“The President’s addiction to increased spending is threatening the economic security of our nation. This [$6.8 trillion] budget would reduce the value of your savings, increase the costs of groceries, and mortgage our future to score political points,” says Rep. Gary Palmer.
Biden has proposed a $6.8 trillion budget, right before his announcement to run again. He proposed ever more tax hikes. The hikes would drastically raise the rates paid by corporations and wealthy Americans. They already pay 95% of the taxes.
The $6.8 trillion boondoggle
Biden proposes raising the top personal income tax rate to 39.6% for Americans earning $400,000 or more. It would reverse part of the Trump-era tax cuts and jobs act. It will also mean less hiring and more job cuts.
Penn Wharton says that the US National debt is on pace to be 225% of GDP by 2050. We’ll crash before then.
Biden calls for an increase in the Obamacare tax from 3.8% to 5% for those earning $400,000 or more.
The wealthiest taxpayers could face a federal tax of 44.6% when they sell stocks, properties or other assets. People who have nothing but a home that has increased in value wil suffer the same pain.
Biden also wants a 25% minimum tax on millionaires making over $100 million.
The president, who is brain-damaged and actually a figurehead, wants to quadruple the 1% levy on corporate stock buybacks. When they put this into the Inflation Reduction Act, it was obvious they’d quickly and continually increase it. Treasury Secretary Janet Yellen happily said it would.
The corporate tax would go to 28% from 21%, killing off another part of Trump’s tax cuts. It will increase taxes US companies owe on foreign earnings to 21% from 10.5%.
Everything in the $6.8 trillion budget kills business and capitalism. Biden isn’t just turning us into a socialist nation; it’s worse.
Don’t forget that much of the spending will go to buying votes and adding more welfare. Once given, you can never take it back.
Even with all of this taxing, it can’t possibly cover the bills of a $6.8 trillion budget and we will run up a $1.8 trillion deficit in one year alone.
If passed, which it won’t be thanks to Republicans winning the House, it would raise next year’s deficit alone to $1.8 trillion.
He plans to spend trillions as he looks to war with China and Russia.
The budget goes under the guise of mostly taxing the wealthy and corporations, but when they run out of their money, and they will, we will all get hit. We will get hit anyway as corporations necessarily raise prices and the wealthy invest less in America and American jobs.