“Anybody making less than $400,000 a year will not pay a single penny in taxes,” Biden said. “and we will not increase the deficit either.”
“Unlike the last gigantic tax cut which increased the deficit by $2 trillion,” Biden said, referring to the former Trump administration.
Biden made these statements during a visit to Virginia’s Tidewater Community College. This comes as a part of the President and the First Lady’s “Getting America Back on Track” tour where they plan to discuss the American Families Plan.
The Plan, according to Biden is largely funded by closing a “loophole” within the capital gains tax. This means that when people die with large amounts of assets that are then left to their children, those children will pay a tax on the money they make by selling those stocks. Even then, only those beneficiaries who make more than $1 million will pay the tax. Biden said it will affect about 3/10ths of one percent of American taxpayers.
“They may be decent and honorable people and they are,” Biden said. “But the last thing Americans with that amount of wealth need is another tax break.”
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Biden spends $1.65 trillion taxpayer dollars while vacationing in St. Croix
While vacationing in the island of St. Croix for the holidays, President Joe Biden on Thursday signed into law the massive $1.65 omnibus spending package.
The whopping 4,155 pages was supported by only nine House Republicans and 13 Senate Republicans. Majority of criticism from the GOP includes concerns that the bill was rushed and crammed with wasteful spending by a lame-duck Democratic-dominated Congress. The recourse will punish American families by adding to the national debt and exacerbate inflation.
“Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding — and gets crucial assistance to Ukraine,” Biden tweeted. “Looking forward to more in 2023.”
Senate minority leader Mitch McConnell “praised the bill on the grounds that it represents a real decrease in discretionary spending. He presented it as a positive that nondefense spending jumped by only 5.5 percent, from $730 billion to $772.5 billion, amid an inflation rate of 7.1 percent” writes National Review.
“The bipartisan government-funding bill that Senators Shelby and Leahy have finished negotiating does exactly the opposite of what the Biden administration first proposed,” he said. “This bill provides a substantial real-dollar increase to the defense baseline . . . and a substantial real-dollar cut to the non-defense, non-veterans baseline,” McConnell insisted as negotiations were wrapping up.
House minority leader Kevin McCarthy, however, stated his strong disapproval of the bill before it even advanced. Affirming a letter from 13 House Republicans, McCarthy demanded the bill is reckless, irresponsible, and a “purposeful refusal to secure and defend our borders.”
For example, it failed to incorporate protections for Title 42, the pandemic policy that allows illegal immigrants to be expelled on a public-health basis, which currently hangs in the balance at the Supreme Court.
National Review adds, “The funding in the bill, which averted a federal government shutdown before the new year, includes an allocation of $45 billion in defense assistance to Ukraine. Some Republican priorities, such as Electoral Count Act reform and a bigger military budget, were nested in with Democratic appropriations, such as increased funding for Medicaid and food stamps.”
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