Republicans are criticizing Biden’s proposed budget. This is expected to contain large spending increases and tax hikes.
More Taxes To Be Involved in Biden’s Spending Proposal
The budget aims to cut deficits by nearly $3 trillion over the next decade. However, Republicans fear it will:
- Worsen inflation
- Not contribute to financial success for working-class Americans
Moreover, the proposal includes a:
- 25% minimum tax on the wealthiest 0.01%
- Increases the Medicare tax rate for individuals with an income over $400,000 per year
- Repeals aspects of the 2017 Trump tax cuts
The top tax rate would be restored to 39.6% for those making over $400,000 a year. Meanwhile, taxes for oil and gas companies would increase.
Conservative senators immediately slammed Biden’s budget proposal…
Sen. Rick Scott of Florida and Sen. John Cornyn of Texas criticized the budget. They called it a “tax and spend initiative” that would worsen inflation.
Sen. Marsha Blackburn of Tennessee expressed concern about the out-of-control spending problem. Meanwhile, Rep. Dan Meuser of Pennsylvania’s 9th Congressional District said the budget “advances entitlements, spends excessively and kills growth with tax increases.”
The White House has defended the proposal. They insist that it shows the American people that they take the issue seriously. The budget is unlikely to pass the Republican-controlled House or Senate.
Senate Minority Leader Mitch McConnell of Kentucky has said that the plan “will not see the light of day.” He also indicates that it might primarily serve as a messaging document going into the 2024 elections…
The national debt held by the public is expected to grow by over $20 trillion over the next decade, according to the Congressional Budget Office…
GOP Criticize Biden’s Budget Proposal
Republicans on the Senate Budget Committee criticized Biden’s $6.9 trillion FY 2024 budget proposal as “funky voodoo accounting.” This happened during a hearing with the Office of Management and Budget Director, Shalanda Young…
The budget also includes several progressive policies such as:
- Investing in the environment
- Making college more affordable
- Increasing defense spending
Republicans already warned that the economic burden would fall on middle and working-class families. At the same time, Biden is suggesting spending initiatives during high inflation and interest rates…
Senators from the Republican Party expressed concerns that Biden’s progressive policies could lead to a repeat of issues. Specifically, those that caused the country’s 16th-largest banking institution to collapse. They also accused the administration of using “voodoo accounting” that will hurt the country’s economic growth… leading to lower wages and fewer jobs.
The Biden administration plans to reduce federal deficits by nearly $3 trillion… primarily by increasing taxes on wealthy Americans and corporations.
Republicans believe that the economic burden will fall on middle and working-class families. Meanwhile, conservatives within the GOP have refused to deal with the looming debt ceiling crisis until Biden agrees to cut spending in the coming years…
