Biden Unveils Record Budget & Massive Tax Increases


1. Overview – Biden’s Latest Tax & Spend Proposals

2. Biden’s First Federal Budget Request is For $6 Trillion

3. Biden Proposes $3.6 Trillion in New Tax Increases

Overview – Biden’s Latest Tax & Spend Proposals

Late last week President Joe Biden unveiled his first federal budget proposal as president for fiscal year 2022, which begins on October 1. His first budget is a whopper at just over $6 trillion. This is in addition to the $4 trillion he wants to spend on his pork-laden infrastructure rebuilding plan. He also announced his plan to raise income and capital gains taxes by a jaw-dropping $3.6 trillion over the next decade.

Mr. Biden says the nation’s infrastructure has been underfunded for decades and argues a massive $4 trillion spending effort to rebuild it is long overdue. He also argues that his enormous tax increases aimed at corporations and wealthy Americans would pay for most of it over the next 10 years.

While I am doubtful the president can get his $6 trillion budget through Congress, and likewise am optimistic his huge $3.6 trillion tax increase won’t pass either, we will look into both proposals today – especially since many of my readers would be the prime targets of Biden’s enormous tax increases.