.MaddowBlog: Why President Biden says his plan costs 'nothing' (and why he's right)
When the president insists the Democrats' $3.5 trillion plan will cost 'nothing,' he has a point. It all comes down to net and gross costs.
with the concept.)But the math isn't that complicated. For example, when we look at the Republicans' 2017 package of regressive tax breaks, we see a plan that costroughly $2 trillion. Some on the right might be inclined to look at that total and see Biden's safety-net-and-climate plan as costing even more.
Except, the Trump-era tax breaks would've come with an even higher price tag were it not for other provisions, such as the cap on state and local tax deductions, that helped offset the overall cost. The $2 trillion figure refers to thenetcost: That's $2 trillion, after offsetting revenue is included in the mix, that the United States was supposed to have, but which Republicans instead put in the pockets of the wealthy and big corporations.
The pending Democratic plan appears to carry an even greater price tag, but the $3.5 trillion figure is agrosscost, which doesn't include proposed tax increases on the wealthy and big corporations to help pay for the domestic investments. As far as the White House is concerned, that makes a world of difference: If Democrats intend to invest $3.5 trillion, but they also intend to pay for all that without adding to the national debt, then for all intents and purposes, the package costs nothing — since unlike the GOP's 2017 tax breaks, the safety-net-and-climate plan will be deficit neutral. headtopics.com
Now, some will argue that the Democratic legislation may not beentirelypaid for, and the party may rely on a few budget games here and there. We haven't seen a final bill, but it's likely that some of those criticisms will be fair. Read more: MSNBC »
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Democrats' criticisms of Biden are reminder of why GOP is a danger to democracyOpinion | Democrats' criticisms of Biden are actually a reminder of why the GOP is such a danger to our democracy. By MichaelGordonUS. MichaelGordonUS WTF? Lol 😂 MichaelGordonUS Well this is a bs article - delete your account MichaelGordonUS Such a biased media outlet
Democrats gear up to push Biden diplomatic nominees past GOP blocksSenate Democrats are working with the Biden administration to crank up the speed for confirmation of key diplomatic positions that have been blocked by a pair of Senate Republicans. Good job SenTedCruz
Why the White House and Democrats use $400,000 as the threshold for taxing 'the rich'President Joe Biden and House Democrats aim to raise taxes on Americans with more than $400,000 of income. But what's the significance of that threshold? good Top 1% starts at around $400k income. Isn't the presidential salary $400,000 ? Hmmm !
History shows why moderate Democrats may be hesitant about Biden's agenda as 2022 elections loomHouse Democratic leaders must persuade moderates the Senate will join them in approving a $3.5 trillion budget bill
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