President Joe Biden is tearing a page from Rep. Alexandra Ocasio-Cortez’s “Tax the Rich” playbook in his newly proposed budget, which includes $5 trillion in tax increases on on American businesses and individuals, and a total of $6.8 trillion in government spending for one year.
The budget proposal in its current form has little chance of passing the House, which is controlled by Republicans looking for ways to rein in the federal debt.
The new taxes on wealth and corporations would be used to create even more new programs for the poor and to shore up Medicare, which is an increasing burden on the federal budget. Biden said that his budget would reduce deficits by $3 trillion over 10 years, although that is an unproven claim.
The taxes don’t just stop at the corporate door. Taxes will show up in the most unexpected places. There even would be a new 30% tax on electricity used in cryptocurrency mining. The White House wants to make cryptocurrency unprofitable, and taxing it appears to be the easiest way, although the cover story is that crypto trading is using too much energy.
He also is asking Congress to approve $3 billion to help poor countries mitigate effects of climate change.
Mr. Biden will give a speech on his budget at 2:30 p.m. (10:30 a.m. Alaska time) in Philadelphia. Earlier this week he signaled that he would be going after the rich in his new budget, the third of his presidency.
Today, the national debt stands at $31.6 trillion, and it appears that Biden is not serious about reducing the debt crisis.
.@JoeBiden: “I want to make it clear: I’m gonna raise some taxes.”— Senate Republicans (@SenateGOP) March 9, 2023
And that’s exactly what Joe Biden's budget will do. pic.twitter.com/7BnHbwGSKI
These Leftist fools have no idea what they’re doing to destroy our country… or DO they?!
The figureheads are meat puppets and their masters are making billion$.
Good. This is what 81 million people wanted. I’ll take mean tweets and cheap gas any day.
US House Republicans have no plan to either reduce the budget, or fix social security and Medicare. Nikki Haley is the only Republican candidate to date that has broached means testing for entitlements. McCarthy and his Freedom Caucus have no answers, and will be voted out in two years IMO
Don’t count on it.
Pity you leftist marxists were so afraid of Tulsi Gabbard. You could’ve picked her for POTUS or VP, but no, you picked the two woke morons. Guess what, Tulsi’s coming for your lunch soon, better get ready, because now all the free thinking independent voters are taking note, especially now she’s disavowed you all as war mongering globalist hypocrites. #funfunfun
……and 87,000 new, armed IRS agents to make sure the middle class pays for Brandon’s Big Government bill. Meanwhile, the south Border Patrol gets defunded.
A truly brainless Democrat president. Should have had articles of impeachment drafted against him on January 22nd.
Yeah, I still wouldn’t take financial advice from these guys.
Is that all? Come on grandpa. You can bankrupt us faster than that.
Why not 10 trillion for trans surgeries alone?
This whole system makes a lot more sense when you realize both parties work together towards creeping totalitarianism. If you vote republican, you’re voting for the same outcome bur 5 years later.
Viva! Inflation! Mas, senior Biden?
“…appears Biden is not serious about the debt crisis.” Oh, he’s serious about it alright. Keep taking trillions of dollars with who knows how much unaccounted for. Bankrupt our businesses so they need bailouts and keep the borders open. Quickest way to our demise.
It’s funny how all the budgets from the administrative state always project FUTURE savings, FUTURE deficit reductions, and FUTURE increased revenue. When has that ever turned out to be true?
Too bad the President does not actually create the budget. His “budget” is a wish list. Of course, the leftists do not understand that, and think whoever is in the White House has king like authority. (That’s why they were so “pearl clutching” terrified during the President Trump administration.)
Now, does that mean the House will not use it as a starting point? Of course they will. One can only hope there are enough reasonable people to bring it back a bit.
Not to worry as our Senior Senator has her ear mark request file open already as has our lone Representative..!!!…Senator Dan is silent so far and appears to know when to just shut up!!!
He’s on the WARMONGER train this week. Sullivan wants to send planes and pilots to Ukraine. All are FAILURES for the People.
I don’t know why they continue to oppress us. Why aren’t they sending a million to each US resident? Maybe two million would be better. Per annum. After all its just green paper that people apply magical thinking to in order for it to have any value at all.
What would happen if people stopped the magical thinking?
“Gradually, then suddenly.”
Well, all that free money coming down from feds was not so free after all. Who knew? Every time you hear a city council accepting federal grant money (even if filtered down thru the state) to pay for things without burdening local taxpayers, this is where the bill comes due. If it isn’t paid for locally maybe it will be paid via your eventual returns in your IRA or 401K plan. Things like taxing strategic stock buy backs that boost your retirement savings balance. Or maybe a 39% income tax rate if you make over $400,000 a year. 39%! I don’t make $400,000 a year but if I did sending 39% to the government? Holy cow.
Alaska is the most dependent state on federal tax dollars. So yeah we are the problem first and foremost.
Statistic without context.
Perhaps you might ask “why is AK most dependent?” before you declare we are a problem? Could it be because of the massive amount of Federal Land in AK? Perhaps ANSCA and ANILCA have something to do with it? Does BIA have a higher per capita presence here than in more populous states?
The overwhelming majority of Federal dollars are not handouts.
He needs to stop throwing money at Ukraine, that’s the first thing. We aren’t going to trade hyper missils with Putin, so need to back out.
I say tax them more let’s get the crash over. We need to see failure sense half the country doesn’t understand the financial health of the country.
Biden Inc. absolutely cannot stop giving tax dollars to Ukraine. The money givin to the Bidens in the past must be repaid. Its as simple as that. As Captain Sully says we must send F-16’s with pilots and escalate this into a full scale war. We cant do this half __ssed. We must be all in to get the big returns on our Ratheon investments after Paul Pelosi gave him the inside tips on where to invest.
AOC has the message we all need to heed. “TAX THE RICH”
And after we Tax the Rich to the point they are now poor, who do we tax to sustain the programs we implemented?
A Trump appointed federal judge in Tallahassee gave the Biden Admin 7 days to get the southern border in order so people are waking up to the fact that this open border policy is destroying our national sovereignty.
Imagine if everyone receiving a paycheck had to write a check to the IRS once a month (or quarterly) instead of having their employer withhold their taxes.
I think a lot more people will get interested in what the Federal Government is doing.
Biden is brain, dead he dos not control WH. Susan Rice does and she is an Obama hold over, she is a communist.