Biden’s Budget is a Disaster for America 

March 20, 2024
TFR Staff
Budget, Debt, Federal Government, Joe Biden

The negative impact of Bideonomics on everyday Americans has been profound. With the federal government’s lavish spending and ever-rising debt, the cost of living has soared, putting a strain on households across the nation.

Despite the evident consequences, the Biden Administration is not reversing its course; instead, it’s doubling down. The recent unveiling of a new $7.3 trillion budget, a staggering $5 trillion more than the previous year, underscores their unchecked spending.

Let’s dive into why this budget is so reckless.

For starters, if this proposed budget is passed into law, the federal debt would balloon by $18.2 trillion, setting an alarming trajectory for the debt, now projected to swell to $52.7 trillion by 2034, up from the already staggering $34.5 trillion today.

This potential national debt would bring the weighty inheritance owed by each American Citizen to an impossible $160,000. 

Adding insult to injury, the budget calls for almost $5 Trillion in new taxes. Yes, you read that right: Five Trillion. These new tax levies would especially target the oil and gas industry, which will substantially hike the prices that you pay at the pump. 

And guess what? The IRS gets a hefty chunk for its agency budget too—$104 billion of taxpayer money.

Let’s talk about specific taxes, with a more direct impact on families and small businesses: 

On the books currently, there is a tax called the net investment income tax surtax, which is an additional tax on money earned from investments like stocks or real estate. Right now, it only applies if you earn above $125,000 to $250,000, depending on your filing status.

Biden wants to expand this tax to include money earned from small businesses. Under his plan, if your small business makes between $200,000 and $400,000, you’ll have to pay this extra tax depending on how you file your taxes.

Here’s the kicker: these thresholds won’t go up with inflation. That means as time goes on, and as federal deficit spending increases and inflation rises, more and more small businesses might end up getting hit with this tax, even if they don’t earn as much as larger businesses.

The further you read, the worse the budget gets, with more and more reckless amd wasteful federal spending. 

However, federal funding that is notably missing from the Biden Budget is money to secure the border. 

While illegal immigration is costing Texans billions, the federal government has made it clear they have no intention of helping Texas secure the border, and actually expect Texas Taxpayers to foot the bill for illegal immigrants. 

This spending spree is not just reckless; it’s downright irresponsible. The fiscal course charted by the Biden administration imperils the financial well-being of hardworking taxpayers. It is imperative taxpayers make their concerns known, and demand accountability from our elected officials in congress and the State legislature, to put a halt to Biden’s destructive budget. 

Taxpayers deserve better than to be treated as piggy-banks for the federal government’s unchecked spending habits.

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