The Biden Tax Hike Will Likely Exceed $7 Trillion
President Biden’s Budget Shows He Will Let Middle Class Tax Cuts Expire
MARCH 14, 2024
Hidden inside President Biden’s Fiscal Year (FY) 2025 Budget
https://waysandmeans.house.gov/biden-budget-message-to-taxpayers-the-beatings-will-continue-until-morale-improves/
is the revelation that he will increase taxes by a whopping $7 trillion, thanks to a range of tax increases and the expiration of Republicans’ 2017 tax reform. Ways and Means Chairman Jason Smith (MO-08) outlined a list of the biggest tax increases, saying:
“President Biden’s $7 trillion tax increase on small businesses and families means fewer jobs, higher prices, and handing our competitive advantage to China. Far from going after the wealthy, these are tax hikes that hit workers, mom-and-pop business owners, seniors nearing retirement, and family farms and ranches. And with the IRS getting another $104 billion and an expanded ability to approve penalties, Democrats will be on the fast track to collect your life savings.”
https://waysandmeans.house.gov/the-biden-tax-hike-will-likely-exceed-7-trillion/