The budget announcement for 2023 was made by Biden this Monday.
It includes higher spending and taxation to allegedly fight crime, equip and train the military, as well as climate change mitigation.
But, citizens, corporations, and private business owners are going to be the ones to actually carry out the burden.
Joe Biden announced his 2023 budget on Monday, which includes higher spending on crime prevention, military readiness, and climate change mitigation, all of which will be funded by higher taxes on the affluent and corporations.
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About $649 billion is spent on domestic programs and $813 billion is spent on defense programs, including monies for overseas missions, as part of the $5.8 trillion budget.
On Monday, Director of the US Office of Management and Budget Shalanda Young told reporters that the budget “makes one of the greatest expenditures in national security in US history, rebuilding our military, and leveraging our restored strength at home to confront critical global problems.”
And according to Biden’s plan, the country’s wealthiest citizens would face a significant hike in taxes.
Here’s a bit more detail to the Biden plan.
“For households worth more than $100 million, the bill proposes a minimum 20% tax, a major revision of the United States tax code The highest 0.01 percent of families will be affected, with half of their revenue coming from households worth more than $1 billion.”
Furthermore, according to the White House, “a new tax on profits from selling assets like stocks would cut the deficit by $360 billion in a decade.
Mr. Biden is attempting to win over those concerned about crime, the Ukraine conflict, and skyrocketing prices. There are other references to his leftist base in this budget as well, including a $16.7 billion increase in climate change funding from 2021 to $44.9 billion in 2024.”
The White House called it a budget aimed at cutting the deficit.
“A $1.3 trillion reduction in government spending during the last fiscal year is provided by the expiration of COVID-19 federal aid programs, which account for the majority of the reduction.”
To that point, Democrat leaders want to release early violent criminals currently in prison, thereby negating the judicial system of trial and conviction.