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Thanks, Biden!!!

BabyBoomer50s said:
Yes, on the surface Biden appears to be at odds with his Treasury Secretary. However, there might be a fundamental difference between the G20 proposal that Yellen rejects and the billionaire tax that Biden proposed.

My understanding is the G20 would like to impose a 2% annual tax on the assets owned by the richest people in the world.

My understanding of Biden’s proposal is that he’d like to impose a 25% tax on the income of people who possess the greatest concentration of wealth.

In other words, the G20 wants to tax assets of the wealthiest. Biden wants to tax income of those who have assets worth billions.

My interpretation of the two proposals could be wrong. I can’t find many details about either proposal but it’s hard to imagine that Biden is proposing taxing total assets at 25%. That would imply the taking nearly all the assets of billionaires in just four years.
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Well there IS a problem there. A tax on income already exists so the Biden proposal, if restricted to income, is more or less meaningless. The marginal tax rate on anyone earning over $578,126 is already 37%.

My understanding is that a 'wealth' tax is a tax on unrealized earnings. If you play the numbers out you quickly realize that the stock market will be gutted and risk capital investment will cease.
 
There is an absolute shit load of money out there. Today I drove though a couple of areas I don't get to more than about once every couple of years. Everywhere I looked, new construction ... residential, retail, commercial, industrial, HUGE industrial, plus a lot of areas being cleared with no indication as to why. One place was a massive industrial complex with several new roads and at least 4 large cranes working.

No one can tell me the economy is hurting after what I saw today.
 
jaF0 said:
There is an absolute shit load of money out there. Today I drove though a couple of areas I don't get to more than about once every couple of years. Everywhere I looked, new construction ... residential, retail, commercial, industrial, HUGE industrial, plus a lot of areas being cleared with no indication as to why. One place was a massive industrial complex with several new roads and at least 4 large cranes working.

No one can tell me the economy is hurting after what I saw today.
Click to expand...

But under the corrupt orange traitor, many got "free money" from stimulus checks, so “the economy was better". (Google "Stimmy").

🙄

I’ve actually seen interviews with some people who cite "Stimmys" as the reason they’re opting for the corrupt orange traitor.

🙄

Ironically, it was primarily Democrats who helped get those stimulus benefits to the people in need.

😑

Democrats are terrible at messaging.

🤬
 
Last edited:
"During a news conference on the Capitol steps, Senate Majority Leader Chuck Schumer said that Democrats were not only on track to confirm more lifetime judgeships than the Trump administration, but also that the slate of Biden nominees have been among some of the most diverse ever selected for the federal judiciary.

“For too long, the bench didn’t look like America,” Schumer said, “it only looked like a portion of America. We’re making our courts look more like America, something we can all be proud of.”

The Biden administration has confirmed twice as many women and three times as many people of color compared with the Trump administration, the majority leader said. There’s also professional diversity among the judges confirmed under Biden, he added.

“It’s not just partners at big law firms and prosecutors,” said Schumer. “We have public defenders, we have legal aid lawyers, consumer lawyers, immigration lawyers — lawyers who have represented all kinds of people who deserve representation on the bench.”"


https://www.courthousenews.com/sena...-amid-partisan-slugfest-over-latest-nominees/
 
Did we catch this line about Donny's nominees?

"“It’s not just partners at big law firms and prosecutors,”


Is there money to be followed?
 
Buffalogurl said:
Obiden releases 1 million barrels of gasoline from northeast reserve in a bid to buy votes.... or my favorite, Obiden releases 1 million barrels of gasoline from Northeast reserves in a bid to manipulate the market.... There fixed it for you..
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"The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said.

The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.

The Energy Department said the sale of 1 million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving"

Best not hear from you bitching about the price of gas.....
 
Buffalogurl said:
Obiden releases 1 million barrels of gasoline from northeast reserve in a bid to buy votes.... or my favorite, Obiden releases 1 million barrels of gasoline from Northeast reserves in a bid to manipulate the market.... There fixed it for you..
Click to expand...

Thanks Fuzzy for the added information! I was skeptical about posting this because there are a number of economists who believe this will have limited impact on pricing and I, as many have pointed out on the PB with frustration, also know that the president has virtually nothing to do with the day to day pricing of gasoline. But I eventually decided on posting because I believe that this president realizes the positive optics of this move and also because this was a sucker bait story for dimwitted conservatives who complain constantly about gas prices and inflation to latch on to. Honestly BG, I didn't think that it would be YOU who would be the dimwitted one. You disappoint me :(. No, sincerely, I mean that - I'm really disappointed in you commenting. Anyway, how's the fam? You good? Healthy?
 
https://www.reuters.com/article/idUSKBN22C1V3/

Trump blackmailed Saudi into raising oil prices in order to increase profits for Big Oil. This is well known, however MAGATs whine about President Biden making efforts to lower oil prices. Apparently manipulating markets to support Americans is bad, but manipulating markets to benefit Exxon is good.

There are some weird people in America.
 
Chobham said:
Well there IS a problem there. A tax on income already exists so the Biden proposal, if restricted to income, is more or less meaningless. The marginal tax rate on anyone earning over $578,126 is already 37%.

My understanding is that a 'wealth' tax is a tax on unrealized earnings. If you play the numbers out you quickly realize that the stock market will be gutted and risk capital investment will cease.
Click to expand...
It depends on the structure of the wealth tax.

Other countries have tried various approaches. some, with relatively long-term consequences, are more akin to the inheritance tax that was applied pre-Reagan. those don't disrupt stocks, bonds, or capital investments.

For what it is worth, there are a number of ways to go after "wealth" without trying to inventory the value of various properties. One easy way ... tax proceeds of loans as if they were income. Have exemptions and allow tax credits, but if the money is simply supporting a lifestyle, it ought to be taxable. (p.s. -- that would have applied to me for a few years)
 
Drizdart said:
It depends on the structure of the wealth tax.

Other countries have tried various approaches. some, with relatively long-term consequences, are more akin to the inheritance tax that was applied pre-Reagan. those don't disrupt stocks, bonds, or capital investments.

For what it is worth, there are a number of ways to go after "wealth" without trying to inventory the value of various properties. One easy way ... tax proceeds of loans as if they were income. Have exemptions and allow tax credits, but if the money is simply supporting a lifestyle, it ought to be taxable. (p.s. -- that would have applied to me for a few years)
Click to expand...

A sales tax on stocks and real estate might be the easiest way to tax wealth.
 
^^^ The easiest way, at least to start, is an absolute minimum rate for both businesses and individuals. We've all heard how The Giant Orange Toddler says he only paid $750 in income tax one year and how billion dollar corporations don't pay taxes. Make it so that can't happen, so that no amount of deductions, credits, exemptions or any other trickery can reduce taxes below a calculated threshold based on gross income.
 
post 6 and consequent posts in the guns/fentanyl thread here:

https://forum.literotica.com/thread...ing-the-fentanyl-and-border-problems.1610821/

This entire situation was started under the Obama regime, named operation fast and furious..... Google it..... these guns, most of them were acquired from law enforcement agencies that were confiscated from criminals, that shit stain Eric holder was very instrumental in this disaster. Understandably the Mexican government was pissed about the situation. (The gun laws in Mexico are extremely restrictive).... how's that working out for the Mexicans? Further more it was exposed the wet backs illegally crossing the border (some of them had family in the border states) were acquiring guns from "straw" purchases then taking them back to Mexico.... all of this is illegal.... but yet it continues......
Click to expand...
 
U.S. Gasoline Prices Continue to Drop

As of May 31, 2024, the AAA national average showed $3.559 per gallon of regular gasoline. That’s down from $3.609 per gallon a week ago and $3.657 a month ago. At this time last year, Americans paid $3.576 per gallon for regular gasoline, per AAA data.

“Gas prices will likely keep up this slow sag now that we are past the Memorial Day travel weekend and more locations, east of the Rockies, will be selling gas below $3 a gallon,” Andrew Gross, AAA spokesperson, said in a statement on Thursday.
Click to expand...

🎉

Over the past few weeks, Middle East tensions have eased, while U.S. refinery activity has increased after the end of seasonal maintenance, contributing to a decline in average retail gasoline prices.
Click to expand...
 
And thanks, Biden, for not trying to weaponize the DOJ like Trump tried to do with Jeff Sessions and Bill Barr, and is planning to try again if he gets elected. No weaponization of the Justice Department is ever appropriate.

The MAGAts keep getting indicted and convicted due to their own rampant criminality.
 
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