Biden Proposes Largest Tax Hike in History

As part of $5.8T budget request. American meltdown.

The American worker is now slave to the USG.

The Democrat’s budget leaves a whopping $1.3 trillion in red ink, which will only further fuel inflation.

Related: Biden’s $5.8T budget proposal would be laughable — if it weren’t so alarming

Looming recession

Biden pitches largest tax hike in history as part of $5.8T budget request

Biden proposes $2.5 trillion in tax increases as part of budget request

By: Fox Business, March 29, 2022:

President Biden announces his budget for fiscal year 2023

President Biden made a renewed push on Monday to galvanize congressional Democrats to overhaul the nation’s tax code and dramatically raise rates on corporations and ultra-wealthy Americans.

The president laid out the tax hikes as part of his $5.8 trillion budget blueprint for federal spending in fiscal 2023, which begins in October. Under his proposal, taxes would rise by $2.5 trillion, marking the largest increase in history in dollar terms. The deficit would be $1.15 trillion.

The higher taxes would largely be borne by Wall Street and the top sliver of U.S. households, in the form of a steeper corporate rate, a modified wealth tax and a global minimum tax.

“We are reducing the Trump deficits and returning our fiscal house to order,” Biden said at the White House on Monday, referring to the widening spending gap under former President Donald Trump. He said the budget “makes prudent investment and economic growth, a more equitable economy, while making sure corporations and the very wealthy pay their fair share.”

The taxes outlined on Monday include a minimum 20% tax on the incomes of U.S. households worth $100 million or more – similar to other proposals that Democrats floated last year to pay for Biden’s massive spending plan. But those pitches fell to the wayside after talks with West Virginia Sen. Joe Manchin collapsed.

The so-called “Billionaire Minimum Income Tax” would raise $361 billion in revenue over 10 years and apply to the top 0.01% of households, or about 20,000 Americans. The White House said that roughly half the revenue stems from the country’s 700 billionaires.

Under the proposal, the wealthiest Americans would be required to pay a tax rate of at least 20% on their full income, or the combination of wage income and whatever they made in unrealized gains. If a billionaire is not paying 20% on their income, they will owe a “top-up payment” that makes up the difference to meet the new minimum.

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