[tomder55]

The metaphor comes from a fable about allowing a camel to stick it's nose under a tent. What inevitably happens is the camel eventually get's it's whole body in and destroying the tent .

That appears to be Clueless Joe's tax strategery.

Couched in Marxist class warfare lingo ; he proposed raising taxes . What ? Someone catering to "progressives " wants other people's money ? Whodathunkit ?

The camel stuck it's nose under the tent with the passage of the so called "inflation Reduction Act" (IRA) . Hey the greedy rich corporations can afford a meager 1% excise tax on stock buy backs . Right ? Well that was then . Clueless proposed in his SOTU address that the tax get increased to 4% . Quadruple the tax ? No problem. Only rich people buy stocks Right ? Wrong. The truth is that almost everyone who has IRAs 401K's or other retirement vehicles are invested in stocks This proposal would likely lower the price of stocks which would reduce values of retirement funds. Seniors on fixed incomes would be the biggest victims ;not the corporations .

Other tax increases he proposed

He wants to raise IRA taxes from 15% to 23% Again he thinks it is a stick it to the rich plan.

He wants a global minimum tax to stick it to American companies that do international business.

Already on the docket is corporate taxes that were reduced in the 2017 tax reform . The 21% rate is due to expire. It will automatically be increased to 28%. That reduction paid for itself in boosting investments and wage increases.(Trump’s tax reform brought increases in federal tax receipts ) Raising it to 28% is a major disincentive for foreign business to invest in the US . Commie China only has a 25% rate .

China, People's Republic of - Corporate - Taxes on corporate income (pwc.com)

But Clueless still believes he is a capitalist.
President Biden on X: "Look, I’m a capitalist. I have no problem with companies making reasonable profits. But not absurd levels on the backs of working families and seniors – it's about basic fairness." / X (twitter.com)

The biggest screw the rich proposal is his minimum tax on billionaires . (well actually $100 millionaires ;but it sounds better when calling them billionaires ) .

This would be a 25% wealth tax on "unrealized gains " . What does that mean ? Well let's say you have a house worth $1 million . You would be taxed on the value of the house whether you sold it or not . So let's say next year the market drops and now the house is worth much less. Do you get a refund ? Not likely .

There are about 1,000 people in the country who is in this wealth group. He says this would generate $500 billion over 10 years .

“It’s my goal to cut the federal deficit $3 trillion more by making big corporations and the very wealthy finally beginning to pay their fair share,”

Biden’s 2024 State of the Union Address: Read the Full Transcript - The New York Times (nytimes.com)

To put his lie in context ; he increased the size of the DEBT by $5.9 trillion in 3 years time. And more is promised from his misbranded "Inflation REDUCTION Act" and the Green New Steal (aka the "infrastructure bill" ) . Before the end of the decade the debt will balloon by an ADDITIONAL $22 trillion to 200% of GDP.
The Budget and Economic Outlook: 2023 to 2033 | Congressional Budget Office (cbo.gov)

Saying he will reduced the deficit by $3 trillion is like reducing the size of the ocean by taking a bucket full of water from it.


Biden Budget Tax Proposals: Details & Analysis | Tax Foundation

None of this factors in the multitudes of gimmees he promised .


Repubs ...............if you don't retain and increase your control of the House this will come to pass. If you don't get a Senate majority this will come to pass. Think about that and your priorities .