Biden Puts U.S. In Peril
Biden is playing with fire right now and we’re all at risk!
Following President Biden’s announcement of his $6.8 trillion budget for the fiscal year 2024, a tax reform advocate is criticizing the “significant rise” in expenditure and taxes, claiming that it will return the U.S. economy to the “terrible” period of Jimmy Carter.
According to Fox, on Friday’s episode of “Mornings with Maria,” Grover Norquist, president of Americans for Tax Reform, expressed his concerns regarding the U.S.’s current policies, stating that they have led to a level of inflation similar to that of Jimmy Carter’s era. Norquist also commented on the capital gains tax proposed by President Biden, referring to it as “terrible” and mentioning how it was previously reduced by a bipartisan Republican and Democrat Congress during Carter’s time in office.
In his budget proposal for fiscal year 2024, which starts in October, the president presented various tax increases on Thursday. The primary burden of these tax hikes would be on the wealthiest households and Wall Street.
The proposed tax hikes under Biden’s budget plan for fiscal year 2024 include raising income tax, capital gains tax, corporate tax, and corporate stock buyback tax by anywhere from just over 2% to 300%. Additionally, the president is advocating for a “billionaire tax,” which would establish a 25% minimum tax rate for households in the United States worth over $100 million, representing approximately 0.01% of the American population.
According to Norquist, the corporate income tax would surpass China’s, while the individual income tax – which many small businesses that pass through organizations pay – would increase to almost 40%. He argues that this would negatively impact many small businesses and independent contractors, characterizing it as an attack on them.
Norquist noted, “Your 401(k), your IRA, your stock portfolio” in response to Biden’s promise to not increase taxes on small businesses and individuals earning less than $400,000. “What’s interesting is that the president has repeatedly said that he would never raise taxes on small businesses, but these taxes will do exactly that,” he added.
