This Monday, President Joe Biden unveiled a massive $7.3 trillion budget plan for the 2025 fiscal year. In an election year, this proposal will hardly pass the House of Representatives because it will face stiff opposition from the Republican Party.
The plan calls for $5.5 trillion in tax increases by increasing rates on "the wealthiest" and corporations. Likewise, the plan also includes an increase in spending of $7.3 trillion on defense, affordable housing, cancellation of student debt, and federal benefit programs, among other proposals.
House Republicans trash Biden's massive $7.3 trillion budget plan: "One sheet... by emmanuel.rondon on Scribd
Notably, the budget includes raising the corporate tax rate from 21% to 28%. It would also force people with a wealth of $100 million to pay at least 25% of their income taxes.
According to the White House, the budget matches last year's maximum tax increase level and proposes spending $300 billion more. Likewise, the Biden Administration detailed in its plan that it would reduce the fiscal deficit by $3 trillion over the next 10 years.
Experts contradicting the Biden Administration affirm that a budget of this caliber would expand the government's size and not address the severe fiscal deficit, but, on the contrary, it would expand it.
Speaking to the New York Post, Brian Riedl, a senior fellow at the Manhattan Institute specializing in budgeting and taxation, said the budget would impose "the highest sustained income tax burden in American history as a share of the economy."
"The president is not simply raising taxes to close the deficit, he is raising them to expand government," Riedl said.
Just hours after the budget plan was presented, the Republican leaders of the House of Representatives issued a statement calling the proposal a roadmap to accelerate the country's decline.
"The price tag of President Biden's proposed budget is yet another glaring reminder of this Administration's insatiable appetite for reckless spending and the Democrats' disregard for fiscal responsibility. Biden's budget doesn't just miss the mark – it is a roadmap to accelerate America's decline," reads the joint declaration by House Speaker Mike Johnson (R- LA), Majority Leader Steve Scalise (R-LA), Majority Whip Tom Emmer (R-MN) and Republican Conference Chairwoman Elise Stefanik (R-NY).
"While hardworking Americans struggle with crushing inflation and mounting national debt, the President would increase their pain to spend trillions of additional taxpayer dollars to advance his left-wing agenda."
In addition to the House representatives, Republican senators like Mike Lee (R-UT) took a stand against the budget.
Lee wrote, "President Biden's new budget would increase the national debt to $45.1 trillion by 2034. Failure doesn't come cheap!"
President Biden’s new budget would increase the national debt to $45.1 trillion dollars by 2034.
Failure doesn’t come cheap!
— Mike Lee (@SenMikeLee) March 11, 2024
Senator Rand Paul (R-KY) also wrote a lengthy post on "X" (Twitter) strongly criticizing Biden's tax plan.
"Bidenomics damaged our nation's financial stability, and now the President's $7.3 trillion budget adds insult to injury. This budget proposes massive tax hikes to fund a radical wish list spearheaded by the far left," Paul wrote.
"This budget is nothing more than the Democrat ideologue's blueprint for an election-year gambit at the expense of Americans. We must demand fiscal responsibility and restore the sanctity of the American taxpayer's wallet," the senator stated.
Bidenomics damaged our nation's financial stability, and now the President's $7.3 trillion budget adds insult to injury. This budget proposes massive tax hikes to fund a radical wish list spearheaded by the far left.
President Biden treats the taxpayers as though we are… pic.twitter.com/Jx1OkT1PaJ
— Rand Paul (@RandPaul) March 11, 2024
