(TargetLiberty.org) – President Biden’s annual budget proposal to Congress included a $5 trillion increase in taxes over the next decade. Lawmakers in Congress were not expecting the $6.8 trillion budget especially as President Biden had previously shied away from making a bold statement regarding his tax agenda in light of his preparations to launch a 2024 presidential reelection campaign.
Senate Democrats are going to need to defend 23 seats in the next election. Many of these seats are in highly competitive races in Republican-leaning states, such as Ohio, Montana, and West Virginia. Still, many American voters have been concerned about the U.S. economy and the rate of inflation.
Republicans have criticized Biden’s budget plan stating that the higher taxes on corporations and billionaires proposed by Biden will ultimately lead to higher costs for everyone, and will this cause problems for the nation’s economy.
During his 2020 presidential campaign, Biden had promised that those earning less than $400,000 a year would not face an increase in their taxes.
Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Finance Committee, commented regarding Biden’s budget plan that it is the “wrong approach to solving our fiscal problems,” and that the $5 trillion proposed increase in taxes is going to set “a new record.”
Grover Norquist, the president of Americans for Tax Reform, an advocacy group focusing on lowering taxes, stated that the proposed increase is the “largest tax increase in American history.”
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