Staff Reports
The White House released its mind-boggling budget proposal for fiscal 2025, a liberal dreamland filled with tax hikes and lavish spending plans that make the eyes of conservative citizens roll. Brace yourselves, folks, for a jaw-dropping $7.3 trillion in spending and a whopping $5.5 trillion in tax revenue that would leave a ginormous deficit of nearly $1.8 trillion for 2025.
White House unveils $7.3 trillion tax-and-spend budget for 2025https://t.co/SRFUOq1S1y
— Washington Examiner (@dcexaminer) March 11, 2024
But hold onto your hats, because it turns out that most of these wild dreams won’t stand a chance of becoming reality, with the Republicans swaggering around in control of the House of Representatives. This budget bonanza is just a glimpse into the liberal fantasies President Joe Biden might chase if he somehow snags a second term. Good luck with that, Mr. President!
During a chat with reporters, Shalanda Young, the director of the Office of Management and Budget, the Left’s fairy godmother, spun a tale of economic prosperity under Biden’s reign. She rambled on about adding 15 million jobs, keeping the unemployment rate under 4%, and reducing inflation. It’s like she’s trying to sell us a magic beanstalk!
But here’s the real kicker: Biden’s budget would jack up taxes from about 18% of GDP to over 20%, setting the stage for a colossal tax burden. And guess what? That mind-blowing deficit ain’t going anywhere within the next decade, leaving the federal debt held by the public skyrocketing to as high as 106% of GDP. Looks like the liberals are partying like there’s no tomorrow, racking up debts on the national credit card!
Biden’s grand plan includes soaring corporate tax rates from 21% to 28%, snooze alert! And there’s more, with a corporate minimum tax increase from 15% to 21%, and stricter limits on deductions for well-to-do employees. The president is dishing out taxes left and right, determined to squeeze every last penny out of corporations and the super-rich.
And get this, folks: Biden’s on a mission to make the wealthy squirm, vowing not to touch taxes for those making less than $400,000 a year. But that doesn’t stop him from targeting the elite with a proposed 25% minimum tax for billionaires, aiming to scoop up a cool $500 billion from this tiny fraction of taxpayers.
But wait, there’s more! The White House is cooking up housing incentives, proposing a $5,000 tax credit for first-time homebuyers and a $10,000 credit for those selling their starter homes. Critics are already shaking their heads, warning that these proposals might just stir up more chaos in the housing market. The government’s meddling hand might just mess things up even more, folks!
On top of that, Biden wants to roll out a national paid family and medical leave program, costing a jaw-dropping $325 billion over the next ten years. And the cherry on top? The president’s all in for beefing up the child tax credit to the hilt, swiping $310 billion from the taxpayers’ pockets. It’s like he’s throwing a lavish birthday bash with your credit card!
But here’s the kicker, y’all: The budget request also packs in a punch with funding to rope in 1,300 additional Border Patrol agents, 1,000 more Customs and Border Protection officers, and a whole bunch of other border security measures. Looks like Biden’s trying to overcompensate for his border blunders with a shiny new budget proposal.
In a nutshell, this budget bonanza is a liberal wish list, filled with the Left’s wildest dreams and fattest tax bills. But don’t get your britches in a bunch just yet, because even some Democrats, like Sens. Joe Manchin and Kyrsten Sinema, are giving these glittery proposals the cold shoulder. Looks like this budget fantasy is just a political game plan for the upcoming elections, folks. Let the theatrics begin!
