President Joe “Multiple Crises” Biden announced he is going for a major tax hike.
Even though he claims it would only target “the rich,” his move harbors the potential to cause unexpected consequences for the US economy at a time of major uncertainty.
‘Gonna Raise Me Some Taxes’
The Democratic president’s tax-hiking news came in a somewhat unexpected, bizarre manner. It was actually an announcement about an upcoming announcement – not to mention the questionable wording that he used.
Speaking during a trip to Virginia Beach, Virginia earlier this week, Sleepy Joe announced he was “gonna raise some taxes” and he wanted to “make” that “clear,” The Daily Mail reported.
In his address, Biden declared he intended to pitch the raising of taxes on March 9 when the White House released his proposed budget.
At the same time, the president insisted he would make good on his campaign promise that only Americans making over $400,000 a year would be subjected to his tax hikes.
His speech in Virginia Beach mostly dealt with defending Medicaid and Obamacare, i.e., the Affordable Care Act, from what he continues to vilify as Republican demands for budget cuts.
“Many of you are billionaires,” Biden stated, adding those billionaires “out there” would need to stop paying taxes at only “three percent.”
Empty Shelves Joe emphasized nobody who makes less than $400,000 annually would have to pay even a single “penny more” to the IRS under his soon-to-be-proposed tax hike.
As the US government reached its already mind-blowing debt ceiling of $31.4 trillion in January, Republicans, who control the House of Representatives, insisted on deficit reductions in order to give their approval to a debt limit raising.
BIDEN: "I wanna make it clear: I'm gonna raise some taxes" pic.twitter.com/m1g8c8jhEs
— RNC Research (@RNCResearch) February 28, 2023
Biden: "By the way, I want to make it clear. I'm gonna raise some taxes. Many of you are billionaires out there. You're gonna stop paying 3 percent." pic.twitter.com/11aYTsMh3n
— Aaron Rupar (@atrupar) February 28, 2023
Congressional Republicans have been trying to undo the Affordable Care Act from the very beginning.
If they put health insurance on the chopping block to cut taxes for the wealthy, President Biden will fight back. pic.twitter.com/lerfnbJjA2
— The White House (@WhiteHouse) March 2, 2023
Father of Bidenflation Now Wants ‘a Conversation’
Biden’s speech revealing his upcoming tax hike comes after he agreed the federal government’s budget deficit should be reduced by $2 trillion in the next 10 years – so the GOP would agree to raise the debt ceiling together with the Democrats.
The Congressional Budget Office (CBO), a nonpartisan body of Congress, projected last month that the US would accrue $10.2 trillion in the extra budget deficit over the next decade.
Unless the limit is increased, the US government will see itself forced to default on its debts and payments between July and September, as per the CBO’s forecast.
In his speech, Biden urged House Speaker Kevin McCarthy to release a GOP budget proposal that could be used in spending cut talks with the Democrats.
He insisted that Republicans shouldn’t be “making threats about defaults” because even avoiding it at the last minute would be “catastrophic” for the markets.
The father of Bidenflation further called upon congressional Republicans to “have a conversation” with him and his party about growing the economy while reducing the deficit.
Even among those calls, however, Biden still attacked the GOP for some of their legislators’ budget proposals in the past few months – such as Florida Senator Rick Scott’s proposal for “legislation sunset” once every five years.
Joe Biden just said: “I wanna make it clear: I’m gonna raise some taxes”
We’ve been saying this all along! He’s going to keep on killing the middle class with these insane tax hikes. pic.twitter.com/LHmt6U62ek
— Proud Elephant 🇺🇸🦅 (@ProudElephantUS) February 28, 2023
BREAKING: President Biden boldly throws down the gauntlet to billionaires and tells them that he's going to raise their taxes so that they "stop paying 3%" and start paying their fair share to keep America afloat. RT IF YOU SUPPORT TAXING BILLIONAIRES!
— Occupy Democrats (@OccupyDemocrats) February 28, 2023