Official LRC President Joseph R Biden Thread

You really are too gdamn stupid for discourse. Sometimes I click to read your post and it's usually something this dumb. You stay blocked.

But you sure love bailing out the rich and subsidizing their tax breaks and loopholes. Genius!

the GOP has been kicking poor and middle class Republicans in the nuts so long... at this point the sad m'agas are just grateful for the attention.

Yes you can't refute the reality and so you lash out like a little kid.

"Liberal" 101.

No need for that type of language, Ginamator. Go to your corner and think how you can be better.

They haven’t paid enough for what they are taking out. The payouts need to be more in line with current life expectancies. That is not gutting, that is good business sense. A leader should make the right decision. Unfortunately, most politicians just care about being popular and are unwilling to make the difficult decisions. SS and Medicare are struggling because everyone is kicking the can down the curb hoping the next guy will do the right thing.

yeah I agree with comedy here - Social Security will fail unless we make changes. We've clearly decided getting more young workers into the country to support an aging indigenous population with taxes via immigration is not the plan. So we have to either cut benefits or increase taxes, or some combination of that.

A failure of democracy that politicians won't work now to solve the problem. It's only going to get harder each year we put it off.

But we've all decided to attack any politician who does the responsible thing and starts the dialogue. Not great.

Rick Scott's plan calls for shoring up Medicare by diverting funds from "Biden's 87,000 IRS Agents Army" and going to Medicare insolvency. Here is the problem:

1. there is no Biden 87,000 IRS agent army.

2. If those funds existed they would not amount to much in the long term.

3. Maybe the guy that played a role and benefited from the largest medicare fraud in history is not the best guy to be trusted championing medicare anything.

The Inflation Reduction Act gave $80 billion to the IRS. The funds exist and even putting the money in a pile and burning it in the street would be more useful than letting the IRS keep it.

heh you will do just about anything to make your billionaire GOP overlords happy. Those boys really really say thank you for protecting them. They must send you Xmas cards and stuff.

But in reality your rich party owners are sweating bullets because suddenly they don't have Trump to protect their tax thievery:

"The IRS said it is poised to reap hundreds of billions of dollars of additional tax revenue by going after overdue and unpaid taxes, far beyond what was previously anticipated, thanks to funding from the Inflation Reduction Act (IRA).

The new analysis, released Tuesday by the Treasury Department and the IRS, estimates that tax revenues are expected to rise by as much as $561 billion from 2024 to 2034, thanks to stepped-up enforcement made possible with money from the Democrats' IRA, which became law in August 2022"

cbsnews.com

IRS says it will collect hundreds of billions more in unpaid and overdue taxes, thanks to new funding

The IRS says tax revenues will rise by as much as $561 billion over the next decade due to funding from the Inflation Reduction Act.

Link:www.cbsnews.com/news/irs-taxes-inflati...

It's really evidence of the brainwashing.. poor Rs everywhere aggressively supporting the rich getting richer and happily subsidizing them with their hard earned money on top of it all. And they get really upset about regulation enforcement of the rich... it's incredible.

if you get a second you need to watch this CNN interview with Ted Cruz by Kaitlen Collins. It is valuable for a few reasons.

1. Typically right wingers gaslight and mow over the TV interviewer to get the talking point out and the interviewer gives up after one or two feeble challenges. Collins does not let Cruz BS stand. That is rare.

2. You can clearly see the game that the right wing plays regarding the 2020 election. It is the same game our Trumpers play here. They say the "Democrats say there is no fraud". Well everyone with a brain knows that every election in history to any scale had fraud and irregularities. The findings of all experts is that there was no fraud that could affect the outcome of the election. By continually reframing the argument they make it believable to the rubes. Ted Cruz plays this game over and over. And he excuses the crimes Trump committed to stay in power by reframing their GOP efforts at "just trying to get it right". "simply examining the evidence". Nope. They wanted to shut down the certification with chaos over unfounded and unproven batsh!t right wing Sidney Powell, Rudy and My Pillow guy fraud claims.

3. We also see the truthfulness of the statement: "Ted Cruz. You either hate him or you hate him".

Exactly. It has gotten to the point that the GOP does not even need to use "trickle down economics" to con the poor into believing tax breaks for billionaires is good for them. That is so yesterday.

Instead, just say it is "good for Mericu" and the rubes are all on board.

"Everywhere aggressively supporting the rich gettin richer."

Come on, Ginamator ... we conservatives are all about allowing those who are the hardest working and most strident about improving their lot in life getting ahead.

Not one rich person I know wants the rich to keep getting richer. We want a level playing field Knock it off if the "supporting the rich getting richer." Quit watching Joy Reid.

I said a house. Housing is different, but apparently this issue needs a further breakdown which I can get to tomorrow night.

hey Hunter I posted up some stats on page 3097 you might want to take a look at, i/r/t the generational wealth/income discussion

at the very least you ought to stop saying that it's not arguable anymore.

The rich people you know are NOT rich enough to receive benefit from Trumps billionaires tax cut.

I do know Flagpole and he is probably a billionaire. At least in his fantasy world. Does that count?

Why Biden's almost 100% capital gains tax increase would crush the stock market
Ted Jenkin
Wed, May 22, 2024, 9:00 AM CDT5 min read
2.4k
Many Americans still don’t realize that we have a bifurcated tax system.
One tax table is focused on taxing Americans on their ordinary income, the income you earn from your job or your business.
The other tax table is focused on taxing your long-term capital gains, meaning assets that have grown in appreciation, such as stocks or your business value held more than 365 days.
Under the new proposed Biden tax plan, 10 states would have more than a 50% capital gains tax, with California being the highest at 57.9%.
With thousands of pages in the tax code, it’s nearly impossible for most Americans to really understand how they are taxed, let alone understand the nuances between capital gains, ordinary income tax and how that could affect your personal economy and the stock market.
BIDEN'S TAX-HIKE PLAN WOULD COST THE US ECONOMY NEARLY 800K JOBS
According to a report issued by the Treasury Department, led by Secretary Janet Yellen, Biden’s proposed fiscal year 2025 budget would increase the top marginal rate on long-term capital gains and qualified dividends to an astonishing 44.6%.
READ ON THE FOX BUSINESS APP
Today, that top marginal long-term capital gains rate is at 23.8%. Do NOT get fooled when you hear or read that the increase is ONLY a 20.8% increase, when in fact it would be an 87.4% increase!
Here’s the breakdown of how this tax would increase by almost 100%.
First, the top ordinary income marginal tax rate would increase from 37% today to a future rate of 39.6%.
TRUMP CAMPAIGN BLASTS BIDEN FOR ‘LARGEST TAX HIKE EVER' AS AMERICANS FACE 'RECORD-HIGH INFLATION'
Second, the top long-term capital gains marginal tax rate would adjust to the top ordinary income marginal tax rate, meaning it would move from 20% to 39.6% for capital gains.
Third, let’s remember recent relevant history with the tax code. The Affordable Care Act was signed into law on March 23, 2010, and instituted the ObamaCare surtax of 3.8%, or what is known as the net investment income tax (NIIT). It took two years later for the Supreme Court to render a decision about whether this tax was even constitutional, and it finally went into effect on Jan. 1, 2013.
The most important part of this tax centered on what types of income are subject to this new tax. Gains from the sale of stocks, bonds, mutual funds, investment real estate and interests in partnerships and S corporations were all under the umbrella of NIIT. The president is now proposing that this tax moves from 3.8% to 5%.
If you add the proposed 39.6% capital gains tax plus the 5% NIIT, it is how the overall 44.6% would be enacted if the current administration has its way.