Opinion: President Biden’s budget plan reveals his top priority: raising taxes
Budgets are about priorities. In the Biden administration’s new budget, its apparent priorities are marred by problems. Here’s the cheat-sheet version: Rather than containing explosive growth in spending, it would use a bunch of new taxes to wage class warfare.
Adding to this fiscal calamity is that Social Security benefits could be automatically cut by some 20% within the next decade or so if the program is not reformed. Biden does propose to reform Medicare, but his means are class-warfare taxes, price controls and transfers from the general fund. There are no improvements to the program’s own finances. So, Biden’s seemingly aggressive plan fails to solve one of the biggest budgetary challenges we face as a country going forward.
In our system, no matter how high tax rates have been, the federal government has never managed to capture more than 19% of GDP for long. This constraint means that if Washington decides to spend over 25% of GDP, American taxpayers are being committed to major deficits to cover the difference. Further, Biden would roughly double the official capital gains tax rate for investments to 39.6%. But according to Americans for Tax Reform, “The U.S. currently has a combined capital gains rate of over 29 percent, inclusive of the 3.8 percent Obamacare tax and the 5.4 percent state average capital gains rate. Under Biden, this rate would approach 50 percent.
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