President Joe Biden released his proposed budget for fiscal year 2025 on Monday. There’s something in his budget for everyone—everyone who loves tax hikes, that is.
Biden would raise taxes by $5 trillion over 10 years, and—based on his budget—would allow an additional $2 trillion of middle-class tax cuts to expire after 2025. Between 2023 and 2034, tax receipts would rise by 95%, according to the White House.
Biden would aim most of the new taxes at small and big businesses, entrepreneurs, investors, and job and wealth creators.
Middle-class workers and consumers would be devastated by the economic collateral damage.
The Biden administration acts as though business capital is an endless fountain that will never run dry, no matter how much the government siphons out of it, and as if no matter how severely they’re taxed, investors will invest just as much,…
