Wednesday, March 13, 2024

Biden Unveils Massive $7.3T Budget with $5.5T in Tax Hikes, Plans for ‘highest burden’ in US History; Biden’s Budget Calls for More Plundering of the American Taxpayer; Biden Offers a Budget Fantasy

Biden unveils massive $7.3T budget with $5.5T in tax hikes, plans for ‘highest burden’ in US history:
President Biden unveiled his election-year budget pitch Monday, calling for $5.5 trillion in tax increases by raising rates on the wealthy and corporations — while spending $7.3 trillion on defense, federal benefit programs, affordable housing and student debt cancellation, among other proposals.
The fiscal year 2025 budget — which is highly unlikely to be approved by Congress — matches last year’s topline tax increase level and spends $300 billion more while purportedly cutting the federal deficit by $3 trillion over the next 10 years, the White House said on Monday.
Fiscal hawks and Republicans alike were quick to call out the administration for the “reckless spending.”
The Committee for a Responsible Federal Budget (CRFB) noted the Office of Management and Budget (OMB) estimates project the national debt would surge to $45.1 trillion — or 105.6% of Gross Domestic Product (GDP) — by 2034 under the plan, up from $27.4 trillion.
Brian Riedl, a senior fellow at the Manhattan Institute focusing on the budget and taxes, told The Post on Monday that the president’s proposals would saddle the US with “the highest sustained income tax burden in American history as a share of the economy.”
“The president isn’t simply raising taxes to close the deficit, he’s raising it to expand government,” Riedl said after having called Biden’s budget last year “the highest peacetime burden in American history.” --->READ MORE HERE
                    Anna Moneymaker / Getty Images 
Biden’s Budget Calls for More Plundering of the American Taxpayer:
Farmers know a thing or two about stewardship. If they don’t take care of their land, eventually it will cost them their livelihoods. Unlike farmers, who work to steadily build a better future, Vikings would plunder villages, taking all they could carry away before moving on to their next target.
President Joe Biden’s budgets take the latter approach, going after more and more of the American people’s hard-earned treasure every year.
Last year, his budget sought an additional $2.5 trillion in taxes beyond the $55.8 trillion in revenue that was forecast to be collected over 10 years. His latest budget is even more rapacious. The president is calling for $65.2 trillion in taxes and other revenues—nearly $7 trillion more than his last mega-budget.
Yet even with all the extra spoils, Biden’s budget would somehow manage to spend $17 trillion more than it would collect. This would shackle the American people with an additional $120,000 in federal debt per household by the end of the decade.
While the left portrays America’s billionaires as a bottomless well of tax revenues, the government could confiscate every penny of wealth from all the billionaires on the Forbes 400 list, seizing their companies’ assets and bankrupting them overnight, and that would barely cover half of Biden’s newest round of proposed increase in taxes. It wouldn’t even cover 5% of Biden’s total 10-year budget.
Clearly, all of Biden’s tax hikes can’t be limited to the very rich. Inevitably, they will reach the doorstep of every working American.
The Biden budget document repeatedly boasts it is “fiscally responsible.” The truth is, it is unsustainable, and it would doom the middle class to massive future tax increases.
Biden’s budget would allow across-the-board tax hikes by permitting most of the Trump individual tax cuts to expire. However, the biggest taxpayer raids would directly target upper- and upper-middle-income taxpayers. The collateral damage would be devastating and widespread, reducing investment, stifling entrepreneurship and leaving fewer good jobs for all Americans. --->READ MORE HERE
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+++++Biden Offers a Budget Fantasy+++++

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