Written by on March 12, 2023


Shared By Peter Boykin – American Political Commentator / Citizen Journalist


Joe Biden is set to unveil his budget proposal, pledging to cut the federal deficit by $2 trillion over the next 10 years. The reality is: tax hikes for most Americans and no dent in our federal debt.

Let’s set the table: It’s important to distinguish between debt and deficit.

The federal debt is the total amount of money our federal government has borrowed and owes. [This is currently about $31.5 trillion]

The federal deficit is the amount of money the government spends that exceeds the money it takes in. [In 2022, we spent $6.27 trillion, but only took in $4.9 trillion, a $1.38 trillion deficit]

Biden’s budget: In Biden’s budget has hinted at some plans and others have leaked out to the media.

Here are some of the provisions we know about:

Reduce the federal deficit by $3 trillion over the next 10 years

Doubling capital gains tax from 20% to 39.6%

Raising corporate tax rates from 21% to 28%

Increasing taxes on people earning over $400,000 per year [we don’t know the exact % yet]

Limiting retirement account benefits on people making over $400,000 that have $10 million in account balances.

Raising taxes on oil and gas companies [estimated $31 billion]

Giving federal government employees a 5.2% raise

Here’s what that really means…

Reducing the federal deficit by $3 trillion over the next 10 years is an insult to your intelligence.

The U.S. is projected to accumulate another $20 trillion in deficits over the next 10 years [according to the non-partisan CBO]. So Biden is saying, he plans to reduce that to only $17 trillion. This means in 10 years, our national debt will still be almost $50 trillion.

This is like gaining 100 pounds, then committing to lose 1 pound per year for the next 10 years, but in 10 years you actually gain another 85 pounds.

The tax hikes: These are written to sound like tax hikes on the wealthy. But I promise you, they are an attack on your family’s wallet.

Capital gains are the profit you make when you sell something you own: your home, your car, or a stock. Sell you bought your home for $250,000 and sell it for $350,000, Joe Biden wants 40% of the profit you made.

Raising corporate taxes from 21% to 28% is going to do two things: companies will lay off American employees and raise the price of the goods and services you buy.

The good news is: Joe Biden’s budget proposal is just that… a proposal. The Republican House would never approve most of what he’s proposing. But, the media is going to use his budget to hammer you and hammer Republican lawmakers, saying “at least Joe’s trying to reduce the deficit!”

But now when you hear their lies, you’ll know it.

[Source: WSJ, Washington Examiner]


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