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Government Corruption
Biden Unveils $6.8 Trillion Budget With New Tax Revenue
2024-01-14
[FORBES] TOPLINE President Joe Biden proposed new taxes on the wealthy in order to lower the federal deficit by $3 trillion over the next five years in his 2024 budget plan unveiled Thursday—but the proposal is expected to face a long negotiating process in Congress, where House Republicans have vowed to drastically reduce federal spending.

KEY FACTS

  • The $6.8 trillion 2024 spending plan includes $885 billion in defense spending and $1 trillion in non-defense spending, not including mandatory programs like Medicare and Social Security, and aims to reduce the federal deficit by $3 trillion over the next ten years.

  • The Biden Administration has said that fortifying a key Medicare fund that could run out of money by 2028 is a key priority in this year’s budget—it hopes to achieve that, in part, by imposing a "modest" raise, from 3.8% to 5%, on Medicare surtaxes for those who make more than $400,000 a year.

  • The plan also includes Biden’s promised "billionaires tax," which would establish a minimum 25% rate for the top 0.01% of earners and include taxes on unrealized capital gains (without taxes on those assets, the White House estimates those earners pay about 8%).

  • In total, the proposal includes $5 trillion in new revenue from taxes over the next 10 years.

  • Biden’s proposal faces long odds of passing the Republican-controlled House without significant changes—the GOP has already expressed plans to drastically reduce federal spending on foreign aid, healthcare and housing programs, and members are likely prepping public rebukes of the White House budget as soon as it’s released.

  • With a slim 222-213 majority in the House, Speaker Kevin McCarthy (R-Calif.) must find a way to appease nearly all of his members to approve a budget plan, while also negotiating with Democrats who control the Senate, in order to pass the legislation before the end of September.

    • Posted by:Besoeker

    #9  Just mailed my Corp/Personal Estimated taxes for 1/16/24 deadline. FOAD FJB and Newsom
    Posted by: Frank G   2024-01-14 17:36  

    #8  The Forbes link works for me.

    Good catch on the date, Frank G.

    Where does the 2024 budget proposal stand?
    Posted by: trailing wife   2024-01-14 13:20  

    #7  The Forbes link was to 3/2023
    Posted by: Frank G   2024-01-14 12:42  

    #6  House Speaker Kevin McCarthy

    I thought he retired.
    Posted by: Bobby   2024-01-14 12:38  

    #5  Forbes is part of the problem. They have never seen a gummint spending program they didn't like.
    Posted by: M. Murcek   2024-01-14 12:16  

    #4  The Forbes link is dead.

    Wonder how much is going south, or overseas.
    Posted by: Skidmark   2024-01-14 12:11  

    #3  Somebody else’s budget. He will not be in office.
    Posted by: Super Hose   2024-01-14 10:25  

    #2  
    Back in May 2023, we were at $31.8T in national debt and now we stand at $34.04T. So since May of 2023, Biden and the DC SWAMP have added $2.24 Trillion, which is a 7.04% increase in national debt in just 8 months.

    Initial Federal Revenue 2024 estimates indicate about $5.1T. So the $6.8+T that Biden/DC Swamp wants to dole out, surprise ....in an Election year. Would add, at a minimum, about another $1.4 + Trillion to the National Debt.

    NOTE: See the US Debt Clock for current ghastly increasing debt figures

    BTW: The U.S. government has already spent $1.62 trillion in fiscal year 2024.
    Or $510 billion more than it has collected so far in fiscal year (FY) 2024.
    How many $$$Billions did the Biden Regime give to other countries?


    Posted by: NN2N1   2024-01-14 08:19  

    #1  Bold timing, if nothing else.
    Posted by: Besoeker   2024-01-14 04:53  

    00:00