Jump to content
Sign in to follow this  
Woody

Study: Biden’s Legislative Agenda to Kill 5.3 Million Jobs, Generates $4.5 Trillion Debt

Recommended Posts

Sloppy Joe is such a nice guy.  :niterider:

 

GettyImages-1235525787-e1632760746323-64

 

President Biden’s big government legislative agenda will kill 5.3 million jobs and generate $4.5 trillion in debt, according to a Monday study by the Texas Public Policy Foundation.

The study also suggests the United States’ gross domestic product (GDP) will be reduced by $3.7 trillion, nearly the cost of the massive $3.5 trillion reconciliation package.

Biden’s legislative agenda will additionally cost American families a combined $1.2 trillion in reduced income via tax increases to pay for the costly package, the study reveals.

The study also broke down the costs of Biden’s social welfare spending by state, analyzing Texas, Arizona, and West Virginia.

Arizona, where Sen. Kyrsten Sinema (D-AZ) resides and who is opposed to much of Biden’s massive tax and spending, will absorb $97 billion of the cost and the destruction of 115,000 jobs.

West Virginia will absorb $24 billion of the cost and the destruction of 29,000 jobs. Those costs are set to effect the state of Sen. Joe Manchin (D-WV), who has also suggested he is opposed to the expense and a few radical left provisions of the reconciliation package.

Texas will absorb for more than both states combined. The lone star state will be saddled with $394 billion in cost and 467,000 jobs lost.

The Texas Public Policy Foundation’s study summarizes the following impacts of the tax and spend agenda:

  • Top marginal income tax rates with federal, state, and local taxes are over 65%.
  • Corporate tax rate up by a quarter to 26.5% for third highest combined rate of 30.9% in OECD.
  • Marginal tax rate increase of 13 percentage points on some households.
  • Capital gains tax rate up by 25%.
  • Marginal income tax rate on some small businesses raised by 24%.
  • Multiple severe marriage penalties are imposed.
  • Effective tax rate on large estates before state and local taxes is 61.1%.
  • Taxes raised on tobacco and vapor products, primarily used by those earning less than $400,000.
  • International taxes on businesses raised by over 20%.
  • $6.89 tax raised per barrel on imported petroleum and increase tax with inflation.
  • Capital gains tax rate increased, unrealized gains taxed at death, death tax increased, and step-up basis eliminated.
  • Cap on SALT deduction removed.
  • Redistributing $6.2 trillion in government spending slows growth.

The following is the impact from the legislation on families, according to the study:

  • National Debt increase is an extra $35,439 in debt on each American household.
  • Jeopardizes family farms and businesses when original owner dies.
  • Marriage penalty on small business owners as high as $130,200 annually.
  • Median family’s income drops by $12,000.
  • Removing cap on SALT deduction: Middle class family receives just $15 while wealthy Democrat donors in blue states receive $150,000.

The impact on business is as follows, the study details:

  • Lost investment of $663 billion.
  • Taxing unrealized capital gains yields 43.4% less revenue than expected.
  • Corporate tax rate hikes reduce wage growth by 23.1% for employees.
  • International tax rate hikes reduce full-time employment by 12,000 jobs.
  • U.S. tax competitiveness would fall from 21st to 30th.

LINK

 


 
 
 
 
 
 
 

Share this post


Link to post
Share on other sites

I'm curious how an infrastructure bill will kill jobs

  • Trump 1

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

Share this post


Link to post
Share on other sites

Another lie he told to assuage people who thought he would be radical - which he is. Of course the trick wordplay was that your income taxes would not go up but there would be an increase on consumable taxes which hurt who the most? People who aren't rich. I find it hilarious that he wants to bring back SALT which only benefits wealthy people because those taxes only affect higher valued property. Communism for thee but not for me!

  • Like 1
  • Thanks 1

Sack "The Buffalo Range's TRUSTED News Source!"

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” ~ Dresden James

Parler @NYexile

 

 

 

Share this post


Link to post
Share on other sites
23 minutes ago, Philly'sFinest said:

Biden hasn't built back a single thing better...quite the opposite, actually.

This would be no different. 

Don't forget the Taliban.  He built them back better than ever.  :niterider:

 

  • Haha 2

 
 
 
 
 
 
 

Share this post


Link to post
Share on other sites
9 minutes ago, Thebowflexbody said:

BIDEN IS TERRIBLE

The worst


Ed Oliver is my adopt-a-Bill

Share this post


Link to post
Share on other sites

Ok, I’ll bite. What’s your solution to our crumbling infrastructure?

The last guy had infrastructure week for 4 years and didn’t do squat.
 

The USA is sorely lacking a modern infrastructure to support a 21st century economy.  We’ve been kicking the can down the road for years and it’s time to build it out. 

  • Like 1

Share this post


Link to post
Share on other sites

Pass the $500 billion bipartisan bill. It has real infrastructure in it. $110 billion for roads and bridges. The $3.5 trillion dollar bill is full of stuff like childcare, healthcare, immigration care, climate change that isn’t infrastructure. Disguising your agendas as something, that everyone thinks needs to be fixed, like infrastructure, just to sneak it through, is immoral.

  • Thanks 1

Ed Oliver is my adopt-a-Bill

Share this post


Link to post
Share on other sites
1 hour ago, Nuke said:

Pass the $500 billion bipartisan bill. It has real infrastructure in it. $110 billion for roads and bridges. The $3.5 trillion dollar bill is full of stuff like childcare, healthcare, immigration care, climate change that isn’t infrastructure. Disguising your agendas as something, that everyone thinks needs to be fixed, like infrastructure, just to sneak it through, is immoral.

I would say Child Care and Climate change are pretty important things. Health Care is a completely different animal and immigration care is easy, stop letting thousands of immigrants in here en masse like we've had for the last year


“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

Share this post


Link to post
Share on other sites

What happened to Obama's "shovel ready jobs" bill that was going to rebuild the infrastructure?

Biden's bill is so bad, democrats are coming out against it.

 

  • Like 1

Share this post


Link to post
Share on other sites
10 hours ago, Nuke said:

Pass the $500 billion bipartisan bill. It has real infrastructure in it. $110 billion for roads and bridges. The $3.5 trillion dollar bill is full of stuff like childcare, healthcare, immigration care, climate change that isn’t infrastructure. Disguising your agendas as something, that everyone thinks needs to be fixed, like infrastructure, just to sneak it through, is immoral.

When childcare costs more than you're making at your job, it's an important piece of the puzzle.  When healthcare insurance for a family of 4 is running over $2k/month - it's an important piece of the puzzle. 

 

Climate change is infrastructure.  As we move forward, addressing our infrastructure in relation to our new climate reality is important.  Further independence from fossil fuels, rebuilding our ports for the increase in storm volatility and rising sea level, more efficient intermodal options, up to date and accessible cell/internet for rural areas - these are important pieces to our National economy, especially if we want to keep pace with our competitors abroad. 

  • Thanks 1

Share this post


Link to post
Share on other sites
16 hours ago, foster said:

Ok, I’ll bite. What’s your solution to our crumbling infrastructure?

The last guy had infrastructure week for 4 years and didn’t do squat.
 

The USA is sorely lacking a modern infrastructure to support a 21st century economy.  We’ve been kicking the can down the road for years and it’s time to build it out. 

Hmmmmmmmm.  I'd say pass a bill THAT ACTUALLY TARGETS INFRASTRUCTURE and not dem/lib wet dreams.  Wolves in sheep's clothing bills are BAD.  Surely you know what a bullshit bill this is.

Share this post


Link to post
Share on other sites
1 hour ago, foster said:

When childcare costs more than you're making at your job, it's an important piece of the puzzle.  When healthcare insurance for a family of 4 is running over $2k/month - it's an important piece of the puzzle. 

Climate change is infrastructure.  As we move forward, addressing our infrastructure in relation to our new climate reality is important.  Further independence from fossil fuels, rebuilding our ports for the increase in storm volatility and rising sea level, more efficient intermodal options, up to date and accessible cell/internet for rural areas - these are important pieces to our National economy, especially if we want to keep pace with our competitors abroad. 

Climate change is not infrastructure.  First get China and India to do something/anything.  Until that happens, NO.  And maybe not then.  I'm not fond of hoaxes.

Share this post


Link to post
Share on other sites
10 hours ago, HipKat said:

I would say Child Care and Climate change are pretty important things. Health Care is a completely different animal and immigration care is easy, stop letting thousands of immigrants in here en masse like we've had for the last year

 

1 hour ago, foster said:

When childcare costs more than you're making at your job, it's an important piece of the puzzle.  When healthcare insurance for a family of 4 is running over $2k/month - it's an important piece of the puzzle. 

Climate change is infrastructure.  As we move forward, addressing our infrastructure in relation to our new climate reality is important.  Further independence from fossil fuels, rebuilding our ports for the increase in storm volatility and rising sea level, more efficient intermodal options, up to date and accessible cell/internet for rural areas - these are important pieces to our National economy, especially if we want to keep pace with our competitors abroad. 

I’m not saying that these other things aren’t important. But, put these issues in their own bills. Don’t try to sneak them through and call them infrastructure. Don’t put in a billions dollars on something unrelated and then when you go against it, say why do you hate infrastructure?    And that’s what they are trying to do get everything they can’t get passed any other way in this bill and then say see they hate infrastructure. And no climate change isn’t infrastructure. Roads and bridges are infrastructure. You want to push green energy then come up with green energy bill. Be honest and straightforward. 


Ed Oliver is my adopt-a-Bill

Share this post


Link to post
Share on other sites
51 minutes ago, Nuke said:

I’m not saying that these other things aren’t important. But, put these issues in their own bills. Don’t try to sneak them through and call them infrastructure. Don’t put in a billions dollars on something unrelated and then when you go against it, say why do you hate infrastructure?    And that’s what they are trying to do get everything they can’t get passed any other way in this bill and then say see they hate infrastructure. And no climate change isn’t infrastructure. Roads and bridges are infrastructure. You want to push green energy then come up with green energy bill. Be honest and straightforward. 

I don't disagree with you but unfortunately this is how it's always been done and yeah, it would be nice to see that stop happening. I would be 100% in favor of somebody eliminating pork projects and additional expenditures from Bills starting today

  • Thanks 1

“There he goes. One of God's own prototypes.

A high-powered mutant of some kind, never even considered for mass production.

Too weird to live, and too rare to die.”

 

Twitter: @HKTheResistance

 

HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856

I’ll just forward them to Bridgett. comssvet11

Seek help. soflabillsfan

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×
×
  • Create New...