Why should people trust the media or other Democrats when they are campaigning for radical leftist policies?
President Biden and others continue to falsely claim that Trump's tax rate cuts only benefited the rich and have cost the government trillions. The truth is the government is getting a massive windfall under the current tax code.
So why would the media and other Democrats campaign to raise rates when lower rates raised more money? They clearly care about power more than results.
Where are the fact checkers calling out Biden for lying? They haven't cared about facts for a long time as they also campaign for higher rates.
US tax receipts have surged this year. Through August, the US Treasury had collected over $4.4 trillion in revenue for fiscal 2022 with one month left to go. That was already 10% higher than receipts in 2021. The US government took in $303.73 billion in August alone. That was up 23% from August 2021.
According to a Tax Foundation analysis of Congressional Budget Office data, federal tax collections were up 21% in the 2022 fiscal year that ended on Sept. 30.
The US government isn’t just making a windfall in absolute terms. Tax collection is at a multi-decade high of 19.6% as a share of GDP. That is up from 17.9% in fiscal 2021 and is approaching the last peak of 20% set during the dot-com bubble in FY 2000.
Besides the dot-com bubble, federal tax receipts have only represented a higher share of GDP in two other years, both during World War II. In 1943, federal tax collections reached 20.5% of GDP before falling to 19.9% in 1944.
Compared to average federal tax collections in the post-war era of 17.2% of GDP, 2022 collections are set to exceed that level by 2.4 percentage points.
Individual income tax collections surged the most, up 29% from $2.0 trillion last year to $2.6 trillion this year.
Saying that Trump's tax rates cost trillions is as big a lie as Biden saying he had nothing to do with Hunter's kickbacks and is as dishonest as claiming that oil and coal cause temperatures to rise.
It's as big a lie as blaming Putin and the pandemic for inflation and the high price of gas instead of Democrat policies. Biden has said he was going to destroy the oil industry for years.
Here are the facts on crude oil prices:
Crude oil price:
- Feb 2020: Before the pandemic: 53.35 per barrel
- Oct 2020 before Biden was elected $40 per barrel
- Feb 2022: Before Putin attacked Ukraine $93.54 per barrel. It was up over 125% from the election before the war started.
- Today: Around $85 per barrel
We are also told the lie that gas stations are gouging the public because their prices do not react to crude oil prices.
The retail price of gas when Biden was elected was $2.10 per gallon and today it is around $3.90 per gallon so up less than 90% while crude oil is up more than 110%.
We have repeatedly heard that oil companies are greedy and screw the public.
Here is a historical fact: In 1980. The price of crude oil was $35 per barrel. The price forty years later, before Biden was elected, was $40 or up less than 15%.
Meanwhile college costs were up over 180% in the same forty years, but Democrats don't accuse them of gouging. Nope, they want the government and taxpayers to eat the high costs.
In 1980, the price to attend a four-year college full-time was $10,231 annually—including tuition, fees, room and board, and adjusted for inflation—according to the National Center for Education Statistics. By 2019-20, the total price increased to $28,775. That’s a 180% increase.
The misinformation the public sees also applies overseas. The leftists hate capitalism and conservatives,
Prime Minister Truss was run out of office in 44 days for the crime of wanting more reasonable tax rates. She was falsely blamed for the collapse of the British pound. The truth is that the pound has been collapsing for quite a while. It was down around 20% from October 2021 to August 2022 before she took office. That is a similar decline to the Euro and the Japanese Yen.
The British pension system has also been in trouble for decades. The collapse was blamed on Truss but that is pure garbage,
The moral of the story: Never believe what you are told by the media and other Democrats. Always do your own research.