Staff Reports
The White House has unveiled President Joe Biden’s latest budget proposal, and it’s just what you’d expect – a big ol’ wish list of tax hikes and spending like a kid’s letter to Santa. It’s full of the kind of stuff that conservatives can’t stand, and Republicans are firing up their outrage machines to blast it to smithereens.
The budget is absolutely massive, coming in at a whopping $7.3 trillion in spending, with $5.5 trillion in tax revenue. That leaves a hefty $1.8 trillion deficit for 2025. This thing is so pricey, it’s like Biden took a page out of Willy Wonka’s book and dialed it up to 11 on the government spending meter.
Biden White House proposes higher taxes and spendinghttps://t.co/ogJgc9yJ0C
— Barbara Jean (@BThielenhouse) March 17, 2024
Now, let’s talk taxes. Who doesn’t love taxes, right? Well, if you’re in the wealthy or corporate category, you might want to cover your ears because Biden’s aiming to give you a good ol’ tax punch in the gut. He’s talking about hiking the corporate tax rate from 21% to 28%. That’s a jump that would make even Olympic long-jumpers jealous. Oh, and there’s also a proposal to slap a 25% minimum tax on billionaires.
But hold on to your wallet, because there’s more. Biden wants to keep those 2017 Trump tax cuts for the middle class, but he’s playing it coy when it comes to explaining how he’s going to foot the bill for that astronomical cost. It’s like getting your credit card statement and throwing it in the trash without even peeking at the balance – talk about some budgeting wizardry!
Now let’s talk about spending, the part of the budget that’s like a shopping spree for Uncle Sam. Biden is tossing out big bucks for all kinds of stuff, from supercharging the child tax credit to expanding free community college and throwing in some mortgage relief for good measure. It’s like he’s playing Monopoly with real money, and he’s not holding back on the Park Place homes.
But, hey, it’s not all sunshine and rainbows for Biden and his budget. Republicans are sharpening their pitchforks and torches, ready to storm the White House over this spend-a-palooza. They’re accusing the budget of being hyperpartisan and a “road map to accelerate America’s decline.” Ouch, that’s gotta sting like a sunburn on a beach day.
Critics are also calling out the budget for what they see as some tricky maneuvers, like not including the full costs of certain policies. It’s like buying a car and just paying for the tires, while pretending the engine and the seats don’t exist. Some experts are even saying that the plan could worsen the housing problem by juicing up demand and causing prices to skyrocket like a spaceship headed for Mars.
So, there you have it, folks. Biden’s budget is like a big ol’ buffet of taxes and spending, and the Republicans are ready to rain on his parade like a thunderstorm at an outdoor concert. It’s a political food fight, and it seems like the main course is a heaping helping of partisan bickering. Grab your popcorn, this show is just getting started. Keep your seatbelts fastened, it’s going to be a bumpy ride. Let’s see how this drama unfolds!
