{"id":2289381,"date":"2024-07-05T06:44:59","date_gmt":"2024-07-05T10:44:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buried-beneath-bidens-terrible-debate-performance-are-even-worse-tax-plans-washington-examiner\/"},"modified":"2024-07-05T06:50:16","modified_gmt":"2024-07-05T10:50:16","slug":"buried-beneath-bidens-terrible-debate-performance-are-even-worse-tax-plans-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buried-beneath-bidens-terrible-debate-performance-are-even-worse-tax-plans-washington-examiner\/","title":{"rendered":"Buried beneath Biden\u2019s terrible debate performance are even worse tax plans &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fburied-beneath-bidens-terrible-debate-performance-are-even-worse-tax-plans-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2289381&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses President Joe \u200dBiden&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-report-from-inside-biden-camp-reveals-concerning-degree-to-which-hunter-and-jill-are-pulling-the-strings\/\" title=\"New Report from Inside Biden Camp Reveals Concerning Degree to Which Hunter and Jill Are Pulling the Strings\">poor debate\u2062 performance<\/a> and the focus on his mental \u200bdecline rather than the substance of\u200c his policies. Biden&#8217;s tax and spending plans are criticized for being unrealistic and ineffective, with the\u2064 article highlighting the inaccuracies in Biden&#8217;s statements about taxing billionaires and addressing \u2063the national debt. The author \u200dargues that Biden&#8217;s\u2063 tax plan does not spare households earning under $400,000 and that the Tax Cuts and Jobs\u200b Act of 2017 was progressive in its relief for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thatll-do-it-treasury-sec-yellen-asks-irs-to-please-not-increase-audits-on-the-middle-class\/\" title=\"That&#039;ll Do It: Treasury Sec Yellen Asks IRS to Please Not Increase Audits on the Middle Class\">lower-income earners<\/a>. the article highlights the flaws in Biden&#8217;s tax proposals and the need for a more realistic approach to economic policies.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><br \/>\n<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-logo-a\" href=\"https:\/\/www.washingtonexaminer.com\/\" title=\"Washington Examiner\"><span class=\"tdb-logo-img-wrap\"><\/span><span class=\"tdb-logo-text-wrap\"><span class=\"tdb-logo-text-title\">Washington Examiner<\/span><\/span><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\">\n<div class=\"tdb-search-form-inner\"><input class=\"tdb-head-search-form-input\" placeholder=\" \" type=\"text\" value name=\"s\" autocomplete=\"off\"><button class=\"wpb_button wpb_btn-inverse btn tdb-head-search-form-btn\" title=\"Search\" type=\"submit\"><span>Search<\/span><\/button><\/div>\n<\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-logo-a\" href=\"https:\/\/www.washingtonexaminer.com\/\" title=\"Washington Examiner\"><span class=\"tdb-logo-img-wrap\"><\/span><span class=\"tdb-logo-text-wrap\"><span class=\"tdb-logo-text-title\">Washington Examiner<\/span><\/span><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-sacff-txt\">Opinion<\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Buried beneath Biden\u2019s terrible debate performance are even worse tax plans<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-author-name-wrap\"><span class=\"tdb-author-by\">By<\/span> <a class=\"tdb-author-name\" href=\"https:\/\/www.washingtonexaminer.com\/author\/tiana-lowe-doescher\/\">Tiana Lowe Doescher<\/a><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><time class=\"entry-date updated td-module-date\" datetime=\"2024-07-05T05:45:00-04:00\">July 5, 2024 5:45 am<\/time><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1692365\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title>Joe Biden<\/a>\u2018s slack-jawed, rasping, floundering, and all-around incoherent dumpster fire <a href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/3066534\/new-post-debate-poll-trump-clear-lead-over-biden-pennsylvania\/\" target=\"_blank\" rel=\"noopener\" title>debate performance<\/a> has drowned out any iota of substance from the news cycle in the aftermath. Not even barbs about former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title>Donald Trump<\/a>\u2018s pending criminal sentencing or whether the soon-to-be 2024 Republican nominee once had sex with a porn star have penetrated the headlines, which remain solely obsessed with the senility of our sitting president.<\/p>\n<p>It\u2019s the decrepitude and dotage that <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/biden-administration\/\" target=\"_blank\" rel=\"noopener\" title>Biden staffers<\/a> have carefully concealed by cordoning him off from public view between sundown and sunrise. But it\u2019s a palpable and precipitous mental decline that has consumed the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/democratic-party\/\" target=\"_blank\" rel=\"noopener\" title>Democratic Party<\/a> in a panic, our allies abroad in grave concern, and Americans across the spectrum in outrage that the commander in chief has been asleep at the wheel.<\/p>\n<p>All of this is to say that given the successful distraction of Biden\u2019s catastrophic \u201cstyle\u201d in stumbling through the debate, much less attention has been paid to the dismal substance of his answers. Considering that Biden\u2019s 90-minute meltdown on June 27 effectively began when he stammered only to brag outlandishly that \u201cwe finally beat <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/medicare\/\" target=\"_blank\" rel=\"noopener\" title>Medicare<\/a>\u201d in response to queries about his fiscal policies, it\u2019s worth examining just how terrible Biden\u2019s tax and spending plans were when he actually managed to explicate them.<\/p>\n<p>Core to the Democratic Party\u2019s overall platform is the delusion people can have their cake and eat it, too. Biden laid into Trump for cutting taxes with the Tax Cuts and Jobs Act of 2017, but he also promised to extend all the tax cuts that apply to households earning under $400,000. While Biden promised to \u201cfix the tax system,\u201d he didn\u2019t explain his current tax proposal, instead attacking a straw man.<\/p>\n<p>\u201cWe have a thousand trillionaires in America \u2014 I mean, billionaires in America \u2014 and what\u2019s happening?\u201d Biden rambled on the debate stage. \u201cThey\u2019re in a situation where they, in fact, pay 8.2% in taxes. If they just paid 24% or 25%, either one of those numbers, they\u2019d raise $500 million \u2014 billion dollars, I should say \u2014 in a 10-year period. We\u2019d be able to wipe out his debt.\u201d<\/p>\n<p>It should shock nobody that none of the above is true.<\/p>\n<p>The 8% lie that Biden has repeatedly touted refers to the tax rate on asset growth including <em>unrealized<\/em> gains, such as retirement plans and stock holdings that haven\u2019t actually been sold or liquidated. In reality, Biden\u2019s own Treasury has conceded that our income tax system remains highly progressive, with the top 1% of earners paying an effective 31.5% tax rate on their total earnings, compared to the 27% paid by the top decile of earners overall, the 10%-12% paid by average earners, and the negative income tax rate enjoyed by the bottom quintile of earners.<\/p>\n<p>And Biden embracing the Bernie Sanders tact of lying that billionaires can simply foot the bill that he has expanded by the trillions conceals the sheer scope of the problem. Data from <em>Forbes<\/em> indicate that the combined wealth of all the billionaires in the country only amounts to about $5.5 trillion, and that valuation indeed includes unrealized gains and holdings. Even if you liquidated all the holdings of every billionaire in the country, Soviet-style, and threw them in the Gulag, that $5.5 trillion would cover roughly two years of our existing annual $2 trillion deficits, not a crumb extra to pay for \u201cchild care\u201d or \u201celder care,\u201d as Biden promised. (And it\u2019s worth noting that we do have a socialized elder care system called Social Security, and<a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/beltway-confidential\/2767476\/biden-must-reform-social-security-if-he-wont-stand-for-benefit-cuts\/\" target=\"_blank\" rel=\"noopener\" title> Biden\u2019s current plan is to bleed it dry until benefits are slashed by 21% in nine years<\/a>.)<\/p>\n<p>Biden\u2019s actual tax plan doesn\u2019t spare those households earning fewer than $400,000, and contrary to his claims otherwise, the TCJA was progressive, both in its immediate income tax relief for lower-income earners as well as the demonstrable downstream effect of improved GDP growth.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>The real problem, of course, is spending, not taxes. Individual income and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/timothy-nash-brace-yourself-america-these-things-are-going-to-get-expensive\/\" title=\"Timothy Nash: Brace Yourself, America: These Things Are Going to Get Expensive\">corporate tax revenue<\/a> as a share of GDP for 2024, at the height of the TCJA\u2019s implementation, is 8.6% and 1.8%, the latter of which is the same as the average of the 40 years prior and the former of which is higher than the historical average. By contrast, outlays are dramatically departing from the historical norm. Whereas federal spending only consumed 21% of our annual economic output, that number soared to 22.7% last year and 24.2% this year. As we rack up this debt, the debt itself is becoming more expensive, with net interest costs up 42% from just last year and total interest payments already outpacing what we spend on our entire defense budget.<\/p>\n<p>Blaming Trump\u2019s tax cuts is easy, but Biden\u2019s real problem is one he refuses to solve, lest Democrats admit we have an addiction to spending.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1692365\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1692365\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><a class=\"tdb-logo-a\" href=\"https:\/\/www.washingtonexaminer.com\/\" title=\"Washington Examiner\"><span class=\"tdb-logo-img-wrap\"><\/span><span class=\"tdb-logo-text-wrap\"><span class=\"tdb-logo-text-title\">Washington Examiner<\/span><\/span><\/a><\/div>\n<p><\/body><\/html><\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Biden&#8217;s poor debate performance has overshadowed the even worse tax plans he presented. Despite the focus on his mental decline, it is important to examine the substance of his tax and spending proposals. Biden&#8217;s claims about tax rates and the ability of billionaires to cover the costs of his plans are misleading. The real issue lies in excessive spending, not taxes. Biden&#8217;s failure to address this problem shows a reluctance to admit the country&#8217;s addiction to spending<\/p>\n","protected":false},"author":2693,"featured_media":2289382,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Biz.Tatiana.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[3620,32337,33978],"class_list":["post-2289381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-biden","tag-debate-performance","tag-tax-plans"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/07\/Biz.Tatiana.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2289381","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2693"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2289381"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2289381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2289382"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2289381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2289381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2289381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}