Under Joe Biden, you can prepare for more inflation and more taxes if he gets his way.
In accordance with New York Post:
Biden's election-year budget calls for $5.5 trillion in tax increases by raising rates on the wealthy and corporations, while $7.3 trillion is spent on defense, federal benefit programs, affordable housing and cancellation of student debt, among other proposals.
The fiscal year 2025 budget, which is highly unlikely to pass Congress, matches last year's level of tax increases and spends $300 billion more while supposedly reducing the federal deficit by 3 trillions of dollars over the next 10 years.
The Committee for a Responsible Federal Budget (CRFB) noted that Office of Management and Budget (OMB) estimates project the national debt to rise to $45.1 trillion (or 105.6% of GDP Gross Domestic Product (GDP)) by 2034 under the plan, more than $27.4 trillion.
Brian Riedl, a senior fellow at the Manhattan Institute who focuses on budget and taxes, told The Post the president's proposals would impose on the US “the highest sustained tax burden in the history of the United States as a share of the economy.”
Without a doubt, the most egregious policy proposed by Biden paralyzes American investment; its proposal to raise the top marginal rate on long-term capital gains and qualified dividends to 44.6%, the highest level since this tax was introduced.
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