'Delivering its budget a month past deadline, the Biden administration demonstrated a lack of commitment to taking the budget process seriously from the get-go,' Romina Boccia and Adam N Michel write.
New taxes on income and investment mean that people will work, invest, and innovate less. Subtracting from the engines of economic growth is no way to advance opportunity and prosperity. The budget’s rosy economic assumption of a growing economy and falling inflation is even less likely to come true under the crushing weight of these new taxes.
The proposal includes raising top income tax rates to 39.6% from 37%, and it almost doubles the top capital gains tax rate by taxing capital gains as ordinary income. The budget hits investment income with still more taxes by expanding and raising Obamacare’s net investment income tax, quadrupling the new 1%, increasing taxes at death by ending step-up in basis, and proposing a complicated and untested tax on unrealized capital gains.
On top of the individual take hikes, Biden proposes raising the corporate income tax from 21% to 28%, restoring America’s unenviable title as the highest corporate tax rate in the developed world. Ultimately, workers will pay the price. Workers pay between 75% and 100% of the cost of corporate tax increases throughAnd while the president signals a willingness to touch one of the major entitlement programs, his budget does so with misguided and harmful tax increases.
Instead of advocating effective structural reforms, the president proposes a general revenue transfer, shifting money from other parts of the budget toward temporarily shoring up the Medicare trust fund. That is merely a Band-Aid fix on a gushing wound that’s bleeding deficits. It would also make real Medicare reforms that much harder to accomplish.
Congress should take note of the policy areas in which Biden is willing to consider reforms and counter with a
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
President Joe Biden to visit San Diego Monday -SAN DIEGO (CNS) – President Joe Biden will visit San Diego Monday to meet with British Prime Minister Rishi Sunak and Australian Prime Minister Anthony Albanese to discuss the Australia-United Kingdom-United States partnership known as AUKUS, the White House announced. Biden will also participate in bilateral meetings with Sunak and Albanese. The visit will be Biden’s first to the San...
続きを読む »
Kal Penn set to interview President Joe Biden for The Daily ShowThe in-depth interview will air on Comedy Central during Monday night's episode
続きを読む »
Biden tells US to have confidence in banks after 2 collapsePresident Joe Biden is telling Americans that the nation’s financial systems are sound
続きを読む »
Biden tells US to have confidence in banks after 2 collapseGovernments in the U.S. and Britain are taking extraordinary steps to stop a potential banking crisis after the historic failure of Silicon Valley Bank. uk us siliconvalleybank
続きを読む »
Bitcoin Spikes Above $23.5K Following President Biden's SpeechBTC surpassed $23,500 shortly after President Joe Biden said the US banking system is safe.
続きを読む »
Biden insists banking system is safe after 2 bank collapsesPresident Joe Biden told Americans the nation’s financial systems were safe, seeking to project calm following the swift and stunning collapse of two banks that prompted fears of a broader upheaval.
続きを読む »