The utterly nonsensical budget President Biden sends to Congress on Thursday, complete with trillions in new taxes, will make one thing painfully clear: Biden wants an all-out war with Republicans as he pushes his progressive agenda — And to hell with the economy and America’s debts. .
Biden’s potential tax hikes include:
- Those earning more than $400,000 pay a full third in Medicare taxes.
- A quadruple of the 1% surcharge on corporate stock buybacks that he and fellow Democrats imposed last year.
- A new 20% minimum tax on income and theoretical earnings not yet realized by stockholders (worth $100 million or more for individuals and families).
- A bump in the top income-tax rate from 37% to 39.6%.
All told, it’s a hard hit, especially for high earners already heavily taxed. (The top 1% paid almost half of the country’s income tax in 2020 but only 22% of income, According to the Tax Foundation.)
Nor are middle- and low-income families immune: they will be squeezed out by companies trying to offset their own higher taxes either directly or through higher prices. This is the last thing anyone needs, as the economy struggles with persistent inflation, rising interest rates and the prospect of a major recession.
That’s why Biden is a democratic Congress will agree to these tax increases in its first two years. Proposing them now that the Republicans have taken over the House is nothing more than a political ploy.
Also expect Prez to rein in progressives’ drunken-sailor spending on things like child care, paid leave, expanded child tax credits and universal pre-K. (Their inflation of trillions apparently isn’t painful enough.)
but don’t do Amid growing threats from Russia and China, the US and its allies expect sufficient funding for military weapons to ensure proper readiness. And Biden says he’s against it anyone Real spending cuts, which Republicans rightly insist are needed to stem the rising debt.
Instead, the president wants Republicans to just agree to raise the debt ceiling, no questions asked, even though Uncle Sam’s IOUs are overtaking the nation’s entire economy by nearly 20% and growing fast. .
He knows his plan will die when he gets to a GOP-run House; He is not trying to negotiate, but playing political games. Next, he will again call for “unity”: that is that cynical
