(Headline USA) President Joe Biden’s proposed $7 trillion budget would increase federal spending and take even more money out of taxpayers’ wallets, according to a conservative analysis.
Slamming the budget proposal as a deceptive “shell game,” the Heritage Foundation’s EJ Antoni pointed out that Biden is trying to distract from his administration’s out-of-control spending. Biden claims the U.S. needs more tax revenue to make up for its deficit, Antoni wrote, while ignoring the fact that the U.S.’s problem isn’t revenue, but runaway federal spending.
“Tax revenue has never been higher, whether measured in nominal terms or adjusted for inflation, or as a percent of gross domestic product, or as a percent of income. Rather, it is government spending that has ballooned to unsustainable levels and created record-breaking deficits,” Antoni said.
Biden should commit to rolling back his spending spree, but instead he’s proposing tax increases on corporations, and coal, oil and natural gas companies. Ultimately, consumers will end up paying for these tax hikes, “both in the form of higher utility bills and higher prices just about everywhere,” Antoni noted.
Even if Biden was successful at increasing the U.S.’s tax revenue, it is not at all clear where this money will go or how it will benefit the economy, Antoni said.
Republican lawmakers have also rebuked Biden’s budget proposal, calling it an insult to Americans who are already struggling under the weight of high inflation.
“The president’s budget took my breath away,” Sen. John Kennedy, R-La., said on Sunday. “His numbers are extraordinary. We’re going to run out of digits here. It’s a $6.9 trillion budget, $4.7 trillion in new taxes that will affect everyone over 10 years, $18 trillion in new debt, a cut to defense.
“The only way I know how to improve the president’s budget is with a shredder,” Kennedy added.