President Biden made the pitch for his 2024 budget proposal today, and as expected there are a couple trillion worth of tax increases and lies about deficit reduction:
In addition to deficit reduction, Biden’s 10-year budget largely revolves around the idea of taxing the wealthy to help fund programs for the middle class, older adults and families. It would raise $4.7 trillion from higher taxes, with an additional $800 billion in savings from changes to programs.
The tax increases include a reversal of the 2017 tax cuts made by President Donald Trump on people earning more than $400,000 a year.
Biden has floated a new 25% minimum tax on households worth $100 million or more. Also, the tax that companies pay on stock buybacks would rise fourfold and those earning more than $400,000 would pay an additional Medicare tax that would help to keep the program solvent beyond the year 2050. Medicare could negotiate on the prices of more prescription drugs, helping to save the government money.
Accompanying that would be $2.6 trillion worth of new spending, including the restoration of the expanded child tax credit that would give families as much as $3,600 per child, compared with the current level of $2,000.
Elements of what Biden’s after are, as usual, really bad ideas:
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