Republican lawmakers are speaking out against Joe Biden’s proposed budget for the fiscal year 2024, which they view as a reckless spending spree that will burden American taxpayers.
The proposed budget suggests a $6.9 trillion allocation for the federal government’s operations, which is a whopping increase from the previous fiscal year’s proposed $5.8 trillion.
While the budget aims to decrease the total deficit over the next decade from $20 trillion to $17 trillion, it does so at the expense of hard-working Americans. The proposal relies on higher taxes and expanded social programs, which will only serve to further entrench our country in debt and stifle economic growth.
Senior Republican officials have announced that they will not support the proposal due to its dependence on increased spending and taxation. House Speaker Kevin McCarthy (R-CA) took to social media to voice his concerns about the plan, stating, “President Biden just delivered his budget to Congress, and it is completely unserious. He proposes trillions in new taxes that you and your family will pay directly or through higher costs.” McCarthy also pointed out that Washington has a spending problem rather than a revenue problem.
President Biden just delivered his budget to Congress, and it is completely unserious.
He proposes trillions in new taxes that you and your family will pay directly or through higher costs.
Mr. President: Washington has a spending problem, NOT a revenue problem.
— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
Republican lawmakers claim that it fails to promote job creation and higher wages while increasing tax burdens and expenditure levels. Senate Finance Committee member Mike Crapo (R-ID) expressed his concerns about the budget proposal, stating, “The President’s budget makes clear the administration has not learned from its mistakes that have led to two years of record-high inflation and excessive deficit spending. Instead, this administration is doubling down with more of the same.” He went on to emphasize that Washington’s insatiable appetite for unfettered spending is the problem rather than revenues.
The opposition from Republican lawmakers suggests potential challenges in passing Biden’s proposed budget. The House of Representatives, which is currently controlled by Republicans following the midterm elections, is expected to vote against the budget. Additionally, opposition from Republicans in the Senate could further hinder its passage. Senator Marsha Blackburn (R-TN) criticized the proposed budget in a statement, stating that “the federal government can’t get enough of taxpayers’ hard-earned dollars.” She also took to social media to voice her concerns about what she called “Joe Biden’s disastrous budget,” which she believes will be “dead on arrival.”
budget for the fiscal year 2024 is a clear attack on American businesses and successful individuals. The plan includes several tax hikes on affluent households, which could have severe consequences for our country’s economic growth. Among these tax hikes is a new 25% minimum tax on individuals with more than $100 million in wealth and an increase in the top marginal tax rate from 37% to 39.6%. This increase would represent a return to levels seen before the Tax Cuts and Jobs Act of 2017, undoing the significant progress made under the previous administration.
The proposed budget also targets businesses by increasing corporate taxes from the current rate of 21% to an exorbitant rate of 28%. This new rate would split the difference between the current rate and the previous 35% rate that was in effect before the Tax Cuts and Jobs Act. Furthermore, Biden’s proposed budget quadruples the stock buyback tax from 1% to an outrageous 4%, punishing companies for investing in their own growth.
These tax hikes are nothing but a blatant attempt by Joe Biden to redistribute wealth and punish success. They will discourage investment in our economy, stifle job creation, and hinder economic growth. Instead of punishing successful Americans and businesses, we should be incentivizing investment in our economy through lower taxes and fewer regulations.