March 9, 2023

Biden’s Budget Proposal To Include Massive Tax Hikes

1933: U.S. Congress is called into special session by President Franklin D Roosevelt, beginning its “100 days.”

President Joe Biden is set to send his budget proposal to Congress on Thursday, and it will include some significant tax hikes.

“I want to make it clear: I’m going to raise some taxes,” Biden said last week. But Americans who make less than $400,000 a year “will not pay an additional single penny in any tax.”

Biden’s proposal will include raising the Medicare tax rate on earned and unearned income above $400,000 from 3.8% to 5%.

“My budget will make sure the money goes directly into the Medicare trust fund, protecting taxpayers’ investment and the future of the program,” Biden wrote in an op-ed published Tuesday in the New York Times.

Last month, Biden unveiled a proposal for a new tax on that would require individuals and families worth more than $100 million to pay a 20% tax on income and the unrealized gains of liquid assets i.e. stocks.

However, Republicans say Biden’s budget is doomed to fail in the GOP-majority House.

“You know the president’s budget is replete with what they would do if they could — thank goodness the House is Republican — massive tax increases, more spending,” said Senate Republican Leader Mitch McConnell (KY).

McConnell told reporters “the American people can thank the Republican House” that the White House’s proposed tax increases “will not see the light of day.”

Sources: The Hill, USA Today

9 comments on Biden’s Budget Proposal To Include Massive Tax Hikes

  1. George Thacker says:

    If the money had been kept at home and used for what it was used the way it was suppose to be, we would not be in this shape.

    1. Cheryl J Fisher says:

      If the elite wealthy would PAY THEIR FAIR SHARE, we WOULDN’T be in the position (shape) we are in.

      1. Cecelia Henderosn says:

        Cheryl, we’d still be in the same shape we are now. If you took 100% of the elites income, we’d still be in debt because we have a Government that spends like drunken sailors. They just keep printing money. In a very short time, the interest due on our debt will exceed the money the Government gets in a year. We’re broke and it’s the Governments fault, not the elites.

  2. Cheryl J Fisher says:

    The rich SHOULD pay theit fair share!!

    1. DiYi says:

      What do you consider their fair share? The top 5 percent earn 37% of all income, and pay 40% of all taxes. That seems pretty “fair” to me.

    2. Judy says:

      Cheryl, you have bought into every lie the Dem/Communists have told you. The top 1% of the richest people in our country can never be taxed enough to get us out of the deficit spending taking place under the Biden administration. These people will leave and take their money and invest it in another country before they will ever be taxed poor.

  3. John says:

    I smell Obama in most of Biden’s decisions, Biden isn’t bright enough or alert enough to come up with all the harm he has done to us.
    Moreover, every time I drive our roads and highways, I think of the state of disrepair they are in and think, they could have been repaired had Biden used our tax dollars wisely.

  4. Gerald Ladd says:

    This site only post comments it likes.

    1. Centurion says:

      You must be a LIE-beral troll.

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