Joe Biden: “It’s Time Billionaires Paid At Least A 25% Minimum Tax”

Bidenomics at work: print money endlessly while levying higher taxes both outright and in the form of inflation.

Every sensible American knows that the federal government spends far too much money—the interest on our national debt of $32 trillion is now the single biggest line item in the U.S. budget.

The interest payments on the debt alone are now equal to or slightly higher than the entire defense budget.

Anyone who has ever had credit card debt can attest to the fact that if your monthly interest payments on that credit card are your single biggest expense every single month then you have a deep problem.

That problem isn’t a revenue problem. The person who carries large sums of debt at 28% does not have a revenue problem, as no amount of revenue that this person makes will be spent or allocated wisely.

If they so happen to increase their monthly income by getting that promotion or working diligently on that side hustle, they’re just going to increase their spending to match the new level of income—meaning they will never get out of debt.

As I stated earlier, such a person does not have a revenue problem, they have a spending problem.

The U.S. federal government is that debt-saddled individual with unsustainable credit card debt at 28%.

I am not saying that the U.S. government is paying out a rate of 28%, I am merely using the example of unsecured credit card debt, which carries incredibly high-interest rates, to illustrate the dire straits our country is in financially.

All of us know this person who excessively spends and has $15,000 or more in credit card debt and they almost always usually spend the money on trifles—just like the U.S. government.

When confronted with the obvious reality that they must spend less—drastically less, which is the only way out of the problem, both examples will dance around that fact from here to Timbuktu in order to continue spending excessive sums of money on completely unnecessary things.

The U.S. government desperately needs to practice a program of government austerity—permanent austerity that drops public spending by 90%, this is just my humble opinion as a political commentator and finance writer.

However, instead of committing to the only solution to get our country back on track, Biden stated in this post: “It’s time billionaires paid at least a 25% minimum tax.”

It’s time billionaires paid at least a 25% minimum tax.

— President Biden (@POTUS) September 14, 2023

The Spectator Index started a poll asking: “Do you agree with President Biden that billionaires should pay at least 25% in tax?”

Do you agree with 🇺🇸 President Biden that billionaires should pay at least 25% in tax?

— The Spectator Index (@spectatorindex) September 14, 2023

Earlier this year, Axios reported:

The new budget request to Congress, which is to be released on Thursday, includes a 25% minimum tax on the richest 0.01% of Americans.

It would also increase the top tax rate for Americans making $400,000 a year to 39.6% from 37%, reversing a Trump-era tax bill.

One user summed up how the ultra wealthy would react to such high taxation: “How Billionaires translate this: “billionaires gtfo of our country or we’re gonna charge you 25% just for breathing.” We literally print money we don’t have a tax problem we have a spending wisely problem. They spend like a psychotic 6yr old with Down syndrome.”

How Billionaires translate this:

“billionaires gtfo of our country or we’re gonna charge you 25% just for breathing”

We literally print money we don’t have a tax problem we have a spending wisely problem

They spend like a psychotic 6yr old with Down syndrome https://t.co/AZEbw35OGu

— Non-Security Trader (@AccountantInc) September 14, 2023

Luca Dellanna presented a graph of the Laffer Curve that highlights the inverse relationship between high tax rates and revenue collection for the government.

Some far-left politicians look at the Laffer curve and think,

"Yes, point B maximizes short-term tax revenue, but point C maximizes the dismantling of the current socio-economical system.” pic.twitter.com/GcWRPC4ELM

— Luca Dellanna (@DellAnnaLuca) September 10, 2023

Business Insider likewise confirmed that Biden’s recent calls are not new—he has been calling for this minimum 25% tax for some time:

Biden is also proposing doubling the capital gains tax rate to 39.6% from 20%, per Bloomberg.

Other changes Biden is proposing include an increase of the corporate tax rate to 28% from 21%.