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Joe Biden unveiled his 2025 budget proposal earlier today. In general, presidents’ budgets are hardly worth discussing. They project revenue and spending over the next ten years, and if you go back and look at them a few years later, they usually bear no relation to reality. And, in this instance, there is zero chance that Congress will pass anything resembling Biden’s budget, which can best be seen as a campaign document.
But, for what it is worth, this is what the Wall Street Journal had to say about it:
President Biden proposed Monday a $7.3 trillion budget for the next fiscal year that would raise taxes on wealthy people and large corporations, trim the deficit and lower the costs of prescription drugs, child care and housing.
Other than spending $7.3 trillion and raising taxes, it wouldn’t do any of those things. For purposes of comparison, federal spending in 2000, the last year of the Clinton administration, was $1.79 trillion. So Biden wants to spend almost exactly four times that much.
The fiscal 2025 budget would cut the deficit by $3 trillion over the next decade, and it would raise taxes by a net total of $4.9 trillion, or more than 7% above what the U.S. would collect without any policy changes.
Those hypothetical deficit cuts depend on economic forecasts in the out-years that won’t come true. The only meaningful fact is that Biden wants to raise taxes by nearly $5 trillion.
Biden’s purported budget is largely an exercise in fantasy:
The budget leaves some blank spaces. It lists principles for shoring up Social Security, without specifying a plan. It calls for paying for extensions of tax cuts for most households after 2025 but doesn’t detail how that would be paid for. And it calls for restoring the expanded child tax credit, but only temporarily, lumping that into the broader 2025 tax debate.
Biden’s budget proposes absurd taxes on corporations and “the rich”:
The budget repeats many past Biden tax-increase proposals, including higher tax rates on corporations and high-income individuals along with minimum taxes on the wealthiest Americans’ unrealized capital gains.
Which is insane. If the government taxes unrealized gains on unsold securities when the market goes up, will it write checks to investors when the market is down? Logically, it would have to, but of course that is not part of Biden’s proposal.
Biden rolled out several new tax increases last week, such as raising his new corporate alternative-minimum-tax rate to 21% from 15% and denying deductions when corporations pay any workers, not just top executives, more than $1 million.
The net effect of Biden’s proposals would be to give the United States one of the heaviest tax burdens in our history, equaled only once since World War II.
Is that because people are dying to give the federal government more money to waste? No, it is because many people are too naive to understand that, as has been said a million times, corporations don’t pay taxes, they collect them. Those taxes are actually paid mostly by customers (i.e., all of us) and secondarily by employees (i.e., most of us). But Biden’s budget is not about economics or, for that matter, mathematics, as the numbers will never add up. Rather, it is about politics:
Biden’s advisers are betting that a focus on lowering costs for families will help push the president to re-election.
Needless to say, Biden’s budget, if actually enacted, would raise costs for families, not lower them. Fortunately, there is zero chance of that happening.
Football is in the air, as we are less than 24 hours from the start of the NFL Draft. Which means it's time to start talking about tax reform.
The post ‘The Government Is Meant to Work for the People’: Ex-Packer David Bakhtiari Calls for Flat Tax appeared first on Breitbart.
Illinois politicians voiced their skepticism of the NFL Chicago Bears' proposed stadium that would need $2.3 billion in public funds, with Gov. J.B. Pritzker (D) saying there are higher "priorities" for taxpayers.
The post Illinois Gov. Pritzker ‘Skeptical’ of Chicago Bears’ $4.6 Billion Tax-Funded Stadium Plan appeared first on Breitbart.
Former Broncos star Bill Romanowski filed for bankruptcy on Monday and reportedly owes the federal government $15.5 million in back taxes, according to USA Today.
The post Former NFL Linebacker Bill Romanowski Declares Bankruptcy, Owes $15.5 Million in Unpaid Taxes appeared first on Breitbart.
Florida is embracing a "freedom sales tax holiday" to make the summer "more affordable" in President Joe Biden's economy.
The post Florida Embraces ‘Freedom Sales Tax Holiday’ to Make ‘Summer More Affordable’ appeared first on Breitbart.
The top U.S. House committee charged with tax law and oversight has launched a formal investigation into the U.S. Chamber of Commerce and its affiliated foundation, Breitbart News has learned exclusively.
The post Exclusive – House Panel Launches Official Investigation into U.S. Chamber of Commerce Tax Status over Soros-Linked Donations to Foundation appeared first on Breitbart.
President Joe Biden's decision to open Obamacare enrollment to DACA illegal aliens will cost Americans roughly $300 million annually.
The post Joe Biden’s Obamacare for DACA Illegal Aliens to Cost Americans $300 Million Annually appeared first on Breitbart.
Missouri Gov. Mike Parson (R) signed a bill on Thursday to ban abortion providers and their affiliates from receiving reimbursements from Medicaid.
The post Missouri Gov. Parson Signs Bill Banning Taxpayer Funds to Abortion Providers appeared first on Breitbart.
Homeless alcoholics are getting free beer and vodka under a taxpayer-funded pilot program in San Francisco.
The post ‘Where’s the Recovery in All This?’: SF Buying Beer, Vodka for Homeless Alcoholics with Taxpayer Money appeared first on Breitbart.
In today’s edition of Getting What You Vote For, the dummies in California are about to get hit with a 50-cent per gallon gas tax.
The post Nolte: Democrat-Run California About to Get Hit with 50 Cent per Gallon Gas Tax appeared first on Breitbart.
Cruise, the autonomous vehicle company backed by General Motors, has cautiously restarted its testing operations in Phoenix, Arizona, following a pedestrian-dragging incident in San Francisco that raised serious safety concerns.
The post Cruise Resumes Robotaxi Testing in Phoenix After Incident of Dragging Pedestrian Down San Francisco Street appeared first on Breitbart.
Taxpayers are turning on the public funding of National Public Radio (NPR), according to the latest DailyMail.com/TIPP survey.
The post Poll: Taxpayers Turning on Funding NPR appeared first on Breitbart.
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