President Joe Biden unveiled a new budget for the next fiscal year this week which included significant increases in spending as well as several tax hikes. The proposed budget would be the largest overall spending package in American history.
The budget includes a significant increase in spending, including $7.3 trillion in overall spending. The president’s budget includes $300 billion in increased spending and proposals for tax increases on wealthy Americans and corporations.
The budget includes large deficits and would increase the national debt to more than $45 trillion by 2034.
The proposed budget would include hiking the corporate tax rate to 28% while increasing the minimum corporate tax rate to 21% from 15%. The president’s plan would also include a 25% tax on billionaires.
“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%,” Biden said during Thursday’s State of the Union address.
The president claimed that the new billionaires’ tax would bring in $500 billion over the next decade.
The proposed budget received considerable criticism from congressional Republicans, who argued that Biden’s spending was careless.
“Bidenomics damaged our nation’s financial stability, and now the President’s $7.3 trillion budget adds insult to injury. This budget proposes massive tax hikes to fund a radical wish list spearheaded by the far left,” said Sen. Rand Paul (R-KY).
“This budget is nothing more than the Democrat ideologue’s blueprint for an election-year gambit at the expense of Americans. We must demand fiscal responsibility and restore the sanctity of the American taxpayer’s wallet,” he said.
Bidenomics damaged our nation's financial stability, and now the President's $7.3 trillion budget adds insult to injury. This budget proposes massive tax hikes to fund a radical wish list spearheaded by the far left.
President Biden treats the taxpayers as though we are… pic.twitter.com/Jx1OkT1PaJ
— Rand Paul (@RandPaul) March 11, 2024
“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,” wrote House Speaker Mike Johnson (R-LA) and other Republican congressional leaders.
“While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda,” the statement said.
