OUR VIEW: The worst part of President JoeBiden’s budget is the normalization of trillion-dollar budget deficits. The problem isn’t revenue. The deficits are being entirely driven by spending, which peaked at 31% at the height of the COVID spending
“Don’t tell me what you value. Show me your budget, and I’ll tell you what you value,” President Joe Biden loves to say. He said it again when he introduced his fiscal 2023 budget this week. And as bad as the increased $1.4 trillion in spending and $2.5 trillion in higher taxes over the next decade are, what is most noteworthy is what isn’t in the document: Biden’s signature legislative agenda, Build Back Better.
Instead, Biden has included a “billionaire minimum income tax,” which is neither limited to billionaires nor to income. In reality, it is a wealth tax that applies to anyone with $100 million or more in assets. In order to determine who must pay this tax, taxpayers would have to report not just all of their income every year to the IRS but also all of their assets. The reporting requirement alone would add billions of hours in tax compliance for tax filers.
The worst part of Biden’s budget is the normalization of trillion-dollar budget deficits. Donald Trump did not have a record to be proud of when it came to government spending and deficits during his presidency. Before COVID, the federal deficit hit $984 billion, and with the economy shut down during COVID, deficits soared even higher, to $3.1 trillion in 2020 and $2.8 trillion in 2021.
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