Posted on 05/23/2020 2:48:11 PM PDT by E. Pluribus Unum
Former Vice President Joe Biden said Friday that the Trump administration’s tax cuts had hurt the government’s ability to support the economy in the pandemic and that emergency loans were only going to big business, leveling the baseless claims even as he blamed the White House for programs under the purview of the Federal Reserve.
“Let’s reverse the Trump Tax Cut. Imagine if we had that $2 trillion now, as we go into, God willing, a recovery, which is a long way away as I see it right now,” Biden said in an interview with the anchors of CNBC’s “Squawk Box.”
While Biden’s sentences were more a word jumble than a clear policy statement, the presumptive Democratic nominee for president appeared to be arguing that the historic 2017 tax cuts had deprived the U.S. government of funds needed now that the economy has been thrown into the deepest slump since the Great Depression.
Claims that tax cuts cripple government or leave it unable to spend have been leveled for years by Democrats, though no evidence of such tax-based constraints has been found. To the contrary, Congress has been able to authorize trillions in new spending and the Trump administration has signed three phases of economic aid so far—and it already planning a phase four deal.
Stephanie Kelton, a former economic adviser to Bernie Sanders’ campaign, explained the lack of fiscal constraint several months ago in an op-ed for Bloomberg.
(Excerpt) Read more at breitbart.com ...
Democrats screwed up the response...on purpose.
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Tax cuts typically increase revenue to The Treasury.
I'm going to go out on a limb and call b.s.
I cant stomach joe trying to sound intelligent. its painful...
What a jackass!
Tax revenues when Trump was elected were about 5.3T per quarter. Q4, ‘19 they were about 5.8T. But it has been on that trend since the the second year of obama’s second term.
On the chart there was a spike for Q4, 2017 that had receipts over 6.5T. Not sure what that was about.
FN mentioned this week (May 17, 2020) that a chunk of CDC’s budget was being used for things that are out of the scope of CDC’s mission, basically to buy votes for desperate Democrats imo. So despite what Biden wants us to think about tax cuts, it’s not surprising that CDC wasn’t ready for a pandemic.
Insights welcome.
Now that I read slo joe’s comments, it sounds like he is thinking of the $2T that was in the CARES act. Which of course has nothing to do with tax revenue. He has a difficult time with numbers. I imagine that would be the first thing to show up with a brain disorder. Words we use all the time, but working with numbers is much less frequent.
Yes, he is confused about the corona stimulus. I don’t think we’re going to make much more sense out of what he says.
The CDC was too busy trying to outlaw vaping (which is a thousand times safer than smoking) to do their actual job.
Ironically, the Hoover Administration raised taxes dad the beginning of the Great Depression, and it made things (as logic would dictate) worse. FDR repeated the mistake by implementing Social Security in 1936, leading to a significant downturn in 1937.
This is what this guy is advocating. Trump is going to mop the floor with this guy.
At best brain-addled slow-joe isn’t saying anything . He attempts to say what he is told to say...but it difficult when one’s brain is so obviously failing and dieing. While the head of a successful criminal family , Slo-Joe is fading fast. By election day, he will likely be strapped to a gurney some where in his basement . His hair - sniffing days are soon over.
FUJoe
If tax cuts hurt then I suppose nobody would’ve received a $1200 check either
Joe has wanted to repeal the Trump tax cuts for years. Check my tagline for the quote and date
Dear Joe. You are a pathetic pinhead politician, and represent the least America has to offer. Almost every dollar that goes to government, and spent by people like you, Joe, is wasted - in comparison with what the private sector could and would do with that same dollar. Pretty much everything people like you do is either self-aggrandizing, ineffective, or destructive.
Joe’s a tard.
Great agenda item for his virtual rally: All you rally attendees, mail back your tax cut so I can have it to spend on what I want to spend it on. Trump should never have given it to you. And I don’t care if you’re unemployed right now. Mail it back anyway. I need it more than you do. Thanks, your buddy, Basement Joe.
Even before the Covid spending the government was on track to run up a trillion dollar deficit so inability to spend doesn't seem to be their problem.
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