Biden's populist budget marks the overdue end of trickle-down economics

[Uncle Joe]

President Joe Biden speaks at the Pieper-Hillside Boys & Girls Club Wednesday, March 13, 2024, in Milwaukee. (AP Photo/Morry Gash)

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Trickle-down refers to the idea that tax cuts for the wealthiest “trickle down” to the rest of us. It’s long been a popular idea in Washington, but it’s just not true. A few years ago, the London School of Economics studied 50 years of such “trickle-down” policies in 18 industrialized nations, including the U.S., and found that their only result was increasing the wealth of the already wealthy.

So how do we get prosperity for the rest of us? By taxing extreme wealth and investing those revenues in social goods like education, housing, food and health care. President Biden’s recently released federal budget plan follows that blueprint, putting the value of investing in American families and communities ahead of slashing taxes for the rich.

The budget for the fiscal year 2025 would generate about $5.3 trillion in revenues over the next decade. That’s a $388 billion boost compared to last year’s budget — and it all comes from fairer tax policies targeting wealthy individuals and large corporations. Households earning less than $400,000 would see no tax increases, with many seeing reductions.

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While much more needs to be done, a budget document with tax and investment priorities reflecting the needs of the people rather than ever-increasing corporate profit and excessive wealth is a good step in the right direction.

https://thehill.com/opinion/finance/4534670-bidens-populist-budget-marks-the-overdue-end-of-trickle-down-economics/

[LetMyPeopleVote]

1. Trickle Down Economics does not work in the real world

Link to tweet

[usonian]

2. BIDENOMICS IS THE REAL DEAL.

Trickle down economics is a hoax perpetrated by the rich and their coterie of "Let's make up a theory to prove this point" impostors with degrees.