Buckle up, President Joe Biden is proposing massive tax hikes in his new budget for 2023. The actual policies laid out in the budget would reduce economic growth and create unsound fiscal policy, the Tax Foundation says.
How did we get to this point that we basically enact legislation through budget items.
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Biden claims he is only raising taxes for giant corporations and the wealthiest people. That isn’t true. Dozens of tax hikes will hit our entire economy.
- He wants an incredible $2.5 trillion in new taxes: nearly $1 trillion for individuals and $1.6 trillion for businesses.
- Total federal taxes as a share of the economy would increase to 19.1%, well above the 17.2% average over the last 50 years.
- Corporate tax receipts would increase 35% above the modern average, higher than China’s. It would hit 1.4 million small businesses. Commies don’t like small business.
- Biden wants to raise individual tax rates, including an 82% increase in the maximum tax on capital gains and dividends.
- He proposes to tax unrealized gains at death, a tax that would hit the heirs of family farms and family-owned businesses.
- King Biden is proposing billions of dollars of tax increases on energy producers, despite the need to produce new energy to lower gas prices.
- His tax increases on private equity and real estate investors would hit pension plans and housing.
Despite all of these tax increases, federal budget deficits would continue to soar, averaging $1.4 trillion a year for the next 10 years.
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PRETENDING HE’S INCREASING ECONOMIC GROWTH
Biden’s pretending his policies and taxes increase economic growth and reduce inflation when it does the OPPOSITE!
These Biden tax increases would add another layer of costs to every sector of our economy, leading to higher prices, lower wages, and fewer jobs. This is as he floods the country with 30 million illegal aliens.
Biden’s Fiscal Year 2023 budget proposal ABSURDLY forecasts inflation of 4.7 percent this year and inflation of 2.3 percent in 2023. It currently sits at 7.9 percent, based on the consumer price index reading for February and it’s going to keep going up because he’s doubling down on his policies of economic destruction.
The bullet points were taken from an article at The Washington Examiner by Bruce Thompson, formerly a U.S. Senate aide, assistant secretary of Treasury for legislative affairs, and the director of government relations for Merrill Lynch for 22 years.
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