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Joe Biden’s $6.8 trillion annual budget proposal, which included a proposed increase of $5 trillion in taxes in order to fund it all, surprised many in Congress due to drastically overshooting what he was expected to ask for.
As reported by The Hill , the unexpected proposal only creates greater risks for Democrats in the 2024 elections, as Biden presumably prepares for a re-election bid and his party seeks to defend 23 seats in the U.S. Senate, including many red-state seats.
The new proposal, some say, would only exacerbate ongoing economic woes, including inflation and high tax rates, putting an even greater strain on the average American household’s finances. However, Biden has vowed that he would not raise taxes on anyone making more than $400,000 a year.
Senator Mike Crapo (R-Idaho) described the Biden administration’s proposal as “jaw-dropping,” declaring it to be “exactly the wrong approach to solving our fiscal problems.”Most in […]
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