What’s Really in Biden’s $5.8 Trillion Budget?

Joe Biden proposed a massive $5.8 trillion budget that would dramatically raise taxes, double-down on failed strategies to lower inflation and inadequately fund the Department of Defense. 

Fox Business: President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates. . .

The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. The deficit would be $1.15 trillion.

The budget would raise corporate tax rates to 28 percent — a 33 percent increase — making it cheaper to do business in China than in the United States. Biden would also raise taxes on energy producers, potentially driving up the price for gas and electricity even further.

If Biden's budget becomes law, it will be cheaper to do business in Communist China than here in America. #Unacceptable #WhatIsHeThinking

— Nikki Haley (@NikkiHaley) March 28, 2022

The Biden-Harris administration’s proposal relies on outdated data and budget gimmicks. The administration’s inflation estimates were “unrealistic” — the White House anticipated a 4.7 percent inflation rate while private experts estimate 6.2 percent. Additionally, the costs and revenues for Biden’s $2 trillion Build Back Better bill “aren’t accounted for and it is simply declared fully paid for.”

Republicans slammed the Biden-Harris adminination for underfunding the Defense Department. Minority Leader Senator Mitch McConnell said it “falls woefully short” on defense spending. Forty Republican members of the House and Senate Armed Services Committees wrote a letter demanding that the budget increase defense funding by five percent more than inflation. 

The Hill: In a letter to Biden on Wednesday, the lawmakers urged Biden to “reject the approach you took last year when you proposed to cut defense spending below the rate of inflation.”

“This is a crucial period for our national security,” reads the letter, led by Rep. Mike Rogers (R-Ala.) and Sen. Jim Inhofe (R-Okla.), the ranking members of the House and Senate Armed Services committees respectively.

“If we do not make the investments our military needs today, we will not be able to defend our nation or our allies in the future,” it continues.

Bottom Line: Joe Biden’s proposed budget revealed how out of touch Democrats in Washington are with the priorities of working Americans.