President Joe Biden has unveiled a proposed budget for fiscal year 2023 that is chock full of increased federal spending, er, “investments,” that are being described by the administration as “historic.”
In order to pay for the proposed spending, however, tax revenue must also be raised, and according to Fox Business, Biden’s budget calls for what could be the largest tax hike in U.S. history.
Of course, that increased tax burden will ostensibly be shouldered only by billionaires and large corporations, according to the dishonest administration, and Biden and his people are continuing to trot out the disingenuous talking point that no Americans earning less than $400,000 per year will see their taxes be increased.
Deceit and falsities
A White House statement announcing Biden’s proposed FY 2023 budget made little to no mention of the proposed tax hikes but did discuss some of the new spending proposals and made an assortment of dubious claims about the administration’s supposed “fiscal responsibility” over the prior year.
“My budget will continue that progress, further reducing the deficit by continuing to support the economic growth that has increased revenues and ensuring that billionaires and large corporations pay their fair share,” the statement said.
The tax hike proposals were addressed somewhat in a press call Monday morning featuring Office of Management and Budget Director Shalanda Young along with Council of Economic Advisors Chair Cecilia Rouse.
“Its investments are more than fully paid for through the tax reforms that ensure corporations and the wealthiest Americans pay their fair share, including a new billionaire minimum income tax,” Young said of the proposal at one point. “It achieves significant deficit reduction over the next decade, and it ensures that no one earning less than $400,000 a year will pay an additional penny in new taxes.”
Interestingly enough, some of the reporters pushed back on the disingenuous claims by Young and Rouse with regard to deficit reduction claims and inflation forecasts, but they simply responded with more spin and tired talking points.
Biden’s “Billionaire Minimum Tax” and increased corporate tax rate
President Biden delivered a speech Monday afternoon about his proposal that, in addition to repeating the questionable fiscal claims also repeatedly sought to trash his predecessor with more dubious assertions while making clear that the Trump tax cuts of 2017 — which inarguably helped bolster the economy prior to the pandemic — would be done away with.
Falsely claiming that firefighters and teachers pay higher taxes than billionaires and corporations, Biden demanded the latter pay their “fair share” and introduced his “Billionaire Minimum Tax” of 20 percent as well as an increase of the corporate tax rate to 28 percent.
According to Fox Business, these two new taxes, if passed by Congress, would increase annual revenue by an estimated $2.5 trillion — the largest increase ever in history — on top of the roughly $3.5 trillion already received on an annual basis.
The outlet also noted that, far from only targeting the “top one-hundredth of 1 percent” as Biden claimed, the so-called “Billionaire Minimum Tax” would actually hit any households valued at more than $100 million, with only about half of an estimated $361 billion in revenue coming from actual billionaires — meaning other ordinary if still wealthy Americans will end up shouldering that burden too.