Progressive-Democratic Party politicians claim they want to prevent a future [debt ceiling] standoff by trying to defuse the borrowing limit as a weapon.
Congressman Brendan Boyle (D, PA), the top Democrat on the House Budget Committee, said there is an increasing number of Democrats who want to fundamentally change the debt-ceiling process, with many colleagues recognizing it is “just insanity to keep doing this over and over and over again.”
Boyle also said this, as though it were a bad thing:
Because we have been fixated on this issue for months and months, we are dramatically behind on all the rest of the legislative work that Congress has to get done.
Even The Wall Street Journalis in on the artificial…excitement…act. Congress has just a few days to pass a bill before June 5 deadline goes the subheadline.
It’s not much of a deadline, with revenue flowing in under existing tax laws that’s more than sufficient to pay as scheduled the principal and interest on our nation’s debt, and then the scheduled payments for our soldiers and veterans, and then the scheduled payments for Social Security and Medicare along with the scheduled transfers to the States for Medicaid, and then the scheduled payments for HHS, then DoT (for good or ill), then DoEd (for good or ill), then….
This is for the benefit of those who demand the Evil Rich “pay their fair share.” The rest of us—us ordinary Americans—already know the facts of the matter.
As noted at the bottom of the graph, the data are from the Congressional Joint Committee on Taxation, which is comprised of nonpartisan tax specialists. WSJ staff did the analysis.
Those Evil Rich, boy, they’re only paying 39% of the total income taxes remitted, nearly two-and-a-half times their proportion of income earned across the nation, while the working poor are paying a whopping 6%, or just under a third of their proportion of income earned.
Arizona’s Progressive-Democrat Governor Katie Hobbs has vetoed a bill that would have barredcities and municipalities from taxing food purchases. Hobbs’ rationalization went like this:
The bill, originally unveiled as a way to mitigate inflation, does not take effect for more than two years. What’s more, it does nothing for the more than 800,000 Arizonans who use SNAP and WIC benefits for their groceries, as these constituents are already exempt from the tax.
Hobbs’ first beef might seem like a reasonable objection, and one easily corrected. However, it’s reasonable, also, to give those cities and municipalities whose budgets currently use those food taxes time to adjust their budgets.
As for the much-discussed federal debt, the nearby chart shows how fast it has grown in the last several years. Debt held by the public—the kind we have to pay back to creditors like the Chinese and Japanese based on contracts—is now 97% of the economy, and will soon rise to 100% and keep going to 118.2% in 2033. How high can it go before creditors stop lending? No one knows, but it will be ugly if they do.
President Joe Biden (D) has long claimed that his tax-raising plan and his IRS would not target anyone making less than $400,000 per year. He repeated that claim in his State of the Union speech last Tuesday.
Under my plan, nobody earning less than $400,000 a year will pay an additional penny in taxes.
The proposed SITCA [Service Industry Tip Compliance Agreement] program is designed to take advantage of advancements in point-of-sale, time and attendance systems, and electronic payment settlement methods to improve tip reporting compliance.
Minnesota’s Progressive-Democratic (formally, Minnesota Democratic–Farmer–Labor) governor, Tim Walz, is proposing a “tax cut” of up to $2,600 for Minnesotans. His plan calls for income tax credits, paid in the form of checks to recipients rather than reductions in taxes owed at tax filing time, for Minnesotans. The checks would be for
$2,000 for families with incomes below $150,000, and $1,000 for single filers making less than $75,000. They would be exempt from federal taxes. Taxpayers could also get an additional $200 for each dependent—up to three.
The State of California wants to tax the Evil Rich even if they aren’t citizens of that State, but only visit or otherwise are there part-time.
California Democrats have introduced a bill in the state legislature that would impose a tax on the state’s highest earners that would include residents who live there part-time or have moved.
The tax will apply to every resident, regardless of whether they are in the state part-time or temporarily. It will also allow the state to pursue wealth taxes from former residents who built their wealth in California but moved.
They failed to live down to the claims of the Progressive-Democratic Party politicians who’ve decried them since their enactment. They’ve also exceeded the expectations of the CBO.
The government collected a record $4.9 trillion in revenue last year, according to the latest report from the Congressional Budget Office, a nonpartisan federal agency. That’s nearly $500 billion higher than what the CBO had projected.
In particular, those Left-hated reductions in corporate taxes didn’t yield the Left-promised drop in Federal revenue:
Receipts from corporate income taxes, meanwhile, were $425 billion, exceeding CBO’s projection by 25%….
The House—in particular, the majority Republicans—along with too many so-called defense journalists are having trouble with a rule that potentially leads to defense spending cuts, a particular anathema in today’s environment of a Russia at war and a People’s Republic of China threatening war.
However, the fact is defense spending has always been vulnerable to cuts, particularly by the Progressive-Democratic Party and its predecessor Democratic Party. The proposed rule just makes the potential explicitly stated. But it does not mandate defense spending cuts; it mandates spending cuts in one (or more) places if there are to be spending increases in other places. Quoting from the proposed rules: