BIDEN’S NEW TAX HELL: Proposes $5.5 TRILLION in Tax Hikes, LARGEST TAX INCREASE in History
Make no mistake, this massive tax hike will it every single America and most of all our savings. Biden is raising capital gains tax from 20% to 40%, imposing a tax on unrealized gains, huge increases on two income families, but hit worst of all, small business.
Biden’s titanic tax hikes are only exceeded by his spending.
Even with $5 trillion in tax hikes bringing the highest sustained tax burden America has ever seen, the public-held national debt would still jump from $25 trillion to $44 trillion according to the president’s own figures.
Annual budget deficits would grow past $2 trillion even with peace and prosperity.
Simply paying the interest on the national debt would cost taxpayers $10 trillion over the decade — more than any program besides Social Security and Medicare.
Apart from crashing the stock market, it will impoverish savers, homeowners and stock-holders.
It’s a deathblow to the American economy.
Biden’s $5 trillion tax blowout still leaves soaring red ink
By Brian Riedl
President Biden’s budget request is meant to drive headlines showcasing a claimed $3 trillion in deficit reduction over the next decade.
In reality, his budget proposes the largest tax increase in modern history, plows much of the new savings into more new spending and leaves Social Security on its path to insolvency.
Start with taxes.
Inflation-adjusted federal revenues have already soared to $1 trillion above pre-pandemic levels, to their second-highest share of the economy since World War II.
Yet the president would raise taxes by an additional $5 trillion over the decade — the largest tax hike since the 1960s.
Total revenues would approach 20% of the economy, and income-tax revenues would average 10% of the economy over the decade.
Both would represent the highest sustained tax burdens in American history.
America’s businesses would bear much of the tax burden.
Total corporate taxes would jump by 56%, to their highest sustained share of the economy since the 1970s (and may exceed the 1970s levels when also accounting for small-business taxes).
Much of these revenues would come from raising the corporate tax rate from 21% to 28%.
When including state taxes, American corporations would face the second-highest tax burden among Organization for Economic Co-operation and Development nations.
In a world of global tax competition, America would again hamstring its own competitiveness.
One could defend steep tax increases if accompanied by equal spending savings as part of a balanced plan to combat Washington’s trillion-dollar deficits.
Biden proposes $5.5 TRILLION in tax hikes on the rich to pay for $6.8T budget that includes pay raise for federal workers and funding for green agenda
- The budget proposes a 7.3 percent increase in non-defense discretionary spending – about double its increase in defense spending
- It calls for $688B in non-defense discretionary spending – a $47B increase
- Calls for $886 billion to be allocated to overall defense – an increase over 2023’s $858 billion
President Joe Biden on Thursday released a $6.8 trillion budget that puts higher taxes on the rich, targets corporations and gives a huge injection of funding for social programs such as child care and paid family leave.
The plan includes raking in $5.5 trillion in tax revenues from the wealthiest Americans by raising the top rate for those making more than $400,000 from 39.6 percent from 37 percent and imposing a 25 percent minimum income tax on billionaires.
The president’s plan – which he says will reduce the deficit by $3 trillion over 10 years – would also nearly double the capital gains tax rate for investment to 39.6 percent from 20 percent and raise income levies on corporations.Enough for the largest peacetime budget in history has also been proposed – including $842 billion for the Pentagon, a 5.2 percent pay rise for troops, $6 billion in support for Ukraine and Europe and $37 billion on the nuclear weapons program.
There are also billions set aside for a 5.2 percent pay rise for federal workers, support for refugees, more offshore wind farms and a $25 billion investment in border security.
The huge budget is likely to be blocked in Congress, and Republicans have already called the plan ‘reckless’ and a ‘road map to fiscal ruin’.
Inflation was 1.4% when Biden took office. Now it's 6.4%.
So how is President Biden going to help? By proposing a budget that calls for $6.8 trillion dollars in spending that even his tax increases can't cover.
That's not going to "whip" inflation, that's going to feed it. pic.twitter.com/omUpCK0ZxS
— Heritage Foundation (@Heritage) March 9, 2023
President Biden just delivered his budget to Congress, and it is completely unserious.
He proposes trillions in new taxes that you and your family will pay directly or through higher costs.
Mr. President: Washington has a spending problem, NOT a revenue problem.
— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
Biden's New Tax Plan Would Raise Combined Top Tax Rates to Nearly 60% in Some States
"That means if you live in California, your combined state and federal would be 57.9%. And if you live in New York City, the city, state and federal would all add up to a top rate of 59.4%." pic.twitter.com/iOnRrqe6Gq
— Chief Nerd (@TheChiefNerd) March 8, 2023
BIDEN: "I wanna make it clear: I'm gonna raise some taxes" pic.twitter.com/m1g8c8jhEs
— RNC Research (@RNCResearch) February 28, 2023
NEW: Massive line forms outside Silicon Valley Bank in California as customers panic.
Welcome to Biden’s America. It will only get worse.pic.twitter.com/MNCQuKIc9h
— Collin Rugg (@CollinRugg) March 10, 2023
EDITORS NOTE: This Geller Report is republished with permission. ©All rights reserved.
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