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:

Unrealized capital gains? So they can just pretend you sold something at a profit when you didn’t (or haven’t yet) and just tax it accordingly? We are officially in banana republic territory.

“Absolutely insane” is this administration’s middle name! They call it “Build Back Better” but we all know it’s really the first one.

It has to be asked:

Let me guess the Biden White House’s answer to that: No freaking way!

To get us to go along with him, Biden reminded everybody how much his initiatives have — wait, first I should make sure you’re not drinking anything when you read what’s next.

Ready? OK, Biden reminded Americans how his initiatives have lowered Americans’ energy bills.

No, seriously:

Does Biden know he’s lying or is that what his staff tell him and he just repeats it? Nobody’s energy bills (or any other bills for that matter) have gone down during this disaster of a presidency:

That’s actually maddening and insulting all at the same time.

Eventually everybody will be forced to pony up to the “Big Guy.”

Maybe around the same time the “Inflation Reduction Act” actually reduces inflation?

All while the “fact-checkers,” for the most part, collectively yawn.



President Biden’s promise not to raise taxes on anyone making less than $400,000 a year seems a little shaky

Bro, take the L! WH Deputy Press Secretary’s UGLY swing at Republicans over taxes KNOCKS Biden ‘aka the Big Guy’ RIGHT on his keister