No. of Recommendations: 10
knighttof3:
And I know for a fact, that Biden did not reduce my taxes, especially by not reinstating the SALT deduction. Which hurts his blue State constitutions the most. But he does not care about me. So now I know that Democrats don't care about me, and maybe Trump does and maybe he doesn't.What now?
Donald Trump implemented the SALT cap to offset his 2017 tax cuts, called the Tax Cuts and Jobs Act. If you have a problem with a $10,000 SALT cap, then your problem is with Trump, not Biden. And there's zero chance of Trump eliminating or raising that cap.
knighttof3:
All democrats want is more money out of my pocket, and I don't see why I should give it to them when already 2/3 of the federal budget is about welfare in one form or another. Where does it end???
I do not want to give one Red sent [sic] to able adults. The old and the young and the disabled, I understand.Well, lessee.
The spending of federal taxes to finance various public services breaks down like this:
Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act (ACA) marketplace health insurance subsidies together accounted for 26 percent of the budget in 2023, or $1.6 trillion.
Roughly half of this amount, or $848 billion, went to Medicare, which in March 2023 provided health coverage to around 65.7 million people who are age 65 or older or have disabilities.
The rest of this amount funded the federal costs of Medicaid and CHIP ($633 billion) and ACA subsidy and marketplace costs ($91 billion).
So, of the $1.6 trillion spent by the federal government on four health insurance programs, all but about 6 percent went to the elderly, children, and the disabled.
And 22 percent of the federal budget, or $1.4 trillion, was spent on Social Security, which provided monthly retirement benefits in March 2023 averaging $1,833 to 49.1 million retired workers. Social Security also provided benefits to 2.7 million spouses and children of retired workers, 5.9 million surviving children and spouses of deceased workers, and 8.7 million disabled workers and their eligible dependents.
So again: elderly, children, and the disabled.
So that's what, about 48 percent of the spending right there?
Net interest payments: 14 percent.
Defense spending accounts for 13 percent.
Economic security programs account for about 8 percent (or $545 billion of the 2023 federal budget). Economic security programs include: the refundable portions of the Earned Income Tax Credit and Child Tax Credit, which assist low- and moderate-income working families; programs that provide cash payments to eligible individuals or households, including unemployment insurance and Supplemental Security Income for low-income people who are over age 65 or disabled; various forms of in-kind assistance for low-income people, including the Supplemental Nutrition Assistance Program (formerly known as food stamps), school meals, low-income housing assistance, child care assistance, and help meeting home energy bills; and other programs such as aid for abused or neglected children.
Dunno, maybe you could carve out some of that but, again, a lot goes to the elderly and children.
Benefits for veterans and federal retirees: about 7 percent.
Education, Training, Employment, and Social Services: 5 percent.
Transportation: 2 percent.
Community and Regional Development: 1 percent.
All other program spending: about 3 percent.
So, I don't see a whole lot of deadbeats and lazy bums but plenty of old folks, kids, disabled, and vets in need.
https://fiscaldata.treasury.gov/americas-finance-g... 