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Biden proposes $6.8 trillion budget for FY 2024, trillion more than last year
by Madeleine Hubbard, Just the News, March 9, 2023
President Joe Biden on Thursday announced a $6.8 trillion budget for Fiscal Year 2024, which is $1 trillion more than his budget proposal last year.
Biden proposed increasing taxes in order to fund the budget - by $2 TRILLION. (But he promises that the Billionaires and people making over $400,000 per year will pay it - NOT YOU!)
"You have to begin to pay your fair share," Office of Management and Budget Director Shalanda Young said, Axios reported.
The budget is four times larger than the $1.7 trillion omnibus budget package Congress passed last year.
The Biden administration says the budget would reduce the deficit by nearly $3 trillion over the next decade. The White House plans on doing this by raising the overall corporate tax rate from 21% to 28%, quadrupling corporate stock buybacks and creating a new billionaire tax.
Currently, the national debt sits at more than $31 trillion, up from $27.7 trillion when Biden became president.
Tax & Spending U.S. into Oblivion
Biden’s package of tax and spending priorities is unlikely to pass the House or Senate as proposed.
House Speaker Kevin McCarthy, R-Calif., said the president’s proposed deficit reduction was inadequate. “It just seems like it’s going to create the biggest government in history. I don’t think that’s what we need at this time,” he said.
The president was traveling to the political battleground state of Pennsylvania to promote the plan, staking out what he believes is popular terrain that will make it hard for Republicans to criticize without risking blowback. (This Fantasy Budget Proposal is ALL about Politics!) White House officials separately released polling as part of the budget that they say shows public support for their policies, evidence that they want to set up the 2024 election as a contest of ideas.
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In addition to deficit reduction (if it actually happens), Biden’s 10-year budget largely revolves around the idea of taxing the wealthy to help fund programs for the middle class, older adults and families. (Again, INFLATION is a TAX on EVERYONE and it is caused largely by Government Spending and it hurts the Poor and Middle Class most!) It would raise $4.7 trillion from higher taxes, with an additional $800 billion in savings from changes to programs.
The tax increases include a reversal of the 2017 tax cuts made by President Donald Trump on people earning more than $400,000 a year. (Which have achieved record increases in Federal Revenue since they were inplemented.) Biden has floated a new tax that would target billionaires and called for lower prescription drug prices. The tax that companies pay on stock buybacks would rise fourfold and those earning more than $400,000 would pay an additional Medicare tax that would help to keep the program solvent beyond the year 2050.
But there also would be $2.6 trillion worth of new spending, including the restoration of the expanded child tax credit that would give families as much as $3,600 per child, compared with the current level of $2,000. That credit would be “fully refundable,” which means households could receive all of that sum even if they don’t owe any taxes. (This is called paying for votes! That is the plan for 2024)
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