In the history of mankind, many republics have risen, have flourished for a less or greater time, and then have fallen because their citizens lost the power of governing themselves and thereby of governing their state. TR

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Biden wants to raise taxes by $3.5 trillion

This is how the White House can claim all its new spending is “paid for.” It used to be called “tax and spend.” Now it’s known as “pay for new investments.”

One of the grand innovations here would be to make our corporate taxes the highest in the developed world, putting US companies at a grave competitive disadvantage.

According to the Wall Street Journal:

Many investors wonder if the Federal Reserve can manage to tame inflation without sending the U.S. into recession. Perhaps they should worry more about continuing White House efforts to tempt Sen. Joe Manchin (D., W. Va.) into a tax increase. The President’s ambitions for increasing government revenue are not small.

But what is most striking about the Biden tax agenda is not its fairness or its stability but rather its sheer size. The Tax Foundation’s Erica York and Garrett Watson write today:

“Combined with the tax increases in the Build Back Better Act (BBBA), which the budget assumes becomes law, President Biden would raise revenues by $4 trillion on a gross basis over the next decade.”

Ouch. How big is the planned tax hike on a net basis? There are a raft of new tax credits in the Biden plan—including a range of green energy credits totaling around $300 billion—but even accounting for all of them the President’s desired tax increase is still massive. Ms. York says that “across BBBA and the FY 2023 Budget, the Administration proposes roughly $3.5 trillion of new revenues on a net basis after tax credits.”

7 thoughts on “Biden wants to raise taxes by $3.5 trillion”

  1. I’m not that surprised about what Biden wants to do, just that he thinks he can actually pass a huge tax increase. Mid-terms can’t come soon enough.

  2. He need $1.9 Trillion for VP Harris. She plans to send it to Central America to stamp out the “root causes” of their proverty and crime. Of course what ever is sent to the Latin countries will end up in the pockets of their billionairs.

  3. On top of the already bloated inflation… more taxes!

    I’d say this is ridiculous, but DC we all are aware is ridiculous and out of touch.

  4. Way to go, you fool of a man.
    Hit the people while they are hurting most.
    And they think this is a winning strategy.

  5. Next he’ll want us to pay for the privilege of breathing. I don’t know how much more this country can take. Millions of unknown criminal illegals coming (welcomed by Biden), runaway inflation, increasing violence in large cities, telling blacks that white people are the cause for their societal issues, pushing LGBTQ+Drag Queens on children, confusing kids sexually, forcing vaccines and masks, the empty shelves in grocery and drug stores, worries about being able to afford gas in our tanks or feeding our babies, power grid rolling blackouts, and leaving guns in the hands of felons while taking away people’s rights to defend themselves, being called “domestic terrorists” for wanting to have a secure vote, referred to as racists and white supremacists. Ignoring black on black crime in places like Chicago, or black on white crime in NYC, while treating all NRA members and peaceful gun owners as the shooter in Buffalo, or Uvalde. Repeatedly watching the MSM tell us everything Biden is doing is better than the previous guy did. Being fired /outed/censored for questioning Biden’s nomination, ignoring 120 days of rioting by BLM/Antifa while telling the world that a couple hours on January 6 was the equivalent of Hitler and Nazis. Sad thing it’s not just Democrats that are bad, RINOS are no better, they all get rich, they don’t have to follow the laws like we do (think Paul Pelosi), or don’t have to pay the IRS like we do (think Sharpton). We no longer have government that works FOR US, and agencies like The FBI are no longer trustworthy.

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