Yesterday President Biden made a pitch for his 2024 budget proposal, and as you might expect it’s full of new spending, tax increases and claims that it’ll all lead to huge 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.
Biden also tried to win some extra support for his budget proposal by reminding Americans how he’s helped lower their energy bills, which came as a surprise to everybody because that’s the opposite of what’s actually happened.
Texas Sen. Ted Cruz found another way to expose Biden’s “priorities,” and that’s by counting some words:
Biden’s misplaced priorities:
Biden’s budget mentions equity 63 times, climate 148 times, & environmental justice 25 times.
But on the issues that matter to Americans, Biden only mentioned inflation 10 times, fentanyl twice, border security 8 times, and gas prices 3 times. pic.twitter.com/hlKMEZkNKd
— Ted Cruz (@tedcruz) March 10, 2023
Yep, that’s certainly not unexpected. Do the words “not a joke” appear anywhere? Also we’re assuming there’s money for the “climate mental health” Kamala Harris has been talking about.
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