Tipsheet

Biden's Budget Is Here and It's Full of New Tax Hikes

Katie Pavlich
Katie Pavlich  |  March 09, 2023 2:45 PM

President Joe Biden released his $6.8 trillion budget proposal Thursday afternoon and it's full of tax hikes. The big spending proposal comes as government induced inflation still rages above 7 percent. 

"We more than fully pay for these investments in our future by asking the wealthy and big corporations to pay their fair share. We propose a billionaire minimum tax, requiring the wealthiest Americans to pay at least 25 percent on all of their income, including appreciated assets," Biden states about the budget. "This Budget also proposes quadrupling the tax on corporate stock buybacks, so companies invest more in production to improve quality and lower prices, and less in buybacks that only benefit shareholders and CEOs." 

Americans For Tax Reform has a list of new taxes in Biden's budget, which includes the highest personal income tax rate since 1986, a unconstitutional wealth tax on unrealized gains, highest capital gains tax since 1978, a $31 billion tax on American energy and much more. ATR also debunks Biden's claim new taxes are only for "the rich." 

Republicans are slamming the proposal, saying it is dead on arrival. 

“President Biden’s ‘budget’ is dead on arrival. It’s a campaign wishlist of tax hikes and fuzzy math that would do nothing to help Hoosiers struggling with Biden’s inflation crisis," Republican Senator Braun released in a statement, “When President Biden touts ‘reducing the deficit’ he means borrowing slightly less money this year than we borrowed last year. We’re still on track to spend more than we bring in by over $1 trillion this year, just like last year. In Biden’s first year in office, he spent $2.7 trillion more than we took in. That’s about how much we spent fighting the War in Afghanistan for 20 years, added on top of our $31 trillion debt in just one year. And he still wants to dig the hole deeper."

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“We already have record tax revenue from Trump’s tax cuts. Now it’s time to cut wasteful spending. I did it in my own balanced budget without touching Social Security and Medicare - it can be done, D.C. just needs to grow a backbone," he continued.