The Patriot Post® · What's in Biden's $6.9 Trillion Budget?

By the Republican National Committee

MIDDLE-CLASS AMERICANS WOULD ULTIMATELY PAY FOR BIDEN’S IRRESPONSIBLE BUDGET

• This week, Biden unveiled his budget for FY 2024, a $6.9 trillion spending spree chock full of wasteful spending and higher taxes.
  • Biden says his budgets are a statement of his values, but his bloated budget fails to address the priorities of the American people.
• If Biden’s budget were adopted, the national debt would eclipse $50 trillion by 2033, and the debt-to-GDP ratio would surpass the record set just after WWII.
  • National debt would grow at a faster rate than it is currently under Biden’s budget.
• Biden’s budget includes $4.7 trillion in new and expanded taxes.
• Over the next 10 years, Biden’s budget would result in over $82 trillion in cumulative federal government spending.
• With middle-class and lower-income Americans already struggling to afford gas and groceries, Biden’s budget will only compound these difficulties.

BIDEN DOESN’T ACTUALLY HAVE A PLAN

• For months, Biden has been going around demanding Republicans put forward a plan – yet when the time comes for Biden to do the same, he falls short. 
• Completely missing from Biden’s budget is his plan for Social Security.
  • Biden brands himself as being a defender of seniors, yet not one penny of Biden’s historic tax hike would go towards averting Social Security’s scheduled insolvency in a decade.
  • By refusing to offer reforms, Biden is proposing to let the program go bankrupt and automatically cut benefits by 20 percent.
• Biden insists he does not want middle-class taxes to go up, but he has no plan to extend the 2017 Republican tax cuts in his budget.
  • The Tax Foundation: “The Biden budget pays lip service to continuing at least some of the individual income tax cuts included in the 2017 Tax Cuts and Jobs Act (TCJA) that will expire after 2025, but offers no concrete proposal for doing so. As such, the cost of TCJA extensions is not factored into the budget. Nor is the cost of continuing the one-year expansion of the CTC. Together, such extensions would likely offset the projected deficit reductions.”

BIDEN WANTS TO CRUSH THE AMERICAN PEOPLE WITH MORE TAXES

• Biden’s budget will slam Americans with at least a dozen tax hikes totaling “$4.7 trillion in new and expanded taxes.”
  • This would be the largest tax increase in modern history.
• As a part of his plan, Biden proposed a likely unconstitutional tax on Americans’ property and businesses.
  • Biden’s plan would tax some Americans for “unrealized” capital gains, meaning they would have to pay taxes on property that increased in value even if they didn’t sell it.  
• Biden’s budget would increase the business tax rate to 28 percent, which the Tax Foundation previously estimated would kill 159,000 jobs, shrink the economy by $720 billion, and cut wages for low-income Americans.
  • Biden’s tax hike would lead to the U.S. having a higher business tax rate than communist China.
  • American workers would bear the brunt of Biden’s business tax increase.
  • By raising the business tax rate, American families would be hit with increased utility bills due to increased costs for utility providers.
  • Total business taxes would jump by 56 percent to “their highest sustained share of the economy since the 1970s.”
  • When including state taxes, corporate taxes would jump to the second highest in the OECD, after Columbia.
• Despite high gas prices, Biden’s budget proposes $31 billion in tax hikes on U.S. oil and gas production.

BIDEN’S BUDGET IS FULL OF WASTEFUL SPENDING

• Biden’s budget is full of wasteful spending that does nothing but promote his radical left-wing agenda.
  • Manhattan Institute Senior Fellow Brian Riedl: $2 trillion of the new taxes Biden is proposing “would go towards new spending initiatives – on top of the $5 trillion in new spending Biden has already enacted.”
  • Riedl: “Inflation-adjusted spending, which was $5 trillion before the pandemic, would nearly reach $7 trillion next year — or $51,000 per household.”
• Biden’s budget focuses on advancing “equity and environmental justice,” mentioning equity 63 times,  climate 148 times, and environmental justice 25 times.
  • Meanwhile, inflation is mentioned just 10 times, police 4 times, parents 3 times, gas prices 3 times, and fentanyl 2 times.
• For the third year in a row under Biden, the budget does not include the Hyde Amendment and would use taxpayer money to fund abortions, a policy that a majority of Americans oppose.
• The budget includes funding to establish a Civilian Climate Corps, a demand pushed by far-left environmentalists like the Sunrise Movement, which would pay young Americans to advocate for “environmental justice.”
• Biden’s budget would increase funding for the IRS by 15 percent – this comes on top of the $80 billion Democrats gave the agency last year.
• Biden’s budget also includes other far-left priorities:
  • $3 billion to advance gender equity and equality.
  • $150 million for illegal immigrants’ legal fees.
  • $57 million to support the UN Population Fund, which supports abortion and forced sterilization in China.

BIDEN’S BUDGET PUTS U.S. NATIONAL SECURITY AT RISK

• Biden’s budget would shortchange America’s military, with defense funding failing to keep pace with inflation.
  • Center for Strategic and International Studies Senior Adviser Mark Cancian: “For defense, this is a pretty substantial step backwards.”
• In the midst of a border crisis, Biden’s budget would cut funding for the Department of Homeland Security.
  • Biden’s budget allocates funding to hire just 350 new Border Patrol agents – a far cry from the 18,000 agents Republicans pushed for (and Democrats voted against) last year.

ORGANIZATIONS ACROSS THE POLITICAL SPECTRUM HAVE CRITICIZED BIDEN’S BUDGET

• Committee for a Responsible Federal Budget: “This budget falls well short of the deficit reduction needed to put the nation on a sustainable fiscal path.”
• Taxpayers Protection Alliance: “This budget proposes to hammer an already reeling economy with a barrage of tax hikes, which will ultimately disincentivize investment in American businesses.”
• Independent Petroleum Association of America: “The changes in President Biden’s proposed budget to oil and natural gas industry tax provisions are a direct attack on America’s smaller independent producers who develop most of the nation’s natural gas and oil wells.”
• National Alliance For Public Charter Schools: “We are disappointed that President Biden is proposing flat funding the vital Charter Schools Program, which has been level funded by Congress since FY2019.”
• Business Roundtable: “While there is much to consider and analyze in the Administration’s just-released FY 2024 budget, one element stands out: a more than $3 trillion tax increase on America’s job creators. Business Roundtable strongly opposes this proposal. We cannot build a stronger, fairer American economy through tax hikes that make us less competitive and send jobs overseas.”

Originally posted here.