{"id":2196740,"date":"2024-03-11T16:56:17","date_gmt":"2024-03-11T20:56:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-massive-7-3t-budget-with-5-5t-in-tax-hikes-highest-taxes-in-u-s-history\/"},"modified":"2024-03-11T17:01:41","modified_gmt":"2024-03-11T21:01:41","slug":"biden-unveils-massive-7-3t-budget-with-5-5t-in-tax-hikes-highest-taxes-in-u-s-history","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-massive-7-3t-budget-with-5-5t-in-tax-hikes-highest-taxes-in-u-s-history\/","title":{"rendered":"Biden reveals $7.3T budget, includes $5.5T in tax hikes, record-high taxes in U.S"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-unveils-massive-7-3t-budget-with-5-5t-in-tax-hikes-highest-taxes-in-u-s-history%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2196740&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">President Joe Biden, second right,\u200d greets \u200dsupporters during a visit to\u200b a campaign field office, Monday, March 11, 2024, in Manchester, N.H. (AP\u200d Photo\/Evan Vucci)<\/figcaption><\/figure>\n<h2>OAN\u2019s <a href=\"https:\/\/www.oann.com\/tag\/james-meyers\/\">James Meyers<\/a><br \/>1:33 PM -Monday, March 11, 2024<\/h2>\n<p>President \u200cJoe Biden has unveiled his election-year budget\u2062 plan, which proposes $5.5 trillion in \u200btax increases by raising rates on prosperous\u200c companies, including \u200cbillionaires, who would be required to pay a minimum 25% tax rate.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Biden\u2019s budget \u2063proposal for fiscal year 2025,\u2063 amounting to $7.3 trillion, aims to\u200d reduce the\u200d federal deficit by nearly $3 trillion,\u200d according\u2063 to the White House. The plan also includes limitations on corporate profit sharing.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote data-service=\"twitter\" data-category=\"marketing\" data-placeholder-image=\"https:\/\/c3.oann.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/twitter-minimal.jpg\" class=\"cmplz-placeholder-element twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Biden \u2064just unveiled his $7.3 trillion budget proposal for next year (fiscal \u20632025) which starts Oct 1st. The US govt only collects $5 trillion\u200b per year in revenue \u200dfrom all sources. <\/p>\n<p>So his proposal is $2.3 trillion budget \u200bdeficit, and that is before the emergency spending that\u2026<\/p>\n<p>\u2014 Wall Street Silver (@WallStreetSilv)\u200c <a href=\"https:\/\/twitter.com\/WallStreetSilv\/status\/1767237976805818500?ref_src=twsrc%5Etfw\">March\u200c 11, 2024<\/a><\/p><\/blockquote>\n<p><script type=\"text\/plain\" data-service=\"twitter\" data-category=\"marketing\" async data-cmplz-src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/div>\n<\/figure>\n<p>According to Brian\u2064 Riedl, a senior fellow at\u200b the Manhattan Institute \u200bfocusing \u200don budget and taxes, \u2062the new budget will\u2064 result in &#8220;the highest sustained taxes&#8221; ever in the \u200bUnited States. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;The highest peacetime burden in American history, as\u200b well\u200d as the highest sustained taxes in American history.&#8221;<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;Not only\u2063 is the president raising taxes, but he\u2019s using a substantial portion of it for new spending\u200c rather than deficit reduction, which just means even bigger tax hikes down the road when it\u2019s time \u200dto \u200drein in the deficit,&#8221;\u2062 Riedl said.<\/p>\n<\/blockquote>\n<p>This comes after Biden mentioned the newest budget plans in his \u200bState of\u2062 the Union Address, which included raising the income tax rate for corporations to 28% and increasing the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-treasury-secretary-calls-for-globalist-corporate-tax-agreement-looking-to-end-tax-competition\/\" title=\"Biden\u2019s Treasury Secretary Calls For Globalist Corporate Tax Agreement, Looking To End \u2018Tax Competition\u2019\">minimum corporate tax rate<\/a> from 15% up to 21%.<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;You know, there are 1,000 billionaires in America. You\u200b know what the average federal tax\u200d is for \u2064these billionaires? They are making great sacrifices: 8.2%,&#8221; \u200bBiden said mockingly, adding that his tax hike would &#8220;raise $500 billion over the \u2063next 10\u200d years.&#8221;<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;Under my plan, nobody earning less\u2064 than\u2064 $400,000 \u200ba \u200dyear will pay \u2063an \u2063additional\u2062 penny in federal taxes,&#8221; he added.\u200c &#8220;Nobody. Not one penny. \u2064And they haven\u2019t yet.&#8221;<\/p>\n<\/blockquote>\n<p>However, Reidl\u200c argued that the White House &#8220;widely debunked&#8221; the 8% tax rate and that it was &#8220;essentially made up by White House economists.&#8221;<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;They\u200b do not count the corporate and estate taxes paid by the\u200c wealthy,\u200d but they also expand their income \u200cto include all sorts\u2062 of things like unrealized\u200d capital\u200d gains that will be taxed in a \u200cfuture year,&#8221; Riedl said.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;America has the most progressive tax code in the\u200b entire [Organization for Economic Co-operation and Development] and billionaires do not pay an 8% \u2063tax rate.&#8221;<\/p>\n<\/blockquote>\n<p>However, budget requests typically do not become \u2063law, and \u2064Biden\u2019s should not be an\u200d exception, \u200cwith Republicans controlling the House and Democrats controlling the \u200cSenate. <\/p>\n<p>Meanwhile, before Biden\u2019s State of the Union speech, \u2064House Budget Committee\u2063 Chairman Jodey Arrington (R-Texas.) released \u2062a budget resolution to reduce deficits by\u200b $14.2 trillion and \u2063add a budget surplus of $45 billion. <\/p>\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;At a time when the state of our union is\u2062 in sharp decline, President Biden has proven he is unwilling to make the tough\u200c decisions to confront the \u200creality of\u2062 our nation\u2019s unbalanced budget and weak economy,&#8221; House Speaker Mike \u2064Johnson (R-La.) said in \u200ba statement\u200c about \u2064the \u2063proposal.<\/p>\n<\/blockquote>\n<p>&#8220;The \u2063reckless spending and economic damage\u2063 done \u200cby this Administration\u2064 and years\u200c of Democrats\u2019 control has increased everyday costs for the American people.&#8221;<\/p>\n<p>Stay\u2064 informed! Receive breaking news blasts directly to your inbox for free. Subscribe here. <a href=\"https:\/\/www.oann.com\/alerts\">https:\/\/www.oann.com\/alerts<\/a><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\"> \t\t \t\tShare this post!\t<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>It might be a rough day\u00a0for some, but\u00a0a celebration for many!<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>One medical expert says\u2063 national\u200b panic could set in after\u200c the 2024 election concludes. Here\u2019s One America\u2019s Nathaniel Mannor.  <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Rep. Steve Toth<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Roger Stone<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Reddit is aiming for a valuation of up to $6.4 billion in its U.S. <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/breaking-exclusive-owners-of-solarwinds-have-links-to-obama-the-clintons-china-hong-kong-and-the-us-election-process\/\" title=\"BREAKING EXCLUSIVE: Owners of SolarWinds Have Links to Obama, the Clintons, China, Hong Kong and the US Election Process\">initial public offering<\/a>.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Elon Musk said\u2063 on Monday his artificial intelligence startup xAI would open-source its ChatGPT challenger &#8220;Grok&#8221; this week.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>UnitedHealth Group is likely to need\u200d several \u2064months to make a full recovery from one of the most\u200d disruptive \u200chacks against America\u2019s healthcare infrastructure.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Google has\u200c been touting the\u200d myriad innovations in\u200c the\u200d first building wholly \u200bdesigned and\u2064 built\u2064 by the web giant.<\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How \u2063are\u2064 experts and critics reacting to\u200b Biden&#8217;s budget proposal, particularly in terms of its potential impact on tax rates and deficit reduction<\/h2>\n<p><span>  President Joe Biden Unveils Budget Plan with Significant Tax Increases<\/p>\n<p>President Joe Biden\u200b has recently revealed his \u200celection-year budget \u2062plan, which proposes $5.5 trillion in tax increases. The plan aims to raise rates on prosperous companies, including billionaires, who would be required to pay\u2063 a minimum 25% tax rate. This move is part of Biden&#8217;s efforts to reduce the federal deficit and generate revenue\u200c for various initiatives.<\/p>\n<p>Biden&#8217;s budget proposal \u200dfor fiscal year 2025,\u2064 amounting to $7.3 trillion, aims to reduce\u2063 the federal deficit by nearly $3 trillion, according to the White House. The plan also includes limitations on corporate\u2063 profit sharing. However, experts are \u2062skeptical about the viability and potential \u200dimpact of these \u2062<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-massive-infrastructure-plan-calls-it-once-in-a-generation-investment\/\" title=\"Biden Unveils Massive Infrastructure Plan, Calls It \u2018Once-In-A-Generation Investment\u2019\">proposed tax increases<\/a>.<\/p>\n<p>According to Brian\u200c Riedl, a senior fellow at the Manhattan Institute focusing \u200bon budget and taxes, the new\u200c budget\u200d will result in &#8220;the\u2064 highest sustained taxes&#8221; ever in the United States. He highlights\u200d concerns about the president&#8217;s emphasis on new spending rather than deficit reduction, which may lead to even bigger tax hikes in the \u200dfuture.<\/p>\n<p>The budget proposal follows \u200cBiden&#8217;s mention of \u200dthese plans in his State of the Union Address. During the speech, Biden highlighted his intention to raise the income tax rate for corporations to 28%\u2063 and increase the minimum corporate\u2062 tax rate from 15% to 21%. He mockingly mentioned that billionaires in America currently pay an average federal tax of only 8.2%, emphasizing that his tax hike would aim\u2062 to generate $500 billion over the \u200cnext 10 years.<\/p>\n<p>However, critics argue that\u2063 the White House&#8217;s\u2064 claim of an 8% tax rate paid by billionaires is misleading. Riedl asserts that this figure does not consider corporate and estate taxes paid by the wealthy. He also points out that the inclusion \u200dof \u200bunrealized capital gains \u200bin future years distorts \u2064the calculation of billionaires&#8217; tax\u200c rates. Riedl claims that America already has the most progressive \u2063tax code in\u200b the Organization for \u2062Economic Co-operation and Development \u200d(OECD), and billionaires do not pay an 8% tax rate.<\/p>\n<p>It is important to note\u200b that budget requests \u2064typically do \u2062not become law, and Biden&#8217;s proposal is\u200c likely to face challenges in Congress. \u200bWith Republicans \u2062controlling the House and Democrats controlling the Senate, negotiations and compromises will be necessary to pass any budget resolution.<\/p>\n<p>Meanwhile, prior to Biden&#8217;s State of the Union \u2062speech, House Budget Committee Chairman Jodey \u2063Arrington (R-Texas.) released\u200b a \u200bbudget resolution to reduce deficits by $14.2 trillion and establish a budget surplus of $45 billion. This alternative budget plan emphasizes the need for tough decisions considering the\u2064 current state of the union.<\/p>\n<p>Overall, Biden&#8217;s budget proposal, with its significant \u200ctax increases, has stirred both support and skepticism. As \u200dthe budget process unfolds in Congress, \u2063politicians\u2063 from\u200b both parties will engage in rigorous debates\u2064 and negotiations \u200bto shape the final outcome.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden greeted supporters during a visit to a campaign field office in Manchester, NH. He also unveiled his election-year budget plan, proposing $5.5 trillion in tax increases by raising rates on the wealthy<\/p>\n","protected":false},"author":2301,"featured_media":2196741,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/03\/AP24071708156431-scaled-e1710187736634.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2196740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/2024\/03\/AP24071708156431-scaled-e1710187736634.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2196740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2301"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2196740"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2196740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2196741"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2196740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2196740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2196740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}