A myriad of associations come to mind when thinking about President Biden’s FY2023 budget, but the one that comes to mind instantaneously is “dumpster fire.” Like the budget he submitted to Congress just last year, one fact remains constant: President Biden does not have the slightest clue what fiscal responsibility entails. Families across North Carolina are feeling the crushing weight of inflation bear down upon their shoulders, and the struggles that they have experienced over the past year have been glossed over by this administration for far too long.
Sure, the president’s allies in the mainstream media will hype up his budget until the cows come home, but we’ve grown all too familiar with this kind of unabashed kowtowing. Families are already being hammered with Biden’s $3,500 yearly inflation tax, and this budget would spend a whopping $73 trillion over the next decade – a 66% increase over the previous 10 years. If you think this inflation rash is bad now, just you wait. Over the next five years, inflation rates would increase by 2.8%. Of course, let’s not forget that the Consumer Price Index (CPI) has increased 8.5% over the past 12 months – the highest rate since December of 1981.
If you’re in search of massive tax hikes directed at families, small businesses, and job creators, President Biden’s budget has it all. Over the next decade, this budget would yield $58 trillion in total taxes – an 80% increase over the previous decade. Here’s what it entails per year:
- $1.7 trillion in new taxes on job creators, $2.5 trillion including hidden Build Back Better taxes.
- $800 billion in new taxes on American families and small businesses, $1.5 trillion when including hidden Build Back Better taxes.
- 18.8% tax to GDP ratio, an 8.7% increase over the historical average.
But, but, but…millionaires would reap a $700 billion tax cut with the return of a full State and Local Tax (SALT) deduction from the Tax Cuts and Jobs Act (TCJA).
The Biden administration is giving a new meaning to “taxed to death” as well. Grieving families would be subject to a $48 billion death tax under his budget. So, what will the cost to Americans be? Middle-income families will face a $2,000 tax increase from the TCJA expiration. The 87 million Americans making under $400,000 per year would face additional scrutiny from the Internal Revenue Service (IRS) which would have an infusion of $80 billion to hire 87,000 new agents. The list goes on and on.
Predictably, there is a treasure trove of far-left provisions that are woven into this budget. The so-called “Green New Deal” would receive a massive payday, with billions of dollars for:
- Guaranteed government loans for climate projects
- A new climate “green bank”
- Rebates for residential and commercial “energy savings” upgrades
- Environmental and climate justice grants
Biden’s Budget Bust is not a boon to America, it’s a one-way ticket to the deepest pit of financial ruin – a journey that this administration apparently has no problem fast-tracking. Look into this spending scheme and see for yourself how deranged it is.
Representative Jason Smith (R-MO), the Ranking Member of the House Financial Services Committee, has compiled a brilliant analysis of all the concerning provisions that congressional Democrats have tucked away. You’ll find that fiscal illiteracy truly reigns supreme in Washington.
U.S. Rep. Virginia Foxx represents North Carolina’s 5th Congressional District and is the Republican Leader of the House Committee on Education and Labor.