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  • Writer's pictureLeRoy Cossette

@1.2 TRILLION AND THEY WANT MORE!

President Joe Biden, on Saturday, March 23, 2024, signed a fiscally irresponsible and Nation bankrupting $1.2 Trillion spending package. 

The House vote tally reflected anger among Republicans over the content of the package and the speed with which it was brought to a vote by House Speaker Johnson. The vote breakdown showed 101 Republican representatives voted for the bill and 112 voting against it.


In the Senate, 25 Republicans voted for the bill and 25 voted against the bill.


For fiscal year 2023, the U.S. took in, as "revenue", well over $4.4 trillion. A staggering amount which is more than the entire GDP of every single country on earth other than the U.S. and China.   


With $4.4 trillion in revenue, if the government were able to exercise spending restraint, the U.S.’s yearly financial position would put us in a surplus. However, the government consistently keeps on spending trillions of dollars in excess of the trillions they take in each year and are now looking for more ways to pay for their outlandish spending. 


All the while, the government continues to rack up debt, and it was estimated late last year by the Heritage Foundation that 40% of personal income taxes are being consumed just by interest payments on that debt.  


At this point, we have no financial cushion to deal with any emergencies, and as the government continues to spend irresponsibly, they continue to erode the value of what we earn. 


As the politicians’ desire to gain more power at our expense, the money needs to come from somewhere. So, Joe Biden, Elizabeth Warren, Bernie Sanders and their fellow comrades are trying to float the wealth tax again to see if they can trick American citizens by asserting that it will only target the wealthy. 


They hope that they can pass off lies like the White House’s assertion that the wealthiest pay single-digit tax rates (based on their own misleading study of unrealized wealth estimates, not income). And they want to ignore that, per recent data, the wealthiest 1% paid almost 46% of all federal income taxes paid and the top 10% paid nearly 76%. Their class warfare propaganda trumps basic financial literacy and common sense. 


If they can get the population to agree to tax wealth for the billionaires, it will soon spread to the middle class. Not to mention that if those who own businesses are forced to sell their ownership stakes to pay the government, the entire stock market could collapse.


The reality is that the government does not need any more money, but rather needs to be severely restructured and downsized.  

 

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