This story was originally published by the WND News Center.
It was only a few months ago that Reason described Joe Biden’s spending spree as president as “unprecedented.”
It was in just eight months that Biden pushed the national debt from $30 trillion to $31 trillion, spending that much more than the government took in.
His spending totaled $3.37 trillion in just two years, including the $1.8 trillion “American Rescue Plan,” the $785 billion “Infrastructure” spending, the $278 billion “Toxics” plan, the $255 billion CHIPS Act, and such.
And he’s wanting to spend trillions more, handing out cancelation notices for student debt – a fight that is before the Supreme Court now.
So at some point the bill comes due, and the Hill is reporting that’s now, with Biden’s new budget proposing new taxes “he says will reduce the deficit by $2 trillion over the next decade.”
He is claiming the taxes will be paid by “the wealthy and big corporations.”
Already, there’s a plan for a raise in the Medicare surtax on earned and unearned income above $400,000 from 3.8 percent to 5 percent.
Biden also wants those worth more than $100 million to pay a 20 percent tax on income and the unrealized gains of liquid assets such as stocks.
Biden also wants to quadruple the stock buyback tax and increase the top marginal income tax to 39.6%.
In a related issue, there’s no shortage of ideas in the Biden administration on how to spend even more.
The Washington Times reports Biden is calling for a 5.2% pay hike for all federal employees. That would be on top of the 4.6% hike from his executive order in December.
That would be the largest pay increase for roughly 2 million federal workers since President Jimmy Carter proposed a 9.1% increase in 1980.