Kudlow calls Biden’s ‘idea that top earners don’t pay their fair share’ a ‘flat out lie’
I want to start tonight by going back to the President’s budget speech yesterday Joe Biden. You may recall that on eight separate occasions he mentioned ‘paying his fair share’. He just kept repeating it.
Some left-wing surveyors probably told them it plays well in progressive areas. As you might have guessed, this display and its contents got under my skin. He always blames businesses and wealthy successful people—always blaming them and that’s a lie.
In fact, this is a big lie. Like any leftist campaigner, say it enough and it turns out to be true.
It goes far beyond cognitive dissonance. This is just a big lie. Let’s look at some facts. This is from the IRS, as analyzed by the Nonpartisan Tax Foundation.
First, the United States has the most progressive tax system in the world – according to an OECD study from several years ago.
“Progressive” means the upper end pays far more than the lower end. So, here are some facts:
According to IRS data from 2018 (the most recent number available), the top 1% of taxpayers paid $616 billion which is 40% of all income taxes paid.
OK, let’s stop there. The top 1% pays 40% of all income taxes.
An addendum: The top 1% earned 21% of income but paid 40% income tax. I’d say it’s twice their fair share.
there’s more. The entire bottom half of taxpayers earning 11.6% of income paid only 2.9% of income tax.
A few more facts: 6 out of 10 households receive more indirect government benefits than they pay in federal taxes.
Another fact: More than 53 million low- and middle-income people pay no income tax due to the refundable tax credit, which is effectively a form of federal spending through the tax code.
Another fact: According to CBO data for 2017, the lowest quintile of income groups actually had a negative 10.9% income tax.
The second lowest quintile had a negative 1% income tax. This means that they received more benefits from the government than they paid in taxes. If that’s not progressive, I don’t know what is.
We have a more progressive tax system in this country than all these socialist systems in Europe and the idea that the top earners don’t pay their fair share, promoted by Mr. Biden, is a lie.
Here are some more facts: The US tax system is essentially dependent on American business.
US business makes or pays 93% of the nation’s taxes and as far as the Trump tax cuts offset these big losses Biden talked about yesterday, the CBO’s latest estimates show that pre-emptive measures by the CBO. Corporate tax revenue is projected to match the tax deduction level. 2023. In other words, at the right time.
There is an initial drop in revenue and tax cuts increase the deficit, but as tax cuts generate rapid growth, low unemployment and high wages, revenue quickly catches up.
Tax evasion is also reduced. Therefore, the pandemic shutdown may delay the projections, but the recovery in corporate profits and corporate taxes in 2021 is back on time.
This, of course, is something Biden won’t tell you. This is part of their bigger lie. No matter how many times he and his allies repeat the “pay your fair share” mantra, that will never happen with these inconvenient facts.
What Biden did yesterday was pure left-wing progressive wake-up propaganda. Their agenda is completely transparent.
He wants a whole new generation of big-spending welfare schemes and he wants successful earners and businesses to be financed by taxing them. It is nothing but wealth and redistribution.
He is not interested in economic development. He and his men are well aware that study after study shows that raising corporate taxes will lower wages and cause the economy to slow down.
70% of the economic consequences of corporate tax hikes fall on the blue-collar middle class – the backbone of the economy and workforce. Hinting small businesses for even greater tax penalties is an attempt to crush the heartbeat of the US economy.
their welfare plan’s 12 weeks of paid family leave (which cost $500 billion); increased subsidies for dependent care; care of children; even higher monthly payments for the Child Tax Credit; promote Medicare; Medicaid and Obamacare—these European-style rights drive us to slavery.
No need for work, complete government dependence – striking at the heart of America’s social fabric.
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In many ways, it’s worse than raising non-work welfare dependency taxes—not because of deficits and debt (which also raises my eyebrows at these levels) but because of the change in culture that woke Biden, free to Wants to weaken – Enterprise capitalists work and put big government socialism in the driver’s seat.
It’s a victory to be awake at work. In our nation’s social and economic history, this is Armageddon, but the solution is very simple: Save America. Hit the bill That’s my crack tonight.