will lower inflation?

He hould be run out of town for his Bidenflation

And Democrats must start telling the truth

However I doubt they ever will as they rarely do.

 

And if you believe that I have a bridge you can buy with the money you saved in taxes.

 

I believe that you can't disprove it.

 

So, do you want the bridge or not?

 

Thank you for confirming my point.

 

Sure, enjoy whatever delusion you want.

 

I follow the monetarist's school of economics, held by Milton Friedman, and others from the Chicago school.

For inflation to occur in another country, that country's money supply would have to be expanded.

Things like a devalued dollar, will affect exchange rates and that will affect prices of imported and exported goods, but these are up and down temporal influences on prices, not the thing which causes a rising trend, and for a rising trend of inflation, for that to occur, a nation has to issue fiat currency above and beyond it's GDP to absorb it's currency. We did that with the CARES ACT (Trump) to the tune of $2 trillion, and ARP (Biden) to the tune of another $2 trillion. But these QE's were necessary to prop up the economy threated by the pandemic.

In ultimate terms, it was the pandemic that caused inflation, but teh CARES act got it up to 6.2% on Trump's fiscal year, it went up only 2.8% from there on Biden's fiscal term.

Biden kept a monetarist as Fed Chairman, which is why it's coming down. Jerome Powell is following
the same inflation taming policies as that was done by Paul Volcker, under Reagan. Both are monetarists. Well, to be accurate, I don't know if they are 'monetarists' in the sense of Milton Friedman, but their inflation taming policies are designed to keep the money supply from galloping upward, which is a monetarist's policy.

The point is, that both Reagan kept Powell (appointed by Carter) and Biden kept Powell, (appointed by Trump) you have to give both Reagan AND Biden credit for it. Both could have fired them and installed someone else.

This is a distinction without much of a difference because the president doesn't enact his policies, the GOVERNMENT does, so there's a close tie in with the President's fiscal polices relevant to the fiscal year.

Any president's fiscal policies will bleed into the next Presidetn's first year. We can officially give it a cut off at Sept 30. Trump's CARES ACT, contributed just as heavily as Biden's ARP, a fiat currency infusions of $2 trillion each.

Nope nothing expressed above is inconsistent.

ARP was deemed necessary. the Infrastucture program is money for services, and that isn't inflationary.

Your assertion is to sweeping and vague. Literally would write a book on the debate. It would take a scholarly analysis, but, on the whole, I don't agree with you.

First off, keeping Jerome Powell is the biggest reducer of inflation, it's his money supply taming policies that are keeping it under control. Thing is, just as Repubs credit Reagan for keeping Volcker as Fed Chair, you have to credit Biden for keeping Powell. You can't give Reagan credit and not Biden, it's one or the other. years ago, I debated repubs and they ALWAYS gave credit to Reagan for keeping Powell, so what, now you are going to reneg because it's convenient?

The CHIPS act and the Infrastructure bill both employ larges sections of the private sector.
However, the public sector and the private sector, as long as it is money for services that the public needs, one is the same as the other. People are people, people buy things,, people earn money. THe source really doesn't matter, economically speaking. You guys on the right insinuate that all public spending is equivalent to welfare and is inflationary is false. It can, of course, but not necessarily, it depends on a number of factors too complex to get into here.

From CoPilot:

1. Inflation Reduction Act: President Biden signed the Inflation Reduction Act, which addresses various aspects of inflation. Notable provisions include:
   • Medicare Drug Price Negotiation: The law empowers Medicare to negotiate drug prices with pharmaceutical companies, potentially saving seniors money on costly prescription medications.
   • Affordable Care Act (ACA) Premium Reductions: The act extends ACA premium reductions for three years, making health insurance more affordable for many Americans.
   • Energy Security and Climate Change Funding: It allocates $437 billion to enhance energy security and address climate change.
   • Drought Recovery Funding: The act provides $4 billion in new funding for drought recovery in the Western U.S.
   • Deficit Reduction: According to analysis by the Joint Committee on Taxation (JCT) and Congressional Budget Office (CBO), the act will reduce the federal deficit by over $300 billion1.
2. Health Care Cost Reductions: President Biden has consistently worked to lower health care costs and expand access to care. Some notable achievements include:
   • American Rescue Plan Act: This legislation, signed by President Biden, lowers prescription drug costs and health insurance premiums.
   • Protection Against Surprise Medical Bills: Seniors now benefit from lower prescription drug prices, with insulin capped at $35 and out-of-pocket costs for prescription drugs capped at $2,000 starting in 2025.
   • Mental Health Care Access: The administration has taken steps to improve access to mental health care coverage.
   • Medicare Negotiating Drug Prices: Medicare is negotiating drug prices for the first time ever, aiming to lower the cost of a range of drugs2.
3. Ongoing Efforts: President Biden continues to fight for even lower costs and better health care for Americans. His administration remains committed to protecting consumers, expanding access to health care, and ensuring fair pricing for prescription drugs.

Inflation is influenced by a multitude of variables beyond fiscal policy, including supply chain disruptions, demand shocks, and global economic conditions. Therefore, attributing inflation solely to fiscal restraint oversimplifies the complex dynamics at play.

Here's the thing, but for the pandemic, Trump wouldn't have implemented CARES, a $2 trillion currency dump, and Biden wouldn't have implemented ARP, another $2trillion currency dump.

The ultimate cause of inflation is the infusion of new dollars into the money supply faster than the GDP can absorb it, so, it's too soon to tell. Not necessarily, but, maybe.

You are so wrong, as usual:

Historical data reveals that nine out of the last ten economic recessions since 1953 occurred during the presidencies of Republican leaders. Let’s delve into the specifics:

1. Dwight D. Eisenhower (1953-1961):
   • July 1953 to May 1954: Recession.
   • August 1957 to April 1958: Recession.
   • April 1960 to February 1961: Recession.
2. Richard Nixon (1969-1974):
   • December 1969 to November 1970: Recession.
3. George H. W. Bush (1989-1993):
   • July 1990 to March 1991: Recession.
4. George W. Bush (2001-2009):
   • March 2001 to November 2001: Recession.
   • December 2007 to June 2009: The Great Recession (inherited from Bush II).
5. Donald Trump (2017-2021):
   • No recession during his term.
6. Democratic presidents, on the other hand, often inherit weak economies and leave their successors with strong ones. Notably, ten of the last eleven recessions began under Republican presidents

Sources:

https://www.forbes.com/sites/realsp...s-better-under-the-democrats/?sh=14d09f0a6786

https://www.usatoday.com/story/news...versee-recessions-dems-recoveries/5235957002/

https://www.theprogressiveprofessor...sions-under-republican-presidents-since-1953/

https://www.jec.senate.gov/public/i...riefs?ID=223AA56C-B749-4062-8339-875469DD6C53

https://presidentialdata.org/

 

this assumes that what a president does has an immediate impact rather than occurring several years later

 

Well according to you guys as soon as Biden took office on Jan 20 EVERYTHING magically turned onto crap.

 

@Patricio Da Silva

Please show us the link to the analysis prepared for The New York Times by the Urban-Brookings Tax Policy Center. We can read it and decide for ourselves what it is saying... Fake news NYT sometimes has a problem interpreting what things actually say...

 

So, you're finally acknowledging that under Biden, the rich get richer and the poor get poorer.