Biden Budget Proposal

[Spunkylama]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

 

[reflechissez]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

What is yours?

 

[Spunkylama]

Well my honest opinion is that we don't need increasing the defense budget. The tax on millionaires will ultimately be passed on to the middle class. They always say reduce the deficit but in the same breath asking to add 5.8 trillion. What a mess!

 

[ttwtt78640]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

The link is behind a paywall, but the concept of taxing ‘unrealized gains’ as if they were income is a very bad idea. I understand the idea is to (pretend to?) limit this (punitive nonsense?) to those who (are estimated to?) have over $100M in (some selected classes of?) assets, but the precedent this sets is limited only by the imaginations of congress critters.

IIRC, upon its inception, the top marginal federal income tax (FIT) bracket rate was 7% with all income taxed at the lowest FIT bracket rate of 1% and there was no such thing as filing status. Since then, FIT brackets rates have drastically changed, with the lowest at 0% (possibly going negative) and the highest to 94%, as well as “adjusting” one’s income (subject to taxation) based largely on how and upon who the (reported) income was later spent.

 

[Spunkylama]

Oh sorry about the paywall. Try this one : https://www.npr.org/2022/03/28/1089144412/biden-budget-fiscal-2023

 

[BirdinHand]

From the article: “the White House plan would still set the debt on an "unsustainable path."

 

[ttwtt78640]

Oh sorry about the paywall. Try this one : https://www.npr.org/2022/03/28/1089144412/biden-budget-fiscal-2023

Thank you, but it does not address the (proposed) new federal income tax changes in any detail.

• A "billionaire minimum income tax," which would require households worth more than $100 million to pay a minimum tax rate of 20% on their full income, including unrealized appreciation.
• An increase in the corporate tax rate on profits to ensure, the White House says, that large corporations "pay their fair share."

It does say that the anticipated ‘deficit reduction’ only amounts to $1T over a decade, which is only $100B/year.

The White House emphasized that this budget, based on current economic projections and proposed spending, would cut the deficit to less than half what it was in the 2021 budget year, which included massive pandemic spending and economic contraction.

The Committee for a Responsible Federal Budget praised Biden's budget for proposing to reduce the deficit by a net $1 trillion over the next decade. But, it said ultimately, the White House plan would still set the debt on an "unsustainable path."

They also left out the fact that the FY2021 deficit was $2.8T, which seems to indicate that the FY2023 budget deficit would be about $1.3T. So much for the claim that adding (some of?) the BBB nonsense will cost $0.

 

[ttwtt78640]

From the article: “the White House plan would still set the debt on an "unsustainable path."

Yep adding about $1.3T/year (assuming all goes well) to the national debt is crazy.

 

[BirdinHand]

Yep adding about $1.3T/year (assuming all goes well) to the national debt is crazy.

But but but…the rich will pay for it! 😂

 

[ttwtt78640]

But but but…the rich will pay for it! 😂

The big question is: will Joe Manchin allow this $5.8T annual federal “budget” to pass in the Senate?

 

[BirdinHand]

The big question is: will Joe Manchin allow this $5.8T annual federal “budget” to pass in the Senate?

LOLOL.

 

[SkyChief]

• Increase of the defense budget, especially nuclear arms
Terrible idea. The defense budget is over double what it needs to be.

• Increase in budget for CBP, ICE, and other federal law enforcement
Bad idea. We need to trim the fat (DECREASE the budget) on federal law enforcement.

• Proposed minimum tax on households worth > $100 Million
Needless tax hikes on high-earners. Stop punishing people for being productive.

• Major emphasis on deficit reduction
This is a good idea, actually.

One out of four ain't bad.

Who am I kidding? This is awful.

Americans deserve better leadership. We can fix this.

 

[PeacefulWarrior]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

Dont agree with the military increase. But I'd have to have the details, doesnt sound good though.

I could support the rest of it. Depending on what was going to be the vehicle for "deficit reduction".

 

[Bullseye]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

Seems like the first three bullet points negate the forth.

 

[Spunkylama]

Seems like the first three bullet points negate the forth.

Touche bullseye touche

 

[Moon]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

The tax on unrealized gains is ridiculous and is largely unworkable.

 

[Spunkylama]

The tax on unrealized gains is ridiculous and is largely unworkable.

This is only if you have over 100 million. May I ask if you fall into this category?

 

[Moon]

This is only if you have over 100 million. May I ask if you fall into this category?

Nope, but it’s still ridiculous and unworkable.

 

[HangLow]

Dont agree with the military increase. But I'd have to have the details, doesnt sound good though.
I could support the rest of it. Depending on what was going to be the vehicle for "deficit reduction".

where is hunters laptop???
-peace

​

 

[jonny5]

The Biden administration released its proposed budget today. What is your opinion of the proposal?​

Some highlights, largely from this NYT article

• Increase of the defense budget, especially nuclear arms
• Increase in budget for CBP, ICE, and other federal law enforcement
• Proposed minimum tax on households worth > $100 Million
• Major emphasis on deficit reduction

Im confused how theres a major emphasis on deficit reduction when it increases the deficit. Its right there in his own tables. Pre pandemic deficit was 984bn, so he would double the deficit. Luckily its dead on arrival. Congress hasnt done a regular budget in near 20 years.

https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf