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Taxes Went Down Under Biden


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On 4/3/2024 at 4:06 PM, red viking said:

Just saying. If I was a redneck winger I'd be saying "atta boy."

I think you are playing a little fast and loose.

Which taxes? 

The federal income tax rate has been unchanged since Trump cut most marginal rates in 2018. Prior to that Obama had added a 7th tax bracket to the existing 6 in 2013, but that only impacts the top ~1% of earners (not assets). And prior to that Bush phased in a tax cut over three years.

On the capital gains side, Reagan increased the LT gain tax in the late 80's before Clinton decreased them in 97.

 

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image.png.817d3f6ac9a1df93823f0f1604c439ba.png

https://economistwritingeveryday.com/2024/01/31/why-was-federal-tax-revenue-down-in-2023/

When Treasury Secretary Janet Yellen took up this question in October 2023, she also zoomed in on the drop in individual income tax receipts, and further she claimed “The decrease in receipts for FY 2023 compared to FY 2022 can be attributed to $456 billion lower individual income tax receipts as capital gains realizations fell.” Capital gains! That could be the culprit (note: she is using fiscal years rather than calendar years as I am, so the numbers are not exactly the same). She also mentions the decrease in deposit earnings by the Fed, but in her calculation this is also much smaller than income taxes.

So capital gains fell.   Interesting.   But the economy was doing so good?   Rates didn't change, but the economy didn't do so well.   We can thank Biden for that, just like you say RV.    But look!!!    Revenues are projected to go up and up and up from 2023 to 2028.    This should make you very happy.   What should make you even happier you deficit hawk you, is if Congress reigns in spending to match the revenue.   Now that would be cause for celebration.  

mspart

 

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On 4/3/2024 at 5:06 PM, red viking said:

Taxes Went Down Under Biden :  If I was a redneck winger I'd be saying "atta boy."

Yet government got bigger, the value of our collective savings accounts decreased, we can't buy as much stuff, and our great grandchildren are burdened with the largest debt in the history of the world due to spending out of all proportion to any actual government function or valid authority to do.

No "atta boy" for that.  Redneck wingers, and even soccer moms, know economics better than Biden & the Swamp People and their carnival barkers shilling for them in the leftie (i.e. 90 % of all) media.

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The cost of owning a medium valued house has doubled since 2021.  Maybe this is another reason for no "atta boy" cheers.  And also, maybe, why capital gains taxes have cratered.  People are hoarding assets which represent real value and borrowing money which will surely be devalued soon thereby resulting in Biden's tax cut.  

The following article points out the consequences with respect to median housing costs vs median household income:  ttps://jewishworldreview.com/0424/antoni040524.php

The Fed has a target of 2% inflation.  This is a core problem. 0% inflation should be the target.  A unit of work today is worth the same for the rest of my life.  If I spend 7 units of my work every day and save 1 unit of my work that saved work value (money) should have the same value when I want to spend it 50 years later.  2% inflation target results in my $1.00 saved at age 20 is worth $0.37 when I am 70 and need to use it.  That is official government goal and policy.  The actual numbers are far worse.  $1.00 saved in 1974 is worth $0.16 today.  We targeted 2% but achieved an average of 3.75%.  How about targeting 0% and then if we miss the goal we average about 1.75%?  

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19 hours ago, Lipdrag said:

The cost of owning a medium valued house has doubled since 2021.  Maybe this is another reason for no "atta boy" cheers.  And also, maybe, why capital gains taxes have cratered.  People are hoarding assets which represent real value and borrowing money which will surely be devalued soon thereby resulting in Biden's tax cut.  

The following article points out the consequences with respect to median housing costs vs median household income:  ttps://jewishworldreview.com/0424/antoni040524.php

The Fed has a target of 2% inflation.  This is a core problem. 0% inflation should be the target.  A unit of work today is worth the same for the rest of my life.  If I spend 7 units of my work every day and save 1 unit of my work that saved work value (money) should have the same value when I want to spend it 50 years later.  2% inflation target results in my $1.00 saved at age 20 is worth $0.37 when I am 70 and need to use it.  That is official government goal and policy.  The actual numbers are far worse.  $1.00 saved in 1974 is worth $0.16 today.  We targeted 2% but achieved an average of 3.75%.  How about targeting 0% and then if we miss the goal we average about 1.75%?  

Bush was a great president for decreasing the price of housing back in 2007-2008. Not enough people give him credit for that. 
 

Obama then screwed that up during his presidency, as prices went up significantly over those 8 years and have gone up since. 

Edited by billyhoyle
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