Biden unveils massive $7.3 trillion proposal

by ian

President Joe Biden unveiled his 2025 budget proposal yesterday.

The $7.3 trillion plan includes raising the corporate income tax rate to 28%, forcing Americans with over $100 million to pay at least 25% of their income in taxes, and letting the government negotiate drug costs.

The White House says the tax increases will reduce the federal debt by $3 trillion over the next 10 years. But the Congressional Committee for a Responsible Federal Budget is less optimistic.

They say Biden’s internal figures show the plan will cause the debt to surge from $27.4 trillion today to $45.1 trillion by 2034. That’s over 100% of the country’s GDP.

House Republicans slammed the proposal as another reminder of Biden’s “insatiable appetite for reckless spending.”