Massive spending increases for various bureaucracies is the most offensive part of Biden’s new budget.
These huge budgetary increases (well above the rate of inflation, unlike what’s happening to incomes for American families) were not the most economically harmful feature of Biden’s plan.
That dubious honor belongs to either his massive expansion of the welfare state or his big tax increases.
The Wall Street Journal editorialized a couple of days ago about what the president is proposing.
A President’s budget is a declaration of priorities, so it’s worth underscoring that President Biden’s new budget for fiscal 2023 proposes $2.5 trillion in tax increases over 10 years. His priority is taking money from the private economy and giving it to politicians to spend. …Raising the top income-tax rate to 39.6% from 37% would raise $187 billion. Raising capital-gains taxes, including taxing gains like ordinary income for taxpayers earning more than $1 million would snatch $174 billion. Raising the top corporate tax rate to 28% from 21%—a tax on workers and shareholders—would raise $1.3 trillion. Fossil fuels are hit up for $45 billion. We could go on… Let’s hope none of these tax-increases pass, but the Democratic appetite for your money really is insatiable.
That’s a damning indictment.
But the WSJ actually understates the problems with Biden’s tax agenda.
That’s because the White House also is being dishonest, as explained by Alex Brill of the American Enterprise Institute.
The Wall Street Journal editorialized a couple of days ago about what the president is proposing.
A President’s budget is a declaration of priorities, so it’s worth underscoring that President Biden’s new budget for fiscal 2023 proposes $2.5 trillion in tax increases over 10 years. His priority is taking money from the private economy and giving it to politicians to spend. …Raising the top income-tax rate to 39.6% from 37% would raise $187 billion. Raising capital-gains taxes, including taxing gains like ordinary income for taxpayers earning more than $1 million would snatch $174 billion. Raising the top corporate tax rate to 28% from 21%—a tax on workers and shareholders—would raise $1.3 trillion. Fossil fuels are hit up for $45 billion. We could go on… Let’s hope none of these tax-increases pass, but the Democratic appetite for your money really is insatiable.
That’s a damning indictment.
But the WSJ actually understates the problems with Biden’s tax agenda.
That’s because the White House also is being dishonest, as explained by Alex Brill of the American Enterprise Institute.
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