Biden Likes To Say Budgets Are About Values; If So, It’s Clear He Only Cares About Trillions In Tax Hikes, Wasteful Spending, And New Debt

MIDDLE-CLASS AMERICANS WOULD ULTIMATELY PAY FOR BIDEN’S IRRESPONSIBLE BUDGET

• Yesterday Biden unveiled his budget for FY 2023, a $5.8 trillion spending spree chocked full of wasteful spending and higher taxes.
  • Biden says his budgets are a statement of his values, yet his bloated budget fails to address the priorities of the American people.
• If Biden’s budget were adopted, the national debt would reach a new record by the end of the decade, growing by over $15 trillion.
  • Under this budget, the national debt would spike to about $347,000 per household, totaling $45 trillion.
• Biden’s budget includes nearly $2.5 trillion in tax hikes.
  • Biden’s budget includes “a nearly $1 trillion tax increase on families and socking job creators trying to recover from failed COVID policies with a $1.5 trillion tax hike as well.”
• By the end of the decade, Biden’s budget would result in over $72 trillion in cumulative federal government spending.
• With middle and lower-class Americans already struggling to afford 40-year high inflation and record high gas prices, Biden’s budget will only compound these difficulties.

BIDEN’S BUDGET PUTS U.S. NATIONAL SECURITY AT RISK

• Biden’s budget would effectively cut defense spending, leaving defense funding flat for the near term and would grow “well below projected inflation” in the future.
  • Because of Bidenflation, his budget would result in “even harsher declines of defense purchasing power” as the military needs a budget at inflation levels “just to tread water.”
  • This reduction in purchasing power would allow China to close the gap in defense spending in 2023.
• The Biden budget would shrink the Navy, leading to a smaller fleet as a result of “higher bills” and “rising costs due to inflation.”
• Biden is proposing a reduction in U.S. military troop numbers in his budget.
  • Under Biden’s plan, the Army would lose 12,000 soldiers, the Air Force would cut 6,000 jobs, the Navy would be forced to let go 600 sailors, and the Marine Corps would see its active-duty numbers drop by 1,500.
  • The reduction in Army troop numbers would leave the U.S. with the smallest Army since World War II.

BIDEN WANTS TO CRUSH THE AMERICAN PEOPLE WITH MORE TAXES

• Biden’s budget will slam hardworking Americans with 36 tax hikes totaling “$2.5 trillion in new or increased taxes.”
• As a part of his plan, Biden proposed a likely unconstitutional tax on Americans’ property and businesses.
  • Biden’s plan would tax some Americans for “unrealized” capital gains, meaning they would have to pay taxes on property that increased in value even if they didn’t sell it.   
  • This tax hike would “enormously complicate the tax code” and give vast power to the IRS. 
• Biden’s budget would increase the corporate tax rate to 28 percent, which the Tax Foundation estimated would kill 159,000 jobs, shrink the economy by $720 billion, and cut wages for low-income Americans.
  • Biden’s tax hike would lead to the U.S. having a higher business tax rate than communist China.
  • By raising the corporate tax rate, American families would be hit with increased utility bills due to increased costs for utility providers.
• Despite record high gas prices, Biden’s budget proposes $43.5 billion in tax hikes on U.S. oil and gas production.
• Biden’s budget would raise the global intangible low-taxed income (GILTI) to 20 percent “when no other country has such a tax—nor even begun to implement the 15% rate to which the OECD agreed—[putting] U.S. businesses at a major disadvantage.”

BIDEN’S BUDGET IS FULL OF WASTEFUL SPENDING

• Biden’s budget is full of wasteful spending that does nothing but promote his radical left-wing agenda.
• Biden's spending spree focuses on advancing “equity” and “environmental justice,” mentioning equity 74 times and climate 187 times.
  • Biden’s budget mentions “transgender” more than it mentions “inflation,” “border security” or “Iran.”
• The budget does not include the Hyde Amendment and would use taxpayer money to fund abortions, a policy that a majority of Americans oppose.
• The budget includes funding to establish a Civilian Climate Corps, a demand pushed by far-left environmentalists like the Sunrise Movement, which would pay young Americans to advocate for “environmental justice.”
• Biden’s budget includes $15 billion in spending for Democrats’ election takeover plan to expand mail in voting and make our elections less secure.
• Biden’s budget also includes other far-left priorities:
  • $2.6 billion to advance gender equity and equality.
  • $757 million for a zero-emission federal vehicle fleet.
  • $100 million to retrofit low-income housing with new appliances rather than helping these communities escape poverty.
  • Nearly $17 million for the Department of Interior’s “Diversity, Equity, Inclusion, and Accessibility” programs.

BIDEN’S BUDGET IS FULL OF GIMMICKS AND EVEN EXCLUDES HIS MULTI-TRILLION DOLLAR SPENDING PLAN

• Biden’s budget projections have no bearing on reality, with experts agreeing that it “dishonestly excludes trillions in proposed costs,” with many of Biden’s spending priorities not included and much of the spending not scored.
  • Biden’s top economic advisor has admitted that the Biden administrations projections are “bogus.”
• Biden’s budget relies on faulty math and rampant budget gimmicks.
  • The Biden administration is also relying on revenue projections that exceed the 50-year averages of GDP and even the administration’s own baseline GDP projections.
  • Manhattan Institute Senior Fellow Brian Riedl: “the President’s framing is so disingenuous.”
• Biden’s budget excludes his multi-trillion dollar “Build Back Broke” spending plan, instead having a “placeholder” that does not take into account some of the plan’s most expensive elements such as a tax cut for the rich and the child tax credit, which will cost billions of taxpayer dollars.
• Biden’s budget also does not include the additional $22 billion that Biden is requesting in COVID funding.
  • His own COVID Czar Jeff Zients claimed that additional COVID funding does not need to be offset, meaning it would add to the debt.

ORGANIZATIONS ACROSS THE POLITICAL SPECTRUM CRITICIZED BIDEN’S BUDGET

• Committee for a Responsible Federal Budget: “Unfortunately, this budget leaves debt on an unsustainable path, and lacks important details on how it would structure the core of its agenda or address provisions scheduled to expire.”
• National Alliance For Public Charter Schools: “We were therefore disappointed that President Biden’s FY23 budget proposal did not include an increase in funding for the Charter Schools Program (CSP) … The current level of funding for the CSP is not adequate to meet the demand of parents.”
• Business Roundtable: “Business Roundtable strongly opposes the business tax proposals included in the Administration’s FY 2023 budget proposal.”
• Susan B. Anthony List: “The Biden budget is anything but ‘moderate.’ … President Biden today caters to the most extreme voices within his party, throwing longstanding, bipartisan consensus out the window to fulfill a campaign promise to the radical abortion lobby.”
• The Heritage Foundation: “His budget is bloated with excessive spending, job-killing taxes, and harmful regulations that threaten America's economy, while also failing to provide the U.S. military with the funding and resources it needs to successfully defeat our key adversaries, including Russia and especially the Chinese Communist Party (CCP).”