Biden’s 2023 Budget Proposal Is His Most Complicated Yet

Biden's 2023 Budget Proposal Is His Most Complicated Yet

( – On March 30, the White House revealed President Biden’s budget proposals for the 2023 financial year. They’re among the most complicated budget plans ever — so complicated that analysis of them is still finding new surprises.

On April 20, Fox News discussed the health care section of Biden’s proposals. On the surface, these look like good news. Biden plans to allocate funding to bring down the price of prescription drugs, cut health insurance premiums, and extend treatment for mental health and substance abuse. It will also provide insurance plans for over two million uninsured Americans. If you live in a state that hasn’t extended Medicaid coverage, and you don’t have insurance, Biden’s plans could be very good news indeed — you might now be eligible for a federal insurance plan.

There are some concerns with the proposals as they are examined more closely, though, and the biggest one is how they’ll be funded. Biden says there won’t be any tax increases for people earning less than $400,000 a year; everything will be paid for with new taxes on corporations and the rich. The trouble is, corporation taxes have a way of turning into higher prices pushed down to the consumer, thereby affecting everyone, and US corporation taxes are already among the highest in the world.

Is a plan aimed at helping the poorest Americans just going to push inflation even higher, and end up hurting everyone?

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