This is projected to bring in up to $30B per year. The current deficit for the year is already at $855B and projected to hit $1.6T. Hardly a drop in the bucket.
I won’t argue that it’s bad these corporations are now paying at least a little bit in taxes, but this is pretty pathetic for some ‘landmark’ legislation.
[The Biden Administration on May 28, 2021, released its fiscal year (FY) 2022 budget…the Biden Administration proposes to increase taxes on the wealthy and corporations and to enhance Internal Revenue Service (IRS) compliance, information and enforcement initiatives, projected to raise $3.6 trillion in revenues over a decade.]
And in the future, another $4 trillion in taxes on the wealthy.
Your own link from earlier has this right in the header’s bullet points in reference to the bill that was actually signed into law not an analysis of a proposal from a year and a half prior:
The more than $430 billion package is expected to reduce the deficit by more than $300 billion over a decade.
The wealthy haven’t had their taxes increased so I don’t know where this $4T is supposed to come from unless IRS audits are going to find $4T worth of unpaid revenue.
Neither did you, apparently, since that link is two years old and says this $4T is a combination of revenue from Biden’s BBB plan and tax increases on wealthy individuals, two things that never actually happened. BBB was spun off into the IRA which we already discussed above. Furthermore, even if these things had passed, you’re double dipping on these numbers and counting things twice to come out with the figures that you’re claiming in your previous post.
Enough to significantly reduce the deficits and pays for some social spending and climate change efforts.
This is projected to bring in up to $30B per year. The current deficit for the year is already at $855B and projected to hit $1.6T. Hardly a drop in the bucket.
I won’t argue that it’s bad these corporations are now paying at least a little bit in taxes, but this is pretty pathetic for some ‘landmark’ legislation.
Nope. The figure is $3.6 trillion over 10 years.
https://www.hklaw.com/en/insights/publications/2021/06/biden-administrations-fy-2022-budget-and-its-tax-increases
[The Biden Administration on May 28, 2021, released its fiscal year (FY) 2022 budget…the Biden Administration proposes to increase taxes on the wealthy and corporations and to enhance Internal Revenue Service (IRS) compliance, information and enforcement initiatives, projected to raise $3.6 trillion in revenues over a decade.]
And in the future, another $4 trillion in taxes on the wealthy.
https://taxfoundation.org/blog/biden-tax-increases-2023-budget-proposal/
Your own link from earlier has this right in the header’s bullet points in reference to the bill that was actually signed into law not an analysis of a proposal from a year and a half prior:
The wealthy haven’t had their taxes increased so I don’t know where this $4T is supposed to come from unless IRS audits are going to find $4T worth of unpaid revenue.
Because you didn’t read the link. It is precisely detailed where it comes from.
Neither did you, apparently, since that link is two years old and says this $4T is a combination of revenue from Biden’s BBB plan and tax increases on wealthy individuals, two things that never actually happened. BBB was spun off into the IRA which we already discussed above. Furthermore, even if these things had passed, you’re double dipping on these numbers and counting things twice to come out with the figures that you’re claiming in your previous post.