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President Joe Biden’s $7.3 trillion budget includes $11.8 billion in border spending and $850 billion for the Pentagon as it seeks to use the proposal to make the case to voters to give the president a second term.
The White House plans to pay for its ambition agenda – which includes $3 billion for climate change resilience – by imposing about $5 trillion in new taxes on corporations and the wealthy over a decade.
The president’s plan would raise taxes by a net total of $4.9 trillion, or more than 7% above what the U.S. would collect. Meanwhile, Americans earning less than $400,000 a year would get tax cuts totaling $750 billion. And those earning above $400,000 a year would see increased taxes on the wages, investment gains and self-employment income.
The Washington Examiner reported: The proposals for new federal spending programs and taxes will not become law this year, given Republican control of the House of Representatives. But they provide a sense of what initiatives President Joe Biden would pursue if he wins a second term.
Shalanda Young, Director of the Office of Management and Budget, announced Monday, “Today @POTUS released his Budget, detailing his vision to protect and build on the Administration’s historic progress and invest in all of America to make sure the middle class has a fair shot and we leave no one behind.”
Today @POTUS released his Budget, detailing his vision to protect and build on the Administration’s historic progress and invest in all of America to make sure the middle class has a fair shot and we leave no one behind.
Learn more: https://t.co/hT2iAJypav
— Shalanda Young (@ShalandaYoung46) March 11, 2024
The New York Post quoted Brian Riedl, a senior fellow at the Manhattan Institute, as saying, “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.”
Committee for a Responsible Federal Budget President, Maya MacGuineas, slammed the proposal, but notes that it’s not going to be passed.
WATCH:
Committee for a Responsible Federal Budget President, Maya MacGuineas, discusses President Biden’s fiscal 2025 budget proposal and says our budget process is broken https://t.co/uG56RcrSpt pic.twitter.com/a2jqa6LE37
— Bloomberg TV (@BloombergTV) March 11, 2024
House Speaker Mike Johnson, along with other Republican leaders, said in a statement, “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.”
My joint statement with @SteveScalise, @GOPMajorityWhip, and @RepStefanik on Biden’s budget proposal: pic.twitter.com/6StD9YAzMe
— Speaker Mike Johnson (@SpeakerJohnson) March 11, 2024
See Biden’s newly-released budget below, or CLICK HERE to access it online.
Budget Fy2025 by New York Post
During his State of the Union address last week, Biden claimed that the average federal tax for the 1,000 billionaires in America is only 8.2%.
Pres. Biden proposes a minimum federal tax rate for billionaires at 25%, which he claims would raise $500 billion over the next 10 years: “No billionaire should pay a lower federal tax rate than a teacher, a sanitation worker or a nurse.” https://t.co/ocMhOjhBIu #SOTU2024 pic.twitter.com/G2799YXS72
— ABC News (@ABC) March 8, 2024
IBM Vice Chair @Gary_D_Cohn fired back at Biden’s claim in a Face The Nation interview, saying “a billionaire is a measure of net worth” and not their taxable income.
“There’s no billionaire in this country that has income that is not paying at least 20%,” Cohn declared.
Responding to Pres. Biden’s saying billionaires pay a lower tax rate than teachers, IBM Vice Chair @Gary_D_Cohn says “a billionaire is a measure of net worth” and not their taxable income.
“There’s no billionaire in this country that has income that is not paying at least 20%.” pic.twitter.com/WqC2YlvpYK
— Face The Nation (@FaceTheNation) March 10, 2024
Podcaster Michael Quinn Sullivan wrote:
Biden wants to raise news taxes on billionaires? Current national debt is $34.5 TRILLION. The richest man in the world is Jeff Bezoa and he happens to be a U.S. citizen. He’s worth $200 billion.
We’d need to take 100% of 172 Jeff Bezoses net worth to eliminate the national debt (or ~189 Elon Musks). Maybe our problem is not revenues, but the government spending too much…?
Biden wants to raise news taxes on billionaires?
Current national debt is $34.5 TRILLION. The richest man in the world is Jeff Bezoa and he happens to be a U.S. citizen. He’s worth $200 billion.
We’d need to take 100% of 172 Jeff Bezoses net worth to eliminate the national debt…
— Michael Quinn Sullivan (@MQSullivan) March 11, 2024
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