The budget also asks for a 20% tax on billionaires.
Biden said during his SOTU that America needs to fund the police, causing uproars from the far-left.
Biden did not back down because he is asking Congress to spend $32 billion to fund the police in his $5.8 trillion budget.
“At the same time, my budget will make investments in securing our nation and building a better America,” Biden wrote in a statement. “We will secure our communities by putting more police on the street to engage in accountable community policing, hiring the agents needed to help fight gun crime, and investing in crime prevention and community violence intervention.”
But don’t worry. Biden wants a 20% tax hike on those awful greedy billionaires.
But first, let’s look at the police. From Axios:
Why it matters: Biden wants to show Americans he is addressing rising crime, which threatens Democrats’ fortunes in the midterm elections.
Details: The budget proposal to be released Monday will include $20.6 billion for the next fiscal year for Department of Justice discretionary spending on federal law enforcement, crime prevention and intervention. That’s $2 billion more than the $18.6 billion enacted for the current fiscal year.
- The proposal also would mandate $30 billion in new spending over the next decade on a variety of programs to expand law enforcement and crime prevention. Details on those programs have not yet been released.
The increase in discretionary spending gives “additional resources to state and local law enforcement to put more police on the beat.”
I can hear heads exploding on the far left. I highlighted one part that interests me:
- It would more than double the funding for community policing through the COPS Hiring Program. It also would add $500 million for so-called community violence interventions — a tenfold increase.
- It would pay for nearly 300 new deputy marshals and related personnel.
- It would pay for 140 Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) agents and investigators working on gun-trafficking strike forces in five major U.S. cities; and 160 ATF investigators working on gun-dealer compliance.
- It would significantly increase funds for law enforcement agencies to trace firearms found at crime scenes.
I hope to God that doesn’t mean another Operation Fast & Furious. The government hasn’t recovered a lot of guns from that scheme, which led to the death of Border Patrol Agent Brian Terry. Another gun-running scheme led to the death of ICE Agent Jaime Zapata in Mexico.
I’ll update this post when the proposal comes out today. It will have more details. I cannot wait to hear how The Squad responds.
But The Squad might not mind too much because the budget requests a 20% tax on households worth more than $100 million, hitting their income and unrealized capital gains. That’s only 0.01% of Americans:
Under the proposal, the top sliver of U.S. households would be required to pay a tax rate of at least 20% on their full income, or the combination of wage income and whatever they made in unrealized gains. If a billionaire is not paying 20% on their income, they will owe a “top-up payment” that makes up the difference to meet the new minimum.
Households that are paying 20% will not be required to pay an additional tax.
Because many of the ultra-rich derive their vast wealth from the soaring value of assets like stock and property – which are not considered to be taxable income unless that individual sells – they are able to legally store their fortunes and reduce their tax fortunes. Under current law, a gain is only taxed if and when the owner sells the asset.
Do you guys need a laugh? This quote made me cry:
“President Biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire,” the White House said in a statement. “He also believes that it is wrong for America to have a tax code that results in America’s wealthiest households paying a lower tax rate than working families.”
Donations tax deductible
to the full extent allowed by law.