ThinkCivics News
Join ThinkCivics+
  • Culture & Society
  • Economy
  • Health
  • US News
  • Faith
  • Science & Tech
  • World News
No Result
View All Result
ThinkCivics News
  • Culture & Society
  • Economy
  • Health
  • US News
  • Faith
  • Science & Tech
  • World News
Join ThinkCivics+
No Result
View All Result
ThinkCivics News
Join TC+
Home US News Politics

Biden’s ‘Build Back Better’ Budget Gets ‘F’ for Its Second Grade Math

The Daily Signal by The Daily Signal
October 3, 2021
in Politics
Reading Time: 4 mins read
0
0
Biden’s ‘Build Back Better’ Budget Gets ‘F’ for Its Second Grade Math

Photo: Anna Moneymaker/ Getty Images)

President Joe Biden, 78, has a 7-year-old’s grasp of basic math.

“My Build Back Better Agenda costs zero dollars,” Biden claimed via Twitter on Sept. 25. Regarding this multitrillion-dollar budget, he continued: “And it adds zero dollars to the national debt.”

One can imagine a second grader named Joey Biden showing off his new train set and telling his playmates, “My daddy bought it for me at Woolworth’s. So, it didn’t cost anything.”

That’s cute enough to make a coal miner cry. But in a commander in chief who turns 79 on Nov. 20, such “thinking” should bring America to tears.

Biden’s Build Back Better Act originally cost $3.5 trillion, or an average $24,424 for each of America’s 143.3 million taxpayers. The House Budget Committee’s version of this socialist extravaganza weighs in at $4.3 trillion. That’s 23% more expensive and even further left. Somehow, Biden argues that all of this costs “zero.”

Perhaps Biden thinks that if he and his fellow Democrats can shake down taxpayers for either $3.5 trillion or $4.3 trillion, then this massive dump of welfare spending and shiny new entitlements will total “zero.” Never mind the thousands of billions of dollars vacuumed into the U.S. Treasury via the Internal Revenue Service.

But even this absurd “zero” is meaningless. As massive as these tax hikes are, they thankfully are not massive enough to cover this staggeringly high new spending. The House Budget Committee’s 2,465-page text proposes a mere $2.3 trillion in tax increases to underwrite this Democratic cornucopia. Of course, this falls short of even the original price tag.

Only in Biden’s mind would $3.5 trillion minus $2.3 trillion equal $0.

Biden also must reckon that $50,000 = $400,000. At least 42 times, Americans for Tax Reform reports, Biden publicly pledged these or similar words: “I promise you, you have my word, if you make less than $400,000 a year, you won’t pay a penny more in taxes.”

Since multiplication and division escape most 7-year-olds, Biden might be forgiven for confusing $400,000 for the far lower income levels on which he itches to hike taxes.

The Congressional Joint Committee on Taxation announced that Biden’s blueprint would raise taxes on:

  • 8.8% of those who earn between $50,000 and $75,000.
  • 17.9% of those between $75,000 and $100,000.
  • 34.8% of those between $100,000 and $200,000.

Economists understand that the working class will pay much of Biden’s proposed $858 billion corporate tax rate increase—from 21% to 28% of profits. Companies will finance these higher taxes by raising prices (inflation), firing workers, and slashing or slowing compensation on the survivors.

“Literature suggests that 25% of the burden of the corporate tax may be borne by labor in terms of diminished wage growth,” Joint Committee on Taxation Chief of Staff Thomas Barthold told the House Ways and Means Committee on Sept. 14.

Who would get this potential $214.5 billion bill? “Labor. Laborers,” Barthold said.

Biden also has a tot’s grip on what constitutes a “fair share” of income taxes. Like a second grader, he sees wealthy people and screams insults.

As Biden said on Sept. 16, if his plan is enacted, “the super-wealthy … can finally begin to pay their fair share of what they owe.”

But even a Cub Scout could use the IRS’ statistics to refute Biden’s remarks. The latest data show that in 2018, the top 1% of taxpayers earned at least $540,000 each. This group scored 21% of all national income and paid 40% of all federal income taxes.

And the bottom 50%? They earned less than $43,600 each, made 12% of national income, and paid a measly 3% of income taxes.

As childlike as is Biden’s mathematical prowess, he’s a veritable calculus professor compared with House Speaker Nancy Pelosi, D-Calif. Evidently, she never learned to count.

Concerning Biden’s budget, Pelosi told ABC’s “This Week”: “Let’s not talk about numbers and dollars. Let’s talk about values.”

The post Biden’s ‘Build Back Better’ Budget Gets ‘F’ for Its Second Grade Math appeared first on The Daily Signal.

The Daily Signal

The Daily Signal delivers investigative and feature reporting and the most important political news and commentary. The team is committed to truth and unmatched in knowledge of Washington’s politics and policy debates. We tell these stories in formats that respect your time and intelligence.

www.dailysignal.com
Tags: budgetBuild Back BetterHouse of RepresentativesJoe Bidenpoliticstaxes
<

Related Posts

Latest DOJ Leak Reveals a Specific Batch of Documents Sought by the FBI During Trump Raid

Latest DOJ Leak Reveals a Specific Batch of Documents Sought by the FBI During Trump Raid

August 12, 2022
Republican Lawmakers Say Trump Is ‘Fired Up,’ And Made Up His Mind About 2024 Following FBI Raid

Republican Lawmakers Say Trump Is ‘Fired Up,’ And Made Up His Mind About 2024 Following FBI Raid

August 11, 2022

IRS Seeking To Hire Agents To Carry Firearms And Be Ready To Use Deadly Force

August 10, 2022

Thomas Massie Exposes the DOJ’s Intent Behind the Seizure of Scott Perry’s Phone

August 10, 2022
Load More
Next Post
Donald J. Trump on Election 2020 and 2024

Donald J. Trump on Election 2020 and 2024

There Will Be No Return to ‘Normal’

There Will Be No Return to 'Normal'

Examining The Democrats’ Determination to Vaccinate Us All

Examining The Democrats' Determination to Vaccinate Us All

TODAY'S TOP STORIES

  • CDC Admits Scary Truths About Vaccine

    CDC Admits Scary Truths About Vaccine

    3 shares
    Share 0 Tweet 0
  • Doorbell camera catches deliveryman’s unfiltered response to an Anti-Biden doormat and it’s perfect

    0 shares
    Share 0 Tweet 0
  • New Details About the Mar-a-Lago Raid Are Truly Stunning, If True

    0 shares
    Share 0 Tweet 0
  • LEAKED: Items Taken in Trump Raid Revealed

    0 shares
    Share 0 Tweet 0
  • ‘Get her!’: Woman brings traffic to a halt starting a fight, then tries running away before eating pavement

    0 shares
    Share 0 Tweet 0

‘Preserve Your Documents’: McCarthy Threatens AG Merrick Garland With Investigation After FBI Raid Of Trump’s Home

by The Political Insider
August 10, 2022
0
‘Preserve Your Documents’: McCarthy Threatens AG Merrick Garland With Investigation After FBI Raid Of Trump’s Home
National Security

House Minority Leader Kevin McCarthy, expressing frustration with yesterday’s FBI raid of former President Donald Trump’s Mar-a-Lago home, sent a...

Read more

‘Civil War’ trending on Twitter after FBI raids Trump’s Mar-A-Lago

by ThinkCivics Newswire
August 9, 2022
0
National Security

FBI agents raided former President Donald Trump’s Mar-A-Lago club in Palm Beach, Fla. on Monday night. Among the wide ranging reactions from...

Read more

‘Some Third World Bulls***’ – Dan Bongino Goes Ballistic On Fox News Over FBI Raid of Trump’s Home

by The Political Insider
August 9, 2022
0
‘Some Third World Bulls***’ – Dan Bongino Goes Ballistic On Fox News Over FBI Raid of Trump’s Home
National Security

Fox News weekend host Dan Bongino, a former Secret Service agent, unleashed his anger over the FBI raid of former...

Read more

‘What Are Y’all Doing?’: Cruz Scorches FBI Director for Targeting Patriotic Symbols

by ThinkCivics Newswire
August 4, 2022
0
‘What Are Y’all Doing?’: Cruz Scorches FBI Director for Targeting Patriotic Symbols
National Security

In Thursday's Senate Judiciary Committee hearing with FBI Director Christopher Wray, Texas Republican Senator Ted Cruz took Wray to task...

Read more
These Are The Most (And Least) Livable Cities In The World
Economy

These Are The Most (And Least) Livable Cities In The World

by Zero Hedge
August 12, 2022
0

Pandemic restrictions changed the livability of many urban centers worldwide as cultural sites were shuttered, restaurant dining was restricted, and...

Read more
Joe Biden Accidentally Stumbles Upon the Truth About the ‘Inflation Reduction Act’
Economy

Joe Biden Accidentally Stumbles Upon the Truth About the ‘Inflation Reduction Act’

by RedState
August 10, 2022
0

Perhaps because they know kitchen table issues like the economy and inflation are typically the top priorities for voters come...

Read more
The 50 Most Radical Policies In ‘Inflation Reduction’ Act
Economy

The 50 Most Radical Policies In ‘Inflation Reduction’ Act

by ThinkCivics News Staff
August 8, 2022
0

Rep. Jim Banks (R-IN) has laid out the 50 most radical policies in the Inflation Reduction Act. Banks, the chairman...

Read more
Here’s the Truth About What ‘Inflation Reduction Act’ Will Do
Economy

Here’s the Truth About What ‘Inflation Reduction Act’ Will Do

by The Daily Signal
August 7, 2022
0

As Senate Democrats achieve their goal of jamming  through the so-called Inflation Reduction Act, reality is becoming clear: The bill...

Read more
Facebook Twitter RSS

Brilliantly

SAFE!

thinkcivics.com

Content & Links

Verified by Sur.ly

2022

Recent News

  • These Are The Most (And Least) Livable Cities In The World
  • World Economic Forum Calls For Merging Of Human And AI Intel To Censor “Hate Speech” & “Misinformation”
  • ‘You done lost your mind’: Porch pirate learns what happens when you try stealing from a gun owner

Category

  • Culture & Society
  • Economy
  • Editorials
  • Education
  • Elections
  • Energy
  • Environment
  • Faith
  • Health
  • Immigration
  • Military
  • National Security
  • Politics
  • Science & Tech
  • US News
  • Videos
  • World News

© 2022 ThinkCivics Media. All Rights Reserved.

  • Login
  • Sign Up
  • Cart
No Result
View All Result
  • Home
  • About
  • Store
  • Contact Us
  • Join
  • Contribute

© 2022 ThinkCivics Media. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.