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Gov. Cuomo: McConnell’s Bankruptcy Suggestion ‘One of the really dumb ideas of all time’

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Mitch McConnell

New York’s Governor Andrew Cuomo slammed Senate Majority Leader Mitch McConnell after he told FOX News’ “Bill Hemmer Reports” Wednesday that the U.S. Senate is “not interested in revenue replacement for state governments,” who he claims are trying to “take advantage” of the coronavirus epidemic by requesting assistance to pay off their rising deficits.

Cuomo called it “one of the really dumb ideas of all time” in the following Twitter thread.

“We’re interested in trying to help them with anything related to the coronavirus … [but] we are not interested in solving their pension problems and all these other things that they would like for us to finance,” McConnell told FOX News.

Prior to his interview with Bill Hemmer, McConnell told the “Hugh Hewitt Show” that he would prefer states declare bankruptcy rather than sending additional federal dollars to governors who have been begging the federal government for immediate financial assistance.

“What I’m saying is, we will take a pause,” McConnell told Hemmer. “We’re gonna wait at least until May the 4th … before we provide assistance to state and local governments who would love for us to borrow money from future generations to make sure that they have no revenue losses. Before we make that decision, we’re going to weigh the impact of what we’ve already added to the national debt, and make certain that if we provide additional assistance for state and local governments, it’s only for coronavirus-related matters. We’re not gonna let them take advantage of this pandemic to solve a lot of problems [and] bad decisions they’ve made in the past.”

McConnell’s remarks come one day after the Senate reached an agreement on an interim stimulus package that would replenish funds in the Paycheck Protection Program (PPP). At first, he planned to have the bill include funding for the PPP only, but Democrats delayed the legislation until they could add other elements to the package. Sen. McConnell did cave to some of their requests, but he kept funding for state and local governments out of the bill, which is expected to be voted on in the House of Representatives on Thursday.

For more information, visit FOX News.

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Economy

Americans are paying the highest taxes and largest share of GDP ever

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“People are now paying more in total income taxes than ever, even considering the 2017 tax cuts signed by former President Donald Trump. And they will be paying significantly more when elements of those tax cuts expire in 2025” according to the Congressional Budget Office (CBO).

The Washington Examiner reports on the CBO’s analysis that the Treasury expects a 28% surge in individual income taxes this year. The analysis was presented to Congress on Thursday, and explained more income taxes are ahead in 2025 after the Trump tax cuts expire.

“Receipts from individual income taxes — the largest source of federal revenues — rose sharply in 2021 and are projected to do so again in 2022 as the economy recovers from recession and temporary provisions enacted in response to the pandemic expire. Those receipts are projected to rise again after 2025 because of the scheduled expiration of some provisions of the 2017 tax act,” read the report.

“In 2021, receipts from individual income taxes totaled $2.0 trillion, or 9.1% of GDP. Under current law, and on the basis of receipts observed through late April of this year, CBO expects individual income tax receipts to rise by 28% in 2022, to $2.6 trillion. At 10.6% of GDP, that total is expected to be the highest amount of individual income tax receipts recorded since 1913, when ratification of the Sixteenth Amendment authorized the federal government to begin collecting income taxes,” said the report.

Additionally, the CBO stated that the overall federal revenue is expected to reach a record $4.8 trillion in 2022, a 19% one-year increase. “The strong revenue growth in 2021 and 2022 results mostly from large increases in collections of individual income taxes. Total revenues in 2022 are projected to equal 19.6% of the nation’s gross domestic product — the largest annual revenues relative to the size of the economy since 2000.”

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