The New york Times reported Thursday that the president’s massive new budget, which he will unveil Friday, “would take the United States to its highest sustained levels of federal spending since World War II.”
Biden’s budget starts with a $6 trillion spending plan for this year, but would increase total annual spending to $8.2 trillion by 2031.
A spending plan that large will naturally require higher taxes — a fact the Times acknowledged, saying that the plan includes raising taxes on corporations and high earners.
But everyone knows that won’t be enough to cover all the new spending, particularly since the administration has said the “jobs and families plan would be fully offset by tax increases over the course of 15 years,” the Times noted.
How to pay the Piper?
The NY Times exposed that the Biden Plan includes tax hikes for all income levels.
“The documents forecast that Mr. Biden and Congress will allow tax cuts for low- and middle-income Americans, signed into law by President Donald J. Trump in 2017, to expire as scheduled in 2025,” the Times reported. “Mr. Biden has said he will not raise taxes on people earning less than $400,000 a year. It is possible that he could propose to extend the Trump tax cuts for those earners in a future budget, potentially coupled with additional tax increases on high earners or businesses.”
The threshold would also apply to families, CNBC reported.
House Ways and Means ranking Republican Kevin Brady (Texas) put it in perspective, “President Biden’s budget blunder sets us up for an even worse economic recovery than the Obama-Biden record of the slowest in history,” said, according to the Times. “Lower- and middle-income families are already suffering under the stealth tax of higher prices. Now the president wants their income taxes to go up as well.”