(CNSNews.com) — A new analysis of President Joe Biden’s FY2024 budget proposal shows that there are nearly $4.7 trillion in new tax hikes on individuals and businesses, according to Mike Palicz, the director of tax policy at Americans for Tax Reform (ATR).
Some of the tax hikes in Biden’s budget explained by Palicz are,
1. Highest Personal Income Tax Rate Since 1986. Biden’s proposal would impose a top combined federal tax rate of about 45%, the highest since 1986.
2. Highest Capital Gains Tax Since 1978 — up from 20% to 39.6%.
3. Corporate Tax Rate higher Than Communist China — up from 21% to 28%. China has a 25% corporate tax rate.
4. $31 Billion Tax on U.S. Energy. The budget calls for new taxes of $31 billion on oil and gas companies, which will be passed on to consumers.
5. 32% Increase in Medicare Taxes. Biden’s budget would raise “Medicare taxes from the current rate of 3.8 percent to 5 percent for individuals making over $400,000 per year, roughly a 32 percent tax hike.”
6. $23 Billion Retirement Tax. Biden’s proposal would put a cap on retirement benefits for certain people.
7. Impose a $24 Billion Cryptocurrency Transaction Tax.
To read the analysis, click here.
On FNC’s Hannity, March 10, Sen. Ted Cruz (R-Tex.) commented on Biden’s prosal saying, “The sad truth is that the socialists are in charge of the White House. Joe Biden certainly isn’t. But the people he’s surrounded himself with, they have a very simple approach to everything. They want to spend money they don’t have. They want to raise taxes on you. They’ve unleashed record inflation.”
“Their view is that they can keep printing money and unleashing inflation and borrowing money from China,” said Cruz. “It is wildly irresponsible.”
Cruz further commented, “You know what’s not in this budget? Funds to secure our southern border. They want to fund 87,000 new IRS agents, but they don’t have funds for significant numbers of new Border Patrol agents. They do not have funds for a significant number of new DEA agents to stop the fentanyl crisis.”
Republicans in the Senate and the House have expressed strong opposition to Biden’s budget plan. With a GOP majority in the House, it is unlikely that Biden’s proposal will pass without substantial changes and, as leading Republicans have demanded, real cuts in federal spending.
On March 10, House Speaker Kevin McCarthy (R-Calif.) rejected Biden’s plan. “For the first time in a 10-year window by the Congressional Budget Office, all three trust funds go insolvent,” McCarthy said on FBN’s Mornings With Maria. “The Highway Trust Fund, Medicare and Social Security. And he [Biden] has no answer.”
“And why is it going insolvent?” said McCarthy. “Because they raided it when they did Obamacare, they raided it when they passed their last big, all-Democrat bill, their American Rescue [Plan]. They continue to have the worst policies for this country. It’s to take more and make government bigger.”
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