Biden calls for trillions in tax hikes and new domestic spending

[cigaretteman]

The White House revived calls for an aggressive transformation of the economy paid for by massive new taxes on corporations and the wealthiest Americans in its 2024 budget proposal on Thursday, likely previewing President Biden’s reelection campaign — and directly challenging Republicans as the government draws closer to what could be a catastrophic default on the national debt.
The Post’s Jeff Stein reports that the president’s budget calls for paring back the deficit over the next decade while also spending more than $2 trillion on dozens of new domestic policy initiatives, paid for by raising more than $4.5 trillion in new revenue primarily through hefty tax hikes on high earners and large corporations. Per Jeff:

The White House’s spending blueprint envisions a much more expansive role for the federal government overall, aiming for close to $10 trillion in annual spending by 2033 — up from roughly $6.3 trillion currently, and about $6.9 trillion in the next fiscal year — funded through both the tax hikes and by reining in federal spending on prescription drugs.
The blueprint, which Biden will tout during a speech on Thursday in Philadelphia, will not pass through a Republican-controlled House of Representatives, as GOP lawmakers already declared it a non-starter. The 182-page document also reveals the numerous challenges the administration faces in crafting federal economic policy that aligns with its political objectives — projecting an increase in the deficit for next year, relatively sluggish economic growth, and a federal debt that even the administration says will eclipse $40 trillion a decade from now.

You can read the full story here.

 

[FAUlty Gator]

Good we need some domestic spending. I assume it’s on shit we need like prisons, nuclear power plants and riot gear for police. He has my full support!

 

[Finance85]

Some folks never learn.

 

[HawkeyeShawn]

We have a government who loves to spend our money. And they can never get enough.

 

[onlyTheObvious]

Guessing no taxes will be raise but a lot of the spending will happen anyway.

 

[Pete Malloy]

The White House revived calls for an aggressive transformation of the economy paid for by massive new taxes on corporations and the wealthiest Americans in its 2024 budget proposal on Thursday, likely previewing President Biden’s reelection campaign — and directly challenging Republicans as the government draws closer to what could be a catastrophic default on the national debt.
The Post’s Jeff Stein reports that the president’s budget calls for paring back the deficit over the next decade while also spending more than $2 trillion on dozens of new domestic policy initiatives, paid for by raising more than $4.5 trillion in new revenue primarily through hefty tax hikes on high earners and large corporations. Per Jeff:

You can read the full story here.

Typical Democratics raise taxes, raise taxes.

Why not lower spending and lower taxes?

 

[EagleHawk]

Good thing the corporate taxes won't have any impact on anything that I have to pay for. The corporations can pay for this.

 

[binsfeldcyhawk2]

Good thing the corporate taxes won't have any impact on anything that I have to pay for. The corporations can pay for this.

Oh...we'll pay for it..

 

[abby97]

We all must learn to live within our means, that is except the government of course.

 

[tarheelbybirth]

We have a government who loves to spend our money. And they can never get enough.

We have a public that loves their govt benefits but wants someone else to pay for them.

 

[Formerly Rockymtnole]

We have a public that loves their govt benefits but wants someone else to pay for them.

This is very true.

 

[binsfeldcyhawk2]

The White House revived calls for an aggressive transformation of the economy paid for by massive new taxes on corporations and the wealthiest Americans in its 2024 budget proposal on Thursday, likely previewing President Biden’s reelection campaign — and directly challenging Republicans as the government draws closer to what could be a catastrophic default on the national debt.
The Post’s Jeff Stein reports that the president’s budget calls for paring back the deficit over the next decade while also spending more than $2 trillion on dozens of new domestic policy initiatives, paid for by raising more than $4.5 trillion in new revenue primarily through hefty tax hikes on high earners and large corporations. Per Jeff:

You can read the full story here.

Pretty safe to propose that now....with R's in control of the House 😂

 

[luvmyhawks]

Pretty safe to propose that now....with R's in control of the House 😂

This is precisely why those of us that aren't partisan hacks wanted a split congress. This will never pass through the house, which is good.

I guess they didn't hear a word of what Powell said the other day. The federal reserve is all but asking patiently for the government to change their fiscal policies to help with inflation.

 

[Finance85]

Typical Democratics raise taxes, raise taxes.

Why not lower spending and lower taxes?

Or, just keep taxes the same and cut spending. We're on the wrong side of the Laffer Curve to cut taxes, as shown by the Trump tax cuts. We need to get the deficit down, and eventually chip away at the national debt.

As folks are looking at the Biden proposed budget, there appears to be a lot of slush fund type money going to departments for general purposes where Biden can choose how to spend it.

 

[NorthernHawkeye]

The market sure didn't seem to react well to this.

 

[binsfeldcyhawk2]

The market sure didn't seem to react well to this.

Why? It ain’t going nowhere…

 

[Finance85]

The market sure didn't seem to react well to this.

Yesterday's market decline was because of the Fed saying they will continue to raise interest rates, possibly even more than expected.

 

[NorthernHawkeye]

Yesterday's market decline was because of the Fed saying they will continue to raise interest rates, possibly even more than expected.

What about today?

 

[Finance85]

What about today?

Spillover.

There's no way the House passes Biden's proposed budget.