True to form, Joe Biden rolled out his election-year budget proposal on Monday, predictably calling for $5.5 trillion in massive tax increases by raising rates on the wealthy and corporations — while driving up spending on federal benefits programs, affordable housing, and student loan cancelation (transference of contractual debt to taxpayers), among other so-called "progressive" schemes.
The budget proposal tops $7.3 trillion.
In other words, the same old Democrat tax-and-spend policy. Before we continue, ask yourself this question: Can you think of a single country or government that has spent its way to prosperity?
Don't bother — you can't.
While we can safely predict Biden's budget boondoggle monstrosity has zero chance of passing the House, it does provide a perfect example of doing the same thing over and over and expecting different results.
Then again, as Democrats are wont to do, after the absurd proposal goes down in flames in the House, they will scream bloody murder and accuse the heartless Republicans — including Donald Trump, of course — of all kinds of horrible things.
Brian Riedl, a senior fellow at the Manhattan Institute focusing on the budget and taxes, told the New York Post that Biden’s 2023 proposal put forward “the highest peacetime burden in American history, as well as the highest sustained taxes in American history.”
And now, Biden wants to blow that unenviable record out of the water, Riedl suggested.
Not only is the president raising taxes, but he’s using a substantial portion of it for new spending rather than deficit reduction, which just means even bigger tax hikes down the road when it’s time to rein in the deficit.
During Biden's divisive State of the Union speech last Thursday, he floated the idea of raising the corporate tax rate by 28 percent, which would raise the minimum corporate tax rate from 15 percent to 21 percent.
The embattled president also mocked "these billionaires," whom he all but professes to loathe.
You know, there are 1,000 billionaires in America. You know what the average federal tax is for these billionaires? They are making great sacrifices: 8.2 percent.
Riedl said the 8.2 percent claim was "essentially made up by White House economists" and has been “widely debunked.”
They do not count the corporate and estate taxes paid by the wealthy, but they also expand their income to include all sorts of things like unrealized capital gains that will be taxed in a future year.
America has the most progressive tax code in the entire [Organization for Economic Co-operation and Development] and billionaires do not pay an 8 percent tax rate.
Here's the thing, Mr. Riedl:
Democrats don't give a damn about facts. Particularly facts that don't play into their hand. They never have. What they very much give a damn about is lying to low-information rank-and-file Democrat voters who buy everything they sell — without question or hesitation. And they certainly don't give a damn that we know they're lying.
Biden's proposal also includes an unprecedented $258 billion request for affordable housing and up to $10,000 in new tax credits for first-time homebuyers, which Riedl predicted would raise home prices by subsidizing first-time-buyer demand.
The tax credit just responds to rising housing prices by subsidizing demand even more, which will just further raise housing prices and negate much of these savings for families.
House Speaker Mike Johnson (R-La.) said in a statement about Biden's insane proposal:
The price tag of President Biden's proposed budget is yet another glaring reminder of this Administration's insatiable appetite for reckless spending and the Democrats' disregard for fiscal responsibility. Biden's budget doesn't just miss the mark — it is a roadmap to accelerate America's decline.
But, hey — it's not Buck-Passing Joe's fault.
The real fault lies with those greedy 1,000 billionaires and America's money-grubbing profiteering corporations. All while Biden's out-of-control spending train — loaded with our money —continues to hurtle down the tracks.
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