Under Joe Biden, you can brace yourself for more inflation and more taxes if he gets what he wants.
According to New York Post:
Biden’s election-year budget pitch calls 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 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 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.”
Arguably the most egregious policy proposed by Biden would cripple American investment; his proposal to increase the top marginal rate on long-term capital gains and qualified dividends to 44.6%, the highest level since that tax was introduced.
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