Tag: Yellen

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I thought we had the inflation reduction act? U.S. Budget Deficit Explodes 23% Higher to $1.7 Trillion.

WASHINGTON, DC - MARCH 03: U.S. Secretary of the Treasury Janet Yellen listens as U.S. President Joe Biden speaks to reporters before the start of a cabinet meeting in the Cabinet Room of the White House on March 03, 2022 in Washington, DC. Earlier today, President Biden spoke on a secure video call with fellow Quad Leaders, Prime Minister Scott Morrison of Australia, Prime Minister Narendra Modi of India, and Prime Minister Kishida Fumio of Japan, to discuss the war in Ukraine. (Photo by Anna Moneymaker/Getty Images)

I thought we had the inflation reduction act? U.S. Budget Deficit Explodes 23% Higher to $1.7 Trillion. Who can forget when Biden said he cut the deficit by 1.7 trillion? But all the fact checkers called that a falsehood because that was spending that expired from COVID.

Well the deficit went up another 320 billion. Grand total of 1.7 trillion. I thought we had a Deficit Reduction Act? “The U.S. economy remains resilient despite global headwinds,” Treasury Secretary Janet Yellen said. How funny is that?

While the consensus among economists no longer calls for a recession in the near term, a recent Wall Street Journal poll showed that the economy is expected to grow slightly less than one percent next year. The Conference Board said this week that it still expects the economy to fall into a “shallow recession” next year.

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Economy How funny is this? How sick is this? Just my own thoughts

When is a Wealth tax not a tax? When the Biden folks say so.

Janet Yellen explaing that a wealth tax is not a tax. Janet-Yellen-Chip Somodevilla/Getty Images

When is a Wealth tax not a tax? During an interview with CNN on Sunday, Yellen touted the idea of taxing the unrealized capital gains of the wealthiest 1 percent, though she claimed the measure would not count as a “wealth tax.” But that’s not what Pelosi says.

House Speaker Nancy Pelosi (D-CA), in contrast to Yellen’s claim, called the kind of tax Democrats are considering a “wealth tax.” “We probably will have a wealth tax,” Pelosi told CNN on Sunday.

Here’s how this works. Capital Gains will be taxed on what the value is at the time. Not when it’s sold. When sold, it’s taxed and that’s it. But under this new plan, You’re taxed every year if you don’t sell the stocks, collectibles, etc.

Now supposedly this would pay for the new social programs. What happens when that wealth goes down? Now your not raising the money you claimed. Now the only way to get that revenue is to go after everyone.

https://twitter.com/i/status/1452422986015944711

Here’s an example.

The proposal slated to be released would slap annual taxes on the increased value of the assets of the wealthiest Americans, even if they’re not sold, or “realized.” Currently, assets like stocks are taxed only when a person sells them.