President Biden is set to unveil a budget proposal this Friday that would put federal spending at its highest levels since the era of World War II.
The $6 trillion budget plan is aimed at spending the full amount within the 2022 fiscal year, and for the total amount of spending to be at $8.2 trillion before the year 2031.
If congress accepts the budget proposal, the government will be spending more of the economy’s share yearly than any time since the second world war. One exception, however, is 2020 and 2020, where COVID relief spending also reached astronomical levels.
Biden plans to fund these massive expenditures with his American Families Plan and his American Jobs Plan, which claims to be an ‘infrastructure bill,’ but in reality, covers things like highways, social safety nets and elderly care, to name a few.
To secure financing for these monumental spends, Biden plans to move forward with a huge tax hike on corporations and in households that make more than $400k yearly. This is a backtrack on one of Biden’s original campaign promises, in which he stated he would not raise taxes on individuals that made more than 400k, just corporations. The tax hike on corporations will move from 21% to 28%, if it passes.
To top off his great money-making scheme, Biden implemented the Made in America Tax Plan. This gives the IRS authority to crack down on cheaters and ‘loopholers’ in high-income America. Tax enforcement is set to skyrocket with Biden’s new plan.
Although Biden claims that the nation’s infrastructure is in decline, numerous studies prove the contrary. If his plan is approved, America’s deficits would become completely out of control as we borrow the money to fund these programs.
Long story short, World War II poverty won’t even be able to compare to what’s coming if Biden gets away with this new scheme.
Author: Lola Bartley