You hear a lot of crazy-sounding numbers these days, right? Trillion here, a trillion there, a trillion everywhere. But what’s it all mean? At some point, it’s just numbers. That is until it gets real. And based on President Biden’s plans it will get very real for all of us unless we make our Congressional Representatives wake up. Joe Biden’s numbers don’t work. Not even close.
Yesterday I said, "It will be you. Notice how at first, we were hearing his proposed tax increases would only impact those earning over $1 million per year. Then it was only, those earning at least $581,000. Now, based on President Biden’s tax and spending plans it’s “only” those earning $400,000 per year. Let’s be real. If President Biden’s spending plans were to become reality, it will be you too. No matter how much money you make."
There aren't enough “rich” people and not enough money earned by them to pay for what’s being proposed by President Biden. Not even close. The top 1% accounted for 40% of all income taxes paid last year. The top 5% paid 60% of all federal income taxes. The total federal deficit still totaled $3.1 trillion. The total earnings of the top 1% last year? $755 billion.
Forget raising taxes. If you confiscated 100% of all earnings of the top 1% or even 20% of earners you still couldn’t cover the federal deficit. That’s before adding trillions upon trillions in spending via Biden’s plans. In other words, if his plans passed as proposed it will be you see your taxes go higher, much higher, no matter who you are or what you earn.
Here’s a nice round trillion-dollar number for you. Two. That’s how much tax revenue was collected through personal income taxes last year. Another somewhat round number is $4.2 trillion. That’s how much more spending Biden's plans call for. Now, what do you think this means for you? Joe Biden’s number’s don’t work unless everyone pays more. A lot more. And even then, the math is fuzzy.
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