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Biden’s 2023 Fiscal Spending Plan Will Likely Make Inflation Far Worse


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Does anyone actually believe that the same people funded by the billionaires are going to increase their taxes?

When income tax was first introduced in the United States, people were told it was going to be for the rich only….Today, the inverse is true—income taxes most heavily impact those making income, as opposed to holding assets.

The government always tells people they will cut their taxes and tax the rich instead….

This is a fantasy of the highest order. Even if the government effectively raises tax rates on the rich, numerous tax-loopholes and safe-havens exist to keep that money far away from the eyes and hands of the government.

In other words, the rich have their affairs in order, and it is always middle class, everyday citizens who bear the brunt of tax rate hikes over the course of time.

Biden recently announced his 2023 fiscal plan, and critics are fairly certain that it will make inflation worse:

Rep. Lloyd Smucker had this to say about Biden’s 2023 fiscal plan via The Hill:

Biden’s proposed budget would spend $5.8 trillion next fiscal year.

His proposal would continue to pile on to the national debt, which eclipsed $30 trillion earlier this year.

By their own estimates, his spending plan will add nearly $15 trillion in new debt over the next decade, with annual budget deficits of at least $1 trillion per year.

 

The Wall Street Journal reports that the government is already raking in record tax revenue:

The money has been rolling in, as the most recent Congressional Budget Office figures show. In the first five months of fiscal 2022 through February, federal receipts climbed a remarkable 26% from a year earlier.

That’s $371 billion more—to $1.8 trillion in five months. Individual income taxes rose $271 billion, or 38%, to $975 billion. Corporate income taxes rose 31%, or $28 billion, to $117 billion.



 

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