The Biden administration has gotten around to introducing its proposed federal budget. The immediate verdict: it’s dead on arrival in Congress (particularly in the Republican-controlled House of Representatives).
That should come as no surprise to anyone, anywhere (including the White House). But as this budget is, like every one of its predecessors, Republican and Democrat alike, a political document, it tells us Mr. Biden’s priorities as he prepares to seek a second term.
Among them are more social programs:
The president’s budget proposed $400 billion to deliver affordable child care for parents, $150 billion for home care for older Americans and disabled people, and nearly $400 billion to make permanent expanded health coverage assistance through the Affordable Care Act. He would spend $325 billion to guarantee paid leave for workers and nearly $300 billion combined for free community college and prekindergarten for students. He is seeking $100 billion in additional assistance to lower housing costs for homeowners and renters.
Mr. Biden would reinstate for three years an expanded child tax credit, which was included in the economic aid bill he signed in 2021 but expired last year, as a means of reducing child poverty. He would make permanent a change in the credit that allows people to benefit from it in full even if they do not make enough money to owe federal income taxes. Together, the changes would cost more than $400 billion.
Coupled with higher taxes:
President Biden’s Fiscal Year 2024 Budget outlines several major tax increases that would bring U.S. tax rates far out of step with international norms. Some of the proposals may be familiar, recycled from prior budgets and failed legislative attempts, but some are new, like the proposed tax hikes for Medicare funding.
In total, they would add up to almost $4.7 trillion in new taxes targeted at businesses and high-income individuals. The major changes include higher marginal tax rates on corporate, individual, and capital gains income; a complicated new minimum tax on high-net-worth individuals; and increases to Medicare taxes. The negative effects of higher tax rates on saving, investment, and entrepreneurship would have economy-wide repercussions, ultimately harming workers, international competitiveness, and domestic investment.
In other words, it’s an old-fashioned Democratic budget document – more spending, more taxes and bigger government.
It’s Mr. Biden’s opening bid in what is sure to be one of the more contentious budget debates in official Washington in recent memory. Buckle up, everyone.
The opinions expressed in this article are those of the author and do not necessarily reflect the positions of American Liberty News.
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Why doesn’t Biden sign something beneficial to the economy instead of blowing taxpayer’s money on stuff that does nothing more than ultimately raise taxes on all working Americans?
Oh yeah, I forgot. He’s a Democrat.
no surprise. although it gives the Country an idea of a Presidents ‘prioritys” “agenda” every Presidents proposed budget is rejected.
It is imperative that the Republican House demand an unredacted transcript of the meeting between Biden and Xi in Bali, Indonesia, and Biden and Zelensky multiple meetings.
Just as Xi is undermining the Nation with external forces, including the Mexican Cartel, Biden is the last link in the destructive chain undermining the Nation from within.
Forget the Alliance between China, North Korea, Iran and Russia, the most dangerous time in the world is the 24 ours of face-to-face time between Xi and Biden.
These transcripts should be made available before any discussions on the budget takes place.