Joe Biden’s economic war on America just got worse.
Biden has revealed his latest budget proposal for next year.
And it’s one of the largest tax hike proposals in American history.
Joe Biden just proved to the rest of the country how fundamentally unserious he is about fixing the American economy.
As the United States slowly slips into a recession – in large part due to the financial recklessness of Biden’s own agenda – his solution is to steal even more money from the American people with one of the largest tax hikes ever proposed.
Biden’s latest budget proposal includes trillions of dollars in tax hikes that would slam virtually every single American.
And this comes at a time when the federal government is already collecting a record amount of money via taxes, and yet, the federal budget deficit continues to run into the trillions of dollars every single year.
The fact is, America does not have a tax problem. It has a spending problem.
Americans for Tax Reform reports, “President Biden’s Fiscal Year 2024 budget proposal contains nearly $4.7 trillion in new tax hikes on American individuals and businesses. Biden’s proposed tax hikes come just months after Democrats passed more than $700 billion in tax increases in the so-called Inflation Reduction Act.”
His plan also includes raising the Income tax, doubling the Capital Gains tax, raising the Corporate Tax rate, quadrupling the Stock Buyback tax (mere months after Democrats created it in the first place), and even imposing a tax on Unrealized Gains, which has never existed before in the United States.
An Unrealized Gains tax would destroy the economy as people who hold assets like stocks or real estate would be forced to sell them in order to pay the feds.
Other taxes proposed include over $30 billion worth of taxes on oil and gas (which means even higher gas prices), and new or higher taxes on things like cryptocurrency, Medicare taxes, retirement accounts, and real estate.
Essentially, Biden’s proposal would obliterate the American economic system and plunge us into a full-scale depression.
Hundreds of millions of Americans would find they can no longer save and invest. It would require more and more people to rely on the government for their livelihood. Ultimately, Biden’s plan is effectively dead-on-arrival with Republicans holding the House, but it reveals the extent Democrats are committed to triggering a massive economic crisis.