It seems that Biden is on some kind of mission to prove he’s the most out-of-touch president we’ve ever had.
He just called for a huge tax hike. Just what America needs!
President Biden’s annual budget plan calls for roughly $5.5 trillion in tax increases over the next decade. But wait, it gets better. The plan also includes a massive 5.2% federal worker pay raise. Because apparently, Biden thinks it’s appropriate for you to GIVE more money, so he and his pals can GET more of it.
Of course, the plan is headed for certain defeat in the Republican-held House of Representatives. The GOP is demanding spending cuts without new taxes in a standoff with Biden over raising the federal debt ceiling later this year. But don’t worry, the plan’s most controversial features will serve as political rhetoric for Biden ahead of his expected 2024 re-election campaign, rather than becoming a legislative reality. So, we’ve got that going for us, I guess.
The details that will likely be a reality are nothing short of outrageous, though.
Biden’s plan calls for raising the corporate tax rate to 28% (up from 21%) and for raising the top individual tax rate to 39.6% (up from 37%). It also proposes a near doubling of capital gains taxes on assets like stocks, from 20% to 39.6%.
Because, why not? Let’s just tax the hell out of everyone.
And while they’re shoving all this nonsense in our faces, they are claiming it will REDUCE our deficit and SUPPORT our workforce.
If this goes through, it will do the absolute opposite. And Americans will feel it immediately.