Biden, Promising Corporate Tax Increases, Has Cut Taxes Overall

@Patricio Da Silva

Again....
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...

 

no one said that-it took a few months for build back bitter to be a disaster

 

Yes when they tie their currency to ours and they are so dependent on the trade with us in our markets and getting those dollars and then their own leaders follow our leaders they also get inflation.

Yes in an EMERGENCY we sometimes have to temporarily do so. But if we already have a strong base economy we can get through with a minor tick in inflation as we quickly get the economy going again and people back in the workforce. We didn't need Trump's second stimulus and I spoke against it here, but that was as much to spend a little hoping to prevent Biden coming in and creating an even BIGGER unnecessary bill. But HE DID anyway. We could have gotten away with Trump's second with a minor blip and with his other pro-growth pro-back to work policies the recovery which began in 3rd quarter 2020 would have continued.

Biden again passed his two HUGE spending bills and worked with the everyone stay home side and don't go back to work here's even more free money. That with his attack on our domestic energy supplies his pitiful response to the logistic backups (Butteige took unlawful family leave during it) sent us into the 9% Bidenflation and we are STILL looking at 4%.

Stop with the desperate "fiscal year" and let's not forget that was a Democrat budget, Presidents don't rule the budget Congress does.

So kudows to Powell while Biden is working in spite of his efforts making Powell's efforts less effective. ALL Biden has in every speech is how much more money he wants to spend and things like the student loan takeovers, they don't just go away they will become government obligations. Have you bother to look at his latest budget request? Show me the fiscal restraint in it.

This is NOW..................why do you keep harping about the past. This is NOW and Biden is President and his policies continue to make matters WORSE.

Yes trying to use fiscal year now is a distinction without merit here so stop with that canard.

It was Trump who once again was proposing cuts in his 2020 budget proposal which were rejected by the Dem Congress.

Far from it and highly criticized we had already had a stimulus bill and we were already spending huge amounts on infrastructure but especially his extensions of unemployment and worker support payments which kept people out of the workforce not producing but spending those fiat dollars.

Nothing vague about what Biden did to our energy sector and government spending and the resulting inflation while wanting so much to take credit for getting us through COVID he had to extend everything way beyond necessary while handing out all that fiat money.

OH WHOOPIE..............Biden saved the day because of what someone else did.

He kept people out of the workforce, those big projects are YEARS off we still have record low LFPR and he STILL wants to inflate the economy and in fact fights AGAINST Powell.

The name itself a lie

What a dozen drugs and doesn't even go into effect for another year?

COVID is over.

1. • : 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.

[/QUOTE]

You list things twice and the laughable deficit reduction act DID YOU SEE HIS CURRENT BUDGET PROPOSAL????

It is DRIVEN by our fiscal and monetary policy and yes the Biden administration showed it's incometence in handling our supply chain, we have container ships backed up at OUR PORTS trying to get in and they couldn't because of Biden's union buddies and stupid liberal and federal policies.

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.

It should be as fast as GDP creates it not absorb it. But yes combine that with Biden keeping the workforce out and we got Bidenflation.

Which had nothing to do with what I said and a phoney statistic since it matters as much if not more so what was the make up of the Congress. Everything does not hinge just on his is sitting in the Oval Office, that is a specious lazy argument.

 

We get it, you hate Biden.

The claim that container ships are intentionally backed up at U.S. ports due to the Biden administration’s actions is unfounded. Let’s examine the facts:

The backlog of cargo ships at U.S. ports is a real issue. Ports in Southern California, such as Los Angeles and Long Beach, have experienced record numbers of ships waiting to unload. This situation has been exacerbated by pandemic-induced labor shortages and equipment limitations

The surge in demand for imported goods from homebound Americans during the pandemic has led to an unprecedented buying surge

Marine terminals, trucking companies, and other operators have struggled to keep up with the volume of cargo

There is no evidence to support the claim that the Biden administration purposely orchestrated the cargo backup.

The crisis is primarily a result of existing systems of global transportation and market dynamics, not a deliberate plan by any administration

The situation at ports is complex and multifaceted. It involves labor shortages, supply chain bottlenecks, and increased consumer demand.

COVID-19-related disruptions have kept many workers away from their jobs, affecting rail, trucking, terminal, and vessel operations

The supply chain challenges have been building for years, and the surge in cargo traffic is unprecedented, so covid is essentially a straw that broke the proverbial camel's back kind of problem.
.
So, while the cargo ship backups are a real problem, attributing them solely to the Biden administration’s actions is misleading. The situation is more nuanced and involves various factors beyond political affiliations or policies.

The only 'fact' I can get from your point of view, is that you are a glass half empty person, when it comes to Biden, and a glass half full guy when it comes to Trump.

Inflation, FYI, is a bipartisan affair, always has been.

If you say otherwise, you are not being honest.

FYI, spending bills, per se, are not inflationary. They only become inflationary when the total amount is above the GDP's ability to absorb the dollars, creating a scenario where too many dollars are chasing too few goods. But, you make it seem that all spending is bad, That's false, and that you refuse to make that distinction diminishes your credibility, and supports my conclusion made, above.

FYI, who the Prez chooses for the Fed Chair must share in the responsibility for the chairman's policies.

No way in hell would Bernie Sander's have kept Jerome Powell, he would have selected someone like Stephanie Kelton, the MMT economist, whose policies would have been the opposite. MMTers wnat the interest rates to be zero, all the time.

But,. you, as a 'glass-is-half-empty' person, won't give the president credit for it, or anything.

Trump paid lip service to infrastructure, even called a number of weeks as 'infrastructure week' but, with both houses under his thumb, couldn't get an infrastructure bill passed, where Biden, without both houses under his control, got a bipartisan bill passed in his first 300 days.

I could go on,. but talking to a glass-is-half-empty person is a waste of time --you'll spin it to comport to your predetermine right wing point of view.

Despite the numbers, there is so much wrong with Trump, the fact that he is a threat to US National security, (books our out on that subject, more than one) there is no way in hell anyone should ever let him come close to the oval office.

 

Market forces can cause a temporal rise in prices, but that isn't 'inflation', inflation is where the money suppy expands via fiat currency issues at a rate faster than GDP can absorb the dollars.

Just like in a swimming pool, the people in the pool making waves can be compared to market forces, causing uip and down waves, but without someone adding water to the pool making the water line rise, it won't rise.

This is why the monetarists/libertarian/conservative economists are the only economists that get it right about inflation, and they note that the only way to tame inflation is to tame the money supply, which is what Volkcer did under Reagan and Powell is doing under Biden.

All I can say to you is hindsight is 2020. But even then, we don't really know, in point of fact, if ARP was necessary. The government decided that it was, that since covid was still going on, that they didn't want to take a chance, and the logic they no doubt used is that too much would better than too little, when it comes ot saving the economy.

It's easy for us, in the cheap seats behind our computers to rag on Biden, noting that Trump, given CARES, shares in the blame for inflation. But neither Trump or Biden can be understood without understanding the pandemic posed a major threat to the economy, and something had to be done because doing nothing was not an option.

But, naturally, you glass-is-half-empty Biden haters won't miss an opportunity to exploit the thing in order to score political points, not even realizing that the guy you are promoting is a criminal, a pervert, a fraudster, a con man.

It's coming down, it's going in hte right direction.

You can poo poo facts, but facts are facts, and to deny them is poo poo on you.

You didn't complain when the Gov handed big buck freebies to these Repubs, who didn't need it, but gawd forbid if Biden helps a few struggling students.

With Trump = chaos, with Biden, normalcy. I'll take Biden over Trump, any time, anywhere.

See above

Depends on the cut. Be specific.

infrastructure spending is money for needs, this is not inflationary, something spent, something gained, the ledger balances out.

Your opinion is vague. I don't engage with vague assertions. Link to something and I will continue that discussion.

How many times in the past, on this forum, have I said that Reagan's inflation was tamed because of Volcker, who was appointed by CARTER, and what was the right wing response?

"Well, Reagan kept him'.

Which proves your rebuttal is biased. You guys can't have it both ways.

If Reagan is to be applauded for keeping Volcker, then Biden is to be applauded for keeping Powell.

Sorry, there are currently some 46,000 infrastructure projects, and more to come, for the next 10 years, employing hundreds of thousands of people in both private and public sectors. This is stuff American needs. Trump paid lip service to the infrastructure, but only Biden was able to get it done.

How many misnamed Repub bills do you want me to name?
How about the committed on weaponization of the gov is itself, weaponizing the gov against Biden?

Physicians heal thyselves.

Whah whah whah, Quite whining. I said POWELL is taming inflation, if the IRA is misnamed, so? Even Biden regretted calling it that. But, so what? Bills and Repubs misname **** all the time. BFD.

Biden got the cost of insulin and some drugs contained, he should be applauded. Not one applause from any repub.

simplistic, the issue is far too complicated to reduce to a simple claim.
Previously stated, see above. FYI, unions do not cause inflation, they only try and keep up with it.

Yeah, when stats go your way, you guys are quick to use them, but when they don't, they are 'phony'.

Can't win with the likes of you guys.

 

The market tempers itself and the consumers judge when a price is too and will spent their money on something which brings them better value. That only causes prices shifts when the value of the currency is inflated that is monetary and fiscal policy and every economist worth the title said Biden's fiscal policies and energy policies and tax policies and regulatory policies would inflate the currency and cut investment and supply. Bidenflation.

That's not the way as Reagan and others said and proved. Cut investment taxes to support growth, cut strangling regulations to support growth, cut welfare so people to back into the workforce to fill new jobs, cut government spending and control the deficits, grow the economy faster than the government and keep tax rates low and capital IN THE MARKETS.

And we learn from that 2020 except when you are a Dem and repeat the same mistakes then did starting in 2007 when they took back the Congress and through the Obama/Dem Congress years.

Oh just stop with the excuse making we know what caused the inflation, we know that Powell could be doing a better job if Biden wasn't still trying to grow spending and hand out more free money and explode the deficits and debt and Dems love to do.

And when you can't argue on the merits turn to the bromides and platitudes.

Inflation is PRICES STILL HEADING UP. Do you not understand it is CUMULATIVE. Prices AREN'T falling and basic stuff is running higher than the overall.

That's the best excuse for Biden you got?

I will take the Trump economic and border and national security and freedom and liberty normalcy over Biden ANY DAY.

He had across the board be specific did you support them? Did you support the Rep the last 4 debt ceil fights? Did you support Biden handing out free money to those with student loans?

Sure if the spending is for infrastructure but just like the so-called let's fight inflation bill the title doesn't have to have anything to do with the substance and all the other spending piled into it.

Only thing vague is you inability to respond to the history and facts.

Reagan did FAR MORE than just keep Volker and it took more than Volker to tame inflation AND unemployment and tame the government and it's never ending thirst for more regulation and control of the economy.

Reagan worked WITH Powell he get's applauded, Biden is doing things that work AGAINST Powell, he gets raspberries.

Which are doing nothing NOW and we already had projects everywhere they can't close down every highway bridge tunnel and thoroughfare and runway and rail line just to spend more money and if those projects are the windmills and solar panels he wants to ruin our country with he is facing LOTS of backlash not counting the waste of money.

Do no harm.

While Biden is doing everything he can to ramp it back up.

He LIES about what insulin was costing the consumers as was shown at the time, the VAST majority of people paid less than $35, the drugs went before Congress shaking their heads explaining the the Biden WH was citing LIST PRICE which NO ONE PAID. Major pharmas back in 2019 were already offering $35 coupon plans only $25.

And let's not forget as far as Medicare

President Trump Announces Lower Out of Pocket Insulin Costs for Medicare’s Seniors


May 26, 2020

• Medicare Part D

Today, under President Trump’s leadership, the Centers for Medicare & Medicaid Services (CMS) announced that over 1,750 standalone Medicare Part D prescription drug plans and Medicare Advantage plans with prescription drug coverage have applied to offer lower insulin costs through the Part D Senior Savings Model for the 2021 plan year. Across the nation, participating enhanced Part D prescription drug plans will provide Medicare beneficiaries access to a broad set of insulins at a maximum $35 copay for a month’s supply, from the beginning of the year through the Part D coverage gap. The model follows on the Trump Administration’s previously announced 13.5 percent decline in the average monthly basic Part D premium since 2017 to the lowest level in seven years.

Currently, Part D sponsors may offer prescription drug plans that provide lower cost-sharing in the coverage gap; however, when they do, the Part D sponsor accrues costs that pharmaceutical manufacturers would normally pay. These costs are then passed on to beneficiaries in the form of higher premiums. The new insulin model directly addresses this disincentive by doing two things: 1) allowing manufacturers to continue paying their full coverage gap discount for their products, even when a plan offers lower cost-sharing; and 2) requiring participating Part D sponsors’ plans, in part through applying manufacturer rebates, to lowering cost-sharing to no more than $35 for a month’s supply for a broad set of insulins.

Under President Trump’s leadership, for the first time, CMS is enabling and encouraging Part D plans to offer fixed, predictable copays for beneficiaries rather than leaving seniors paying 25 percent of the drug’s cost in the coverage gap. Both manufacturers and Part D sponsors responded to this market-based solution in force and seniors that use insulin will reap the benefits.
https://www.cms.gov/newsroom/press-...er-out-pocket-insulin-costs-medicares-seniors

You trying to give Biden credit for that?

The other drugs have barely if at all come up for "negotiation" and what happens in those other countries around the world you guys like to point to that negotiate prices when the companies say "no"? What happens to the availability of new drugs?

ROFLMA.......IOW you can't refute the facts. Are you denying that container ships were backed up at our ports because they could not off load due to labor and energy and Biden COVID policies with Californias ON TOP OF THAT? REALLY?? Are you deny our Secretary of Transportation took off taking illegal family leave. Wanna bet he got his baby formula???

I heard a shipping and port authority talking today about how many are over reacting to any possible logistics problems do to the Baltimore port closing and he gave full credit to Buttigeig and his actions during the self made problem. Before you get happy he gave him credit because he screwed it up so badly that all the major transport hubs and ports and logistics companies and shipping companies LEARNED and made their own contingency plans to get around the "government and we're just here to help".

Of course they did by strangling supply, are you denying that container ships were being held in port in ASIA because they were so stacked up here? The unions and the government strangled those ports.

"Lies, Damn Lies and Statistics".....good book. The economy nor the budget turns SOLELY on who is President. There is the body called the US CONGRESS which last I looked had something to do with government policy and what a President can and can't do.

Just to demonstrate the folly of you numbers

1. George W. Bush (2001-2009):
   • March 2001 to November 2001: Recession.

Bush was sworn just weeks before yet you blame a recession on him alone?

• December 2007 to June 2009: The Great Recession (inherited from Bush II).

​

In January of 2007 Bush and the Republican Congress handed the new Democrat Congress a growing economy, full employment, rising incomes, record tax revenue increases and a paltry $161B deficit heading back into surplus. And the Dems cut Bush out as much as the possibly could did nothing when the economy began to slow rather began passing their increased spending and new taxes and for 2008 cut him out completely and things got even WORSE. And then they took back the White House and did the exact opposite of what they should have to get us into a recovery, the same failed policies Biden used when he came into office, and we had the worst recovery in modern history and the deficit hit $1,400B and stayed over $1,000B for the next three until the Reps started to take back the Congress.

So simply posting dates or recessions or what deficits were for a particular year and who was President at the time and going SEE........lacks any intellectual depth or analysis. Folly.

 

But that's not reflective of government spending during his Administration.

Despite all the rhetoric, Biden probably realizes that corporate taxes harm America's business competitiveness with other countries. And he realizes campaign funding from big corporate donors is important.

Despite what many people commonly assume, the Democratic Party actually gets significantly more campaign funding from corporate donors than Republicans do.

So without significant increases in taxation, spending has to be paid for through inflation and adding on to the national debt. Something that the country is going to end up paying for, in one way or another.

 

The real question is why are progressive Democrats not concerned about this?

Do they just assume money grows on trees and that it doesn't have to be paid for?

Or do they think taxes can just be jacked up sky high on the rich latter, so it's fine to start spending the money now?

Or more likely, they're NOT thinking.

 

Corporations can pay a tax without harming business as long as it's not too much. No, corporations do not necessarily pass tax increases along to their customers. What determines prices are supply and demand.
I've owned businesses, and if I got a price increase on a product, sure, I'd try and see if I could raise the price on retail, but if the customer wouldn't buy it, I had to lower the price and eat the cost. Supply and demand is the price determinare, not costs (which includes taxes). More often than not, I was only able to increase the price just a little bit, often not enough to defray the increased cost.

Which is precisely why dems favor a progressive tax, to lower inflation. A progressive tax is one that
taxes people on ability to pay.

Yes, deficit financing leads to debt AND government printing press.

I'm going to say it one more time:

Without expansion of the money supply, M1, inflation, beyond the capacity of GDP to absorb the neew dollars, causing the rising trend where the dollar devalues, inflation is impossible.

All other influences are temporal.


THE REASON for the inflation were to massive QEs on M1, which the Fed had to do to finance CARES and ARP.

These were deemed necessary by both Trump and Biden administrations in order tor prevent the collapse of the economy due to the pandemic.

The pandemic, and only the pandemic, was the prime mover of the inflation,

We have had dem policies for over a century, and the average inflation over that period has been 2.6% or so per annum. There were temporal rises beyond it due to QEs, here and there.

Debt does not cause inflation. Supply and demand does not cause inflation, they affect prices, but the pricing rising and dropping are temporal, like the pool metaphor I used. For the water in the pool to rise one has to poor more water into the pool. That's the perfect metaphor for how QEs faster than the GDP can absorb the dollars, resultilng in a scenario where too many goods are chasing too few dollars, causes inflation., .

There is no other cause. All others effect, respond/react, but do not 'cause'.

Now, if you don't believe it, fine, but that is the monetarists/conservative/libertarian/neoliberal view. (Paul Volcker, Alan Greenspan) That is one of the very few things in which I agree with conservative/libertarian economists, who tend to be monetarists.

If you don't believe it, it would seem to me that you're more on the keynesian side of things. I'm a keynesian in all other respects, but not on the cause of inflation. Keynesians buy into this stuff about 'cost push' and all that kind of crap.





the problem is systemic, congress appropriates spending bills, and unless there is enough taxation, the government sells treasure bonds and increases the money supply to pay for it.

 

In 2023, your capital losses amounted to X dollars?????

Dow Jones Industrial Average, January to December 2023, up 13.7%.

 

No one invests in the DOW. It was a combination of events which are no one's business except my own.

 

Do you blame Biden for your 2023’s capital losses?

If so, then who should be credited for my realized capital gains…..Biden?…..absolutely not!

 

If only we had a REAL President to handle rebuilding this bridge.

Trump could get this bridge rebuilt very quickly. 'With the proviso he doesn’t have to put up with any Baltimore/Buttigieg Bureaucratic nonsense. Who doubts that he could do it? I suspect the building trades, steelworkers, etc., would work overtime at regular wages to make it happen. Because you know why they would.'

That's simply the kind of heroics that lies with in them, ready to be brought forward bt the right type of leader.

Bribed Joe is NOT that type of leader.



https://www.powerlineblog.com/archi...ures-building-bridges-back-better-edition.php

 

Quote; Trump could get this bridge rebuilt very quickly.

Very quickly?????

Stop playing the bridge engineer.

A new design, at least 3 years.

 

Wait till next year when Trump's tax cuts disappear...well for you anyway.
But he keeps his.

 

What will happen?

The Dems will want the tax cuts permanent for people earning less than X thousands.

Repubs will want an extension for all income earners.

 

Don't matter what DEMS want or GOP for that matter.

Your Trump tax increase is baked in.
But not his.

 

If Trump's elected, there will be vehicles crossing within 6 months. Bribed Joe? Hell, maybe never.

v

 

Your attempt to irritate me with your partisan B.S. has failed.

As I stated, it would take at least 3 years to build a new bridge.

 

Under Bribed Joe it could take longer.

Elect Trump or RFK and you'll cars crossing in 6 months.

 

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.

I got a thread going on it please join in

http://politicalforum.com/index.php...t-1-paid-45-8-of-income-taxes-up-from.617774/

 

Yet another load crap that promptly collapses when the facts are checked.

In 12 quarter under Bribed Joe, the government collections have increased by 22.1%

In the last 12 quarters of Trump, government collections only increased 10.3%

 

Child tax credits are hardly a "tax cut" nor do they encompass many tax payers. How exactly does a 15% minimum tax on corporations count as a tax cut.
Funny think is corporations don't pay tax, their employees and customers do.

 

Explain how Trump had 4 years to get an infrastructure bill with both houses under his control and could not get it done.

Explain that please.

I'll be waiting.