Republicans are speaking out against components of President Biden's budget proposal, expecting it to contain rampant spending increases to worsen inflation in America and raise "taxes, taxes, and more taxes."
The proposal, which the president is expected to address during a speech in Philadelphia on Thursday, would cut deficits by nearly $3 trillion over the next decade, according to the White House. The budget also includes a 25% minimum tax on the wealthiest 0.01 percent and increases the Medicare tax rate from 3.8% to 5% on individuals with an income exceeding $400,000 per year, including salaries and capital gains.
Additionally, the proposal is reportedly slated to repeal aspects of the 2017 Trump tax cuts with the restoration of the top tax rate of 39.6% for those making more than $400,000 a year, raises the tax rate on U.S. multinationals’ foreign earnings from 10.5% to 21%, and increases taxes for oil and gas companies.
Despite what's included in the proposal, Republicans, who are calling for sharp spending cuts, believe Biden's budget wish list falls in line with past efforts from his administration to spend heavily on efforts that won't contribute to financial success for working-class Americans.