Tax illiteracy reigns supreme in Washington
A myriad of associations come to mind when one thinks of President Biden’s fiscal year 2023 budget, but the one that instantly springs to mind is “a dumpster burning.” Like the budget he submitted to Congress last year, one fact remains constant: President Biden has no idea what fiscal responsibility entails. Families across North Carolina are feeling the crushing weight of inflation on their shoulders, and the struggles they have experienced over the past year have been glossed over by this administration for far too long.
Sure, the president’s allies in mainstream media will increase his budget until the cows come home, but we’re all too familiar with that kind of shameless bowing. Families are already hammered by Biden’s $3,500 annual inflation tax, and this budget would spend $73 trillion over the next decade, a 66% increase over the previous 10 years. If you think this surge in inflation is bad now, wait. Over the next five years, inflation rates would increase by 2.8%. Of course, let’s not forget that the consumer price index (CPI) has risen 8.5% in the past 12 months, the highest rate since December 1981.
If you’re looking for massive tax hikes for families, small businesses and job creators, President Biden’s budget has it all. Over the next decade, this budget would bring in $58 trillion in total taxes, an 80% increase over the previous decade. Here’s what that means per year:
- $1.7 trillion in new taxes on job creators, $2.5 trillion including hidden taxes to build back better.
- $800 billion in new taxes on American families and small businesses, $1.5 trillion including hidden taxes Build Back Better.
- Tax-to-GDP ratio of 18.8%, an increase of 8.7% over the historical average.
But, but, but…millionaires would get a $700 billion tax cut with the return of a full State and Local Tax Deduction (SALT) from the Tax Cuts and Tax Cuts Act. employment (TCJA).
The Biden administration is also giving new meaning to “taxed to death.” Grieving families would face a $48 billion death tax as part of his budget. So what will be the cost to Americans? Middle-income families will face a $2,000 tax increase once the TCJA expires. The 87 million Americans earning less than $400,000 a year would face additional scrutiny from the Internal Revenue Service (IRS), which would have an injection of $80 billion to hire 87 000 new officers. The list is lengthened increasingly.
Predictably, there is a treasure trove of far-left provisions woven into this budget. The so-called “Green New Deal” would receive a huge payday, with billions of dollars for:
- Guaranteed government loans for climate projects
- A new climate “green bank”
- Rebates for “energy saving” residential and commercial upgrades
- Environmental and Climate Justice Grants
Biden’s Budget Bust isn’t a godsend for America, it’s a one-way ticket to the deepest chasm of financial ruin — a journey this administration apparently has no problem accelerating. Take a look at this spending schedule and see for yourself how messed up it is.
Rep. Jason Smith (R-MO), a ranking member of the House Financial Services Committee, has compiled a brilliant analysis of all the concerning provisions that Democrats in Congress have been hiding. You will find that tax illiteracy really reigns supreme in Washington.
U.S. Representative Virginia Foxx represents North Carolina‘s 5th congressional district and is the Republican leader of the House Committee on Education and Labor.