HomeBudget & Tax NewsBiden Touts New Budget with Tax Hikes, Critics Push Back

Biden Touts New Budget with Tax Hikes, Critics Push Back

Presidents release these budgets annually as guideposts to set the priorities for their agenda 

(The Center Square) – President Joe Biden released his 2024 budget Thursday that  includes a trove of tax hikes, quickly sparking pushback from critics.

The White House said the budget will cut deficits by nearly $3 trillion over the next decade. Critics argued that despite those cuts, the national debt is still soaring, projected to surpass $50 trillion in the next decade.

The Committee for a Responsible Federal Budget said despite Biden’s claims, U.S. Gross Domestic Product would increase from 98% at the end of this year to a record 110% by 2033.

“The President’s budget would borrow $19 trillion through 2033 and increase the debt-to-GDP ratio from 98 percent at the end of 2023 to 110 percent by 2033, past the record set in this nation just after WWII,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. “It would spend $10.2 trillion on interest payments on the national debt alone – more than it will spend on defense or Medicaid over the same time period.”

MacGuineas said Biden deserves “real credit” for the cuts he did make but said more is needed.

“Most of this massive borrowing is the result of policies put in place years ago by Democratic and Republican administrations and Congresses alike, but it will require presidential leadership to enact real changes, and this budget does not go nearly far enough to make reining in our dangerous debt levels a top national priority,” she said.

Presidents release these budgets annually as guideposts to set the priorities for their agenda since there is little hope the budget will be accepted wholesale.

“It’s built on four key values: lowering costs for families, protecting and strengthening Social Security and Medicare, investing in America, and reducing the deficit by ensuring that the wealthiest in this country and big corporations begin to pay their fair share, and cutting wasteful spending on Big Pharma, Big Oil, and other special interests,” Office of Management and Budget Director Shalanda Young told reporters on a press call.

The budget includes several proposed tax increases, including a minimum 25% tax on anyone with more than $100 million, an increase of the top marginal income tax rate to 39.6%, a hike of the corporate tax rate from 21% to 28%, a billionaire’s tax, and more.

For more from Budget & Tax News.

For more public policy from The Heartland Institute.

Casey Harper
Casey Harper
Casey Harper is a Senior Reporter for the Washington, D.C. Bureau. He previously worked for The Daily Caller, The Hill, and Sinclair Broadcast Group. A graduate of Hillsdale College, Casey's work has also appeared in Fox News, Fox Business, and USA Today.


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