Make no mistake, this massive tax hike will it every single America and most of all our savings. Biden is raising capital gains tax from 20% to 40%, imposing a tax on unrealized gains, huge increases on two income families, but hit worst of all, small business.
Biden’s titanic tax hikes are only exceeded by his spending.
Even with $5 trillion in tax hikes bringing the highest sustained tax burden America has ever seen, the public-held national debt would still jump from $25 trillion to $44 trillion according to the president’s own figures.
Annual budget deficits would grow past $2 trillion even with peace and prosperity.
Simply paying the interest on the national debt would cost taxpayers $10 trillion over the decade — more than any program besides Social Security and Medicare.
Apart from crashing the stock market, it will impoverish savers, homeowners and stock-holders.
It’s a deathblow to the American economy.
In reality, his budget proposes the largest tax increase in modern history, plows much of the new savings into more new spending and leaves Social Security on its path to insolvency.
Start with taxes.
Inflation-adjusted federal revenues have already soared to $1 trillion above pre-pandemic levels, to their second-highest share of the economy since World War II.
Yet the president would raise taxes by an additional $5 trillion over the decade — the largest tax hike since the 1960s.
Total corporate taxes would jump by 56%, to their highest sustained share of the economy since the 1970s (and may exceed the 1970s levels when also accounting for small-business taxes).
Much of these revenues would come from raising the corporate tax rate from 21% to 28%.
When including state taxes, American corporations would face the second-highest tax burden among Organization for Economic Co-operation and Development nations.
In a world of global tax competition, America would again hamstring its own competitiveness.
President Biden just delivered his budget to Congress, and it is completely unserious.
He proposes trillions in new taxes that you and your family will pay directly or through higher costs.
Mr. President: Washington has a spending problem, NOT a revenue problem.
— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
Biden’s New Tax Plan Would Raise Combined Top Tax Rates to Nearly 60% in Some States
“That means if you live in California, your combined state and federal would be 57.9%. And if you live in New York City, the city, state and federal would all add up to a top rate of 59.4%.” pic.twitter.com/iOnRrqe6Gq
— Chief Nerd (@TheChiefNerd) March 8, 2023
Daily Mail: President Joe Biden on Thursday released a $6.8 trillion budget that puts higher taxes on the rich, targets corporations and gives a huge injection of funding for social programs such as child care and paid family leave. There are also billions set aside for a 5.2 percent pay rise for federal workers, support for refugees, more offshore wind farms and a $25 billion investment in border security (Daily Mail). National Review: The budget would also quadruple a tax on stock buybacks, increase taxes on corporations already under pressure from higher costs driven by inflation, and add an additional 25 percent tax on high-net-worth individuals. He also increases an Obamacare surtax on investment income in a way that would hit small businesses, and then diverts the revenue from Obamacare to claim it will now shore up Medicare. Relative to the most recent baseline from the Congressional Budget Office, Biden would raise taxes by $5.5 trillion and spending by $2.2 trillion over the next decade (National Review).
BIDEN: “I wanna make it clear: I’m gonna raise some taxes” pic.twitter.com/m1g8c8jhEs
— RNC Research (@RNCResearch) February 28, 2023
Biden proposes $5.5 TRILLION in tax hikes on the rich to pay for $6.8T budget that includes pay raise for federal workers and funding for green agenda
- The budget proposes a 7.3 percent increase in non-defense discretionary spending – about double its increase in defense spending
- It calls for $688B in non-defense discretionary spending – a $47B increase
- Calls for $886 billion to be allocated to overall defense – an increase over 2023’s $858 billion
President Joe Biden on Thursday released a $6.8 trillion budget that puts higher taxes on the rich, targets corporations and gives a huge injection of funding for social programs such as child care and paid family leave.
The plan includes raking in $5.5 trillion in tax revenues from the wealthiest Americans by raising the top rate for those making more than $400,000 from 39.6 percent from 37 percent and imposing a 25 percent minimum income tax on billionaires.
The president’s plan – which he says will reduce the deficit by $3 trillion over 10 years – would also nearly double the capital gains tax rate for investment to 39.6 percent from 20 percent and raise income levies on corporations.
Enough for the largest peacetime budget in history has also been proposed – including $842 billion for the Pentagon, a 5.2 percent pay rise for troops, $6 billion in support for Ukraine and Europe and $37 billion on the nuclear weapons program.
There are also billions set aside for a 5.2 percent pay rise for federal workers, support for refugees, more offshore wind farms and a $25 billion investment in border security.
The huge budget is likely to be blocked in Congress, and Republicans have already called the plan ‘reckless’ and a ‘road map to fiscal ruin’.
Biden wants to Tax “Unrealized Capital Gains” this means no one will invest in the stock market. How could you buy a stock if it goes down you lose. If the stock goes up you pay taxes on it even if you don’t sell it? Ridiculous! 🤨 #Hannity pic.twitter.com/LnB9YZLrrb
— Louis Buchalter (@lepke2112) March 10, 2023
Inflation was 1.4% when Biden took office. Now it's 6.4%.
So how is President Biden going to help? By proposing a budget that calls for $6.8 trillion dollars in spending that even his tax increases can't cover.
That's not going to "whip" inflation, that's going to feed it. pic.twitter.com/omUpCK0ZxS
— Heritage Foundation (@Heritage) March 9, 2023
The Truth Must be Told
Your contribution supports independent journalism
Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won’t get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won’t put up a paywall. Because never has the free world needed independent journalism more.
Everyone who reads our reporting knows the Geller Report covers the news the media won’t. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left’s war on freedom. Our readers’ contributions make that possible.
Geller Report’s independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.
Please contribute here.
Make a monthly commitment to support The Geller Report – choose the option that suits you best.
Quick note: We cannot do this without your support. Fact. Our work is made possible by you
and only you. We receive no grants, government handouts, or major funding.
Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently
banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds.
They are disappearing us. But we are here.
Subscribe to Geller Report newsletter here— it’s free and it’s essential NOW when informed decision making and opinion is essential to America’s survival.
Share our posts on your social channels and with your email contacts. Fight the great fight.
Follow Pamela Geller on Gettr. I am there. click here.
Follow Pamela Geller on Trump’s social media platform, Truth Social.
It’s open and free.
Remember, YOU make the work possible. If you can, please contribute to Geller Report.
Join The Conversation. Leave a Comment.
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spammy or unhelpful, click the – symbol under the comment to let us know. Thank you for partnering with us to maintain fruitful conversation.
Please note: We no longer use Disqus; your Disqus login/password will no longer work on this site.
If you would like to join the conversation, but don’t have an account, you can sign up for one right here.
If you do have an account, but are having problems logging in or leaving a comment, it may be because of a browser extension or add-on, perhaps uBlock Origin or an ad blocker or something else. We want you to join the conversation, so perhaps disable browser extensions or your ad blocker until that “post comment” button appears. We look forward to seeing your comments below!