President Joe Biden’s budget is valued at $1.7 trillion. He wants to spend more, bragging that raising taxes on the rich will cut the deficit.
But unless they overhaul the tax code, none of this will make a difference. It only benefits the government and the super-rich, who can afford the best accountants and tax lawyers.
Ah, yes. The $842 billion request for the Pentagon’s defense spending includes $7 billion for Ukraine. The Energy Department would get $23.6 billion “as part of the modernization of sea, land and air-based nuclear weapons.”
I wonder how the left will respond to the immigration portion of the budget:
As the administration prepares for an expected surge in migrants at the southern border, Mr. Biden’s budget calls for roughly $25 billion for U.S. Customs and Border Protection and Immigration and Customs Enforcement—about $800 million more than the 2023 enacted level. The additional funding would allow for the hiring of 350 Border Patrol agents and 460 processing assistants, $535 million for border-security technology and $40 million to tackle fentanyl trafficking.—The budget proposes a new $4.7 billion contingency fund to help the Department of Homeland Security deal with migrant surges at the border and more than $1.5 billion to tackle the backlog of over 1.8 million cases pending in the immigration courts. It also asks for $7.3 billion for the Office of Refugee Resettlement, whose tasks include taking care of unaccompanied minors who cross the border illegally.
Biden asked for the Human and Health Services to get $144 billion, including $11 billion towards a “five-year effort the White House hopes will eliminate hepatitis C in the U.S.”
I can hear the Squad screaming over the money proposal to law enforcement. Biden doesn’t want to take away money from police departments but wants to offer “money to help local police departments hire, with a goal of putting 100,000 additional officers on the streets.”
$4.5 billion would go towards “clean energy workforce and infrastructure projects.” The government also wants to spend “$16.5 billion for climate science and clean energy research.”
At least $23 billion is dedicated to help communities “against floods, wildfires and storms.”
Amtrak’s annual subsidy would go up to $3.1 billion from $2.3 billion:
The proposal would also increase funding for the National Highway Traffic Safety Administration, after roadway deaths reached 42,915 in 2021—the highest level in a decade, according to the Transportation Department. It would also make modest increases to existing railroad safety grant programs, boost funding for FAA modernization projects, and direct a combined $7.5 billion in grants to Amtrak—raising its annual subsidy to $3.1 billion from $2.3 billion, and including another $4.4 billion in advance funding from the infrastructure law.
“The President’s budget details a roadmap to build on that progress and finish the job,” OMB Director Shalanda Young said during a teleconference. “It’s built on four key values: lowering costs for families, protecting and strengthening Social Security and Medicare, investing in America, and reducing the deficit by ensuring that the wealthiest in this country and big corporations begin to pay their fair share, and cutting wasteful spending on Big Pharma, Big Oil, and other special interests.”
Young also said, “It does all of that while ensuring that no one earning less than $400,000 per year will pay a penny more in new taxes.”
If you make $400,000 or more, your income tax rate goes from 37% to 39.6%.
Also, if you make $400,000 or more, your ObamaCare tax goes up to 5% from 3.8% “in an effort to shore up Medicare.”
I had no idea you’re rich if you make $400,000 or more. Because, you know, people aren’t having enough problems putting food on the table. They want to save every penny.
Biden wants “a 25% minimum tax rate” on households worth over $100 million. Only 0.01% of those exist in America. The plan also suggests raising the corporate tax rate to 28% from 21% while increasing taxes on foreign earnings to 21% from 10.5%
You know who can afford the best accountants? Households that are worth over $100 million and big businesses.
You know what those awesome accountants can do? Find every single tax break and write-off for the clients.
That means none of this matters.
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