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Biden’s $5.8 Trillion Budget Asks Congress for $32 Billion to Fund the Police

Biden’s $5.8 Trillion Budget Asks Congress for $32 Billion to Fund the Police

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.”

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Comments

Federal funds = federal control.

    fscarn in reply to TX-rifraph. | March 28, 2022 at 1:54 pm

    “and in the process it [fedgov] gains control over both,”

    At 04:55,

    https://www.youtube.com/watch?v=-MzxC8Mqupw

    They are nationalizing the police and everyone is reacting like that is a good thing. The Fourth Reich is is taking control.

      henrybowman in reply to Pasadena Phil. | March 28, 2022 at 3:04 pm

      This.
      No, no, no, no. The fedguv was given zero police powers for a very deliberate reason. States are responsible for police, education, health, and welfare (depending on the state constitution). Any federal involvement in any of those areas, including grants, is still and has always been entirelyunconstitutional.

        meatmann50 in reply to henrybowman. | March 29, 2022 at 10:15 am

        Have you ever heard of the department of education? It’s a cabinet post within the federal government. Have you ever heard of health and human services? That too is a cabinet post within the federal government. And now they inching towards a cabinet post for state police! You need to catch up on how much control our federal government actually has!

Juris Doctor | March 28, 2022 at 1:08 pm

Minor edit:

“he is asking Congress to spend $32 billion to fund the police TO HARASS HIS PLITICAL OPPONENTS WITH BAD FAITH PARTISAN INQUIRIES AND INVESTIGATIONS in his $5.8 trillion budget.

Juris Doctor | March 28, 2022 at 1:09 pm

Mark my word those ATF agents will be targeting red states and legal gun owners and legal arms dealers.

taurus the judge | March 28, 2022 at 1:11 pm

That billionaire tax is unlikely to pass Constitutional challenge though.

    henrybowman in reply to taurus the judge. | March 28, 2022 at 3:07 pm

    It’s the “designated target” in the bill — the sacrificial trial balloon that is so outrageous that effort will be concentrated on defeating it, letting the other outrages in the bill slide through. The press will help by talking about nothing but until the von Trapps are safely over the border.

      taurus the judge in reply to henrybowman. | March 28, 2022 at 3:35 pm

      I will concede that’s a very viable and possible scenario but I think they are after mainly that tax and building the firearm owner database leading to eventual confiscation together.

        henrybowman in reply to taurus the judge. | March 28, 2022 at 5:47 pm

        I agree with you on the firearm database. But no sane person thinks that billionaires will fail to stop a billionaire tax, including he who proposed it. It’s the MacGuffin, like “free crack pipes for junkies.” Watch what happens to all the grant applications for “federal safe smoking kits to promote equity,” without a further peep from anybody, if you want to understand this magic trick.

    wsot23887 in reply to taurus the judge. | March 28, 2022 at 7:18 pm

    If it does pass, it will be even more unlikely to pass the billionaire/reality challenge. These guys aren’t dumb, and they have infinite other ways to evade taxation.

    The real problem with these ‘tax the rich’ proposals, is even if you could tax all billionaires at 100% you’d only have enough money to run the gov’t for about a month. Then what? what red meat do you have to throw to the braindead socialists after that?

Anyone should be able to become a millionaire or billionaire. Become a politician, get a hook up with a country like Ukraine and just do what the Biden Crime Family inc. has done.

filiusdextris | March 28, 2022 at 1:19 pm

Yeah, as much as more police in a lot of cities is a good idea, this is a city/state problem, not federal. Just reduce the taxes that would have funded this item, and let the states budget.

    henrybowman in reply to filiusdextris. | March 28, 2022 at 3:09 pm

    Ah, but this is the way that deep blue states that piss money like syphilitic blood get to keep doing it without having to take any red pills cures.

Moon Battery | March 28, 2022 at 1:26 pm

I thought the left believed the police were racist. If they support funding for the police force, I’m assuming they are admitting that they are racist, no?

nordic_prince | March 28, 2022 at 1:36 pm

Taxing “unrealized gains” would be a disaster – because you can bet if they let that camel get its nose in the tent, it will eventually make its way to harass the middle class.

    Ironclaw in reply to nordic_prince. | March 28, 2022 at 10:29 pm

    What it would do is force everyone who has investments to sell them ALL off so that they only have to pay taxes on them once, and then good luck getting those people to ever invest in anything ever again.

Unrealized gains. Right. There’s a reason those aren’t taxed yet. It’s that word ‘unrealized’ right there at the beginning. Money you haven’t made yet and might not make, but have to pay taxes on before you even see it.

    henrybowman in reply to georgfelis. | March 28, 2022 at 3:11 pm

    And the major flaw is, when those gains reverse themselves, like they have over the past few months of incredible Brandon management, you won’t be getting a refund from Uncle Sam.

    He has all the power to warp the market, you take all the risk, he takes all your profit, you eat all the losses.

    CorkyAgain in reply to georgfelis. | March 28, 2022 at 3:49 pm

    You mean like the property tax on my house I’m forced to pay every year, even though I didn’t sell it?

      Eagle1 in reply to CorkyAgain. | March 28, 2022 at 4:43 pm

      The state and local governments have the power to enact a direct tax on property, the Federal Government does not. We only (in one of the greatest mistakes ever) granted the Federal Government the power to collect a tax on income.

      Lets be serious here, the wealth of most of these billionaire like Bezos, Musk, Gates, ect is really their share of ownership in a business’s perceived value. That business pays a boat load of taxes every year, even when they are trying to get around it (well maybe not Amazon).

    The other major flaw is that sometimes these unrealized gains are in a private, non-public company – like Zuckerberg in Facebook before it went public. If such is the primary asset of the entrepreneur, how is he supposed to get the money to pay the taxes?

5.8 Trillion?!!!! That is worse than his “Build Back Better” bill. Horrendous and tone deaf.

Juris Doctor | March 28, 2022 at 2:04 pm

“Fund the Police” is Biden speak for fund partisan opposition research.

Massinsanity | March 28, 2022 at 2:23 pm

From the headline to the piece itself this is one of the sloppiest posts I can recall at LI. There is $0 funding for “the police”. The only funding is for the Feds which is the last thing we need at this moment in time.

Further, where does the $32B come in? I see $20.6B for the Feds and another $30B “over the next decade” but no where is the $32B enumerated.

I expect (much) better from LI.

Massinsanity | March 28, 2022 at 2:30 pm

Regarding the new taxes, will the Federal government now be demanding a full list of all of the assets owned by American households? Will they be hiring thousands of new workers to value those assets?

2smartforlibs | March 28, 2022 at 2:45 pm

A classic follow the money, this is all smoke and mirrors. The regime still believes the digital dollar will say us all. (it won’t) At some point, the clamor will be for the people that collapsed the economy to fix it. They will ride in with Modern Monetary Theory and the peasants will rejoice until they figure out how screwed they are.

    randian in reply to 2smartforlibs. | March 28, 2022 at 6:16 pm

    The regime still believes the digital dollar will save us all

    The regime never believed that. The regime actually believes that they can achieve total control by way of digital currency linked to a digital id. Say things they don’t like and you will find you suddenly can’t spend your money.

taurus the judge | March 28, 2022 at 3:41 pm

The cost of the unrealized gains to us all will increase significantly with the passage of time.

Federal money (taxpayer money) for “law enforcement”? Hell no.

Not one dime to cities and states to bolster their police forces. Let Chicago pay for Chicago cops. And ATF? Just shut it down.

We do not have a “gun violence” problem in the US, we have “black violence” problem. 3% of the population (black males 13-39) account for 60% of murders (90+% of black murders) and about 50% of all violent crime in the nation.

Democrat controlled cities won’t enforce the gun laws they’ve already got. They burn in hell.

healthguyfsu | March 28, 2022 at 5:46 pm

If there is no benefit to leaving money in the market, then you will see a WHOLE lot of selling (and buying too).

Point is, if you want to destabilize the stock market this is step one of how you do it.

Billionaires tax of at least 20% on their full income, or the combination of wage income and whatever they made in unrealized gains.

There has never been a tax law that didn’t have a loophole. You can pass all the laws you want but you won’t collect as much tax as you expect.

Does this mark to market scheme cause an increase in basis equal to the unrealized gain you just paid tax on? If not you’d pay that tax every year.

This creates another problem within the tax code. Imagine in tax year 1 you have a million dollar unrealized gain that got taxed. In year two you sell, taking a $200k realized loss (assuming a step-up in basis because of mark to market). Unless you have $200k in realized gains somewhere else you are limited to deducting that loss at $3k a year, and if you die all remaining undeducted losses disappear. Scale this problem up to a billionaire.

Also, the BATFE has now deputized local police agencies to investigate those who had initial background check refusal to purchase a firearm. This is framed as a “criminal” investigation although the majority of refusals are in error. Instead of the Feds doing their work… they have federalized local cops to do their dirty work. I say “dirty” because BATFE has and continues to have illegal actions. As of now they are illegally scanning in 4473 forms to for a database. Before that it was “Operation Forward Look” which was doing a similar thing on a smaller scale… and misidentifying owners…such as tracing firearms using incomplete information..wrong manufacturer with similar serials numbers… thank you so much St. Louis BATFE……

This evening here’s a change of pace: Stunning new poll results from the liberal and Democrat-connected Iowa Poll, whose most recent nationwide survey finds Biden’s overall approval rating at 34 percent.

This poll is very nearly Nixon-on-the-eve of his resignation territory. Or George W. Bush after eight years of public weariness over the war in Iraq. But if Biden tries hard, I’m sure he can dive further into the abyss.

    I suspect that his handlers will have him “dive” into his Delaware basement as much as possible. The big question may be whether they attempt to have him “exit stage left” before November to boost their chances or try to drag him through the rest of his term to avoid Harris.

Antifundamentalist | March 29, 2022 at 4:33 pm

The Federal government needs to limit itself to Federal things. Local governments should be paying for their own police forces.