Biden’s Leftist, Reckless Budget

Biden's Leftist, Reckless Budget

• Joe Biden's budget attacks American energy, would worsen inflation, cuts defense spending in real terms, and prioritizes the pet projects of the far-left in his party over the priorities of the American people.
• If Biden's radical budget were adopted, national debt would reach a new record by the end of the decade, growing by over $15 trillion.
  • Under Biden's budget, the national debt would spike to $45 trillion by 2032 - about $347,000 per household.
• Biden's budget includes nearly $2.5 trillion in new or increased taxes.
  • Biden's budget includes "a nearly $1 trillion tax increase on families and socking job creators trying to recover from failed COVID policies with a $1.5 trillion tax hike as well."
  • As a part of his plan, Biden proposed a likely unconstitutional tax on Americans' property and businesses.
    • Biden's plan would tax some Americans for "unrealized" capital gains, meaning they would have to pay taxes on property that increased in value even if they didn't sell it.  
    • This tax hike would "enormously complicate the tax code" and give vast power to the IRS.
  • Biden's budget would increase the corporate tax rate to 28 percent, higher than communist China, which the Tax Foundation estimated would kill 159,000 jobs , shrink the economy by $720 billion, and cut wages for low-income Americans.
  • Despite record high gas prices, Biden's budget proposes $43.5 billion in tax hikes on U.S. oil and gas production.
    • Consumers will bear the brunt of this tax hike – the last thing Americans need is even higher gas prices.
• By the end of the decade, Biden's budget would result in over $72 trillion in cumulative spending.
  • Biden has been wrong about inflation from day one – more reckless big government spending will only worsen the historic inflation Americans are currently facing.
• Biden's budget eliminates the Hyde Amendment – forcing American taxpayers to foot the bill for abortion.
  • The Hyde Amendment has been a part of federal spending bills for decades, and every president since Jimmy Carter has signed funding bills including it.
  • Polls overwhelmingly show that Americans do not want their tax dollars to fund abortion. 
• Biden's budget projections have no bearing on reality.
  • Even Biden's own economic advisors admit their projections are bogus.
  • Other experts say the budget " dishonestly excludes trillions in proposed costs," with many of Biden's spending priorities not included and much of the spending not scored . 
• Joe Biden and the Democrat party are painfully out of touch with the American people. Voters will hold Biden accountable for his phony projections, reckless leftist spending, and misplaced priorities in November.
• For more, check out this piece from RNC Research.

Courtesy of NCGOP