On the campaign trail, President Biden pledged that “taxes on small businesses won’t go up.” Today, we are reminded once again that it was all a lie.
According to law, the President is supposed to submit a budget proposal to Congress by the first Monday in February every year. Today, 31 days after the deadline, President Biden finally released his proposal. What was in it? The biggest budget proposal I have ever seen - a plan to spend $6.9 trillion!
Here are some takeaways from the budget proposal:
First, the proposal would raise personal income tax to the highest rate since 1986. Even though he claimed he wouldn’t hike the taxes for Americans making less than $400,000, we know that the Inflation Reduction Act that he passed through the Democratic Congress raised taxes on every tax income bracket. This budget shows us that he’s not done yet - if the President gets his way, there will be even more tax hikes on families.
The proposal would also raise the corporate tax rate higher than communist China’s rate. Not only would this hurt small employers that are organized as C-corporations, it would incentivize manufacturers to move their operations overseas and take thousands of jobs with them.
Even with all these insane tax hikes, the budget still spends more than the revenue it takes in. Deficit spending is a price our children will pay. It’s not a revenue problem, it’s a spending problem.
Your paycheck belongs to you, not Joe Biden. I will join House Republicans in fighting against this outrageous budget in Washington and stop this kind of spending that only makes inflation worse.