President Biden’s Budget Will Raise Taxes and Federal Debt
President Biden has released his fiscal year 2025 budget request, which includes massive tax hikes and harmful healthcare policies. The budget proposal increases taxes by .5 trillion and includes raising the corporate tax rate and implementing a global minimum tax for multinational corporations. The budget also expands on harmful healthcare policies and seeks to restore funding to the IRS. The budget projects that the federal deficit will continue to grow, reaching trillion by 2034. Interest on the debt will exceed defense spending beginning in FY 2025. The President’s budget would hurt taxpayers and the economy, and Congress should reject it in favor of a fiscally responsible budget.