Biden's Broke Budget
President Joe Biden released his Fiscal Year 2023 budget proposal this week, revealing more the same polices that have brought Americans historic inflation and record high gas prices. President Biden promised not to raise taxes on those earning less than $400,000 a year, but he has broken that promise by ensuring every American pays more for everyday necessities.
Inflation has reached a historic 40-year high, furthered by the Biden Administration’s outrageous spending, as demonstrated in a new analysis by the San Francisco Federal Reserve. President Biden’s FY23 budget continues this spending by including Green New Deal radical climate priorities, providing $44.9 billion of taxpayer funding for both a foreign and domestic climate agenda. Meanwhile, in the same budget, he revoked roughly $43 billion in tax incentives for oil and gas companies in the midst of an unprecedented energy crisis when the average national gas price hovers at $4.22. I am firmly in favor of being good stewards of our environment, but we are capable of doing so in a way that protects our environment and our economy.
To pay for his profligate spending, President Biden has doubled down on his crippling tax hikes. Most recently, President Biden has proposed a tax on “unrealized gains.” An unrealized gain would tax an individual’s stock before they sell the stock. For example, if you own $100 in stock and the price rises to $200, but you do not sell the stock, the $100 increase is unrealized gains. This tax will punish and discourage investment, harming small businesses and job creation the most. Some Democrats understand this radical plan is ridiculous. Senator Joe Manchin (D-WV) correctly said, “You can’t be taxed on things you don’t have.” He’s exactly right. Even the left-leaning Tax Policy Center said this tax scheme “raises many practical problems,” “won’t work,” and is “ripe for abuse.”
A recent poll from NBC News showed that 62% of working families reported their incomes cannot keep up with rising costs. Biden’s radical tax and spend policies are simply not working. It is said that the definition of insanity is doing the same thing again and again expecting a different result. When releasing his budget, the President said that “budgets are statements of values,” and he’s right. Sadly, it seems our President values taking your hard-earned money out of your pocket. President Biden must change course immediately, empower our oil and gas industries to lower gas prices, and relieve families of skyrocketing inflation.