Hidden away in President Joe Biden’s 2025 budget proposal is a glaring glimpse of what’s to come if Democrats retain power. While the budget won’t become law, it serves as a warning bell for middle-class Americans who have been struggling under the weight of Biden’s economic policies.
The budget blueprint reveals a concerning pattern of government overspending, with no end in sight for the nation’s debt crisis. Trillion-dollar deficits will become the new normal, despite the billions in new taxes the budget imposes. Biden has cleverly tried to shield those earning less than $400,000 from tax increases, but his plan to hike corporate rates will ultimately result in higher costs for everyone, regardless of income.
Biden’s fixation on raising corporate taxes, echoing the socialist rhetoric of Bernie Sanders, is misguided and harmful. Corporations don’t bear the burden of taxes; they pass them on to consumers, employees, and investors. As experts have pointed out, over 70% of domestically held stocks are owned by pension plans, 401(k)s, and other savings vehicles upon which ordinary Americans rely for their retirement.
According to a recent Treasury study, nearly half of US families pay more in corporate taxes than they do in individual income taxes. This means Biden’s corporate tax increases will effectively cost low- and middle-income Americans more money than if their income taxes were raised directly.
The Republican party should aggressively challenge these economic realities during the upcoming election campaign. They should expose the glaring contradictions between Biden’s promises and his actions, particularly his role in creating the rampant inflation that has plagued American families in recent years. Inflation that Biden himself never saw coming.
Biden’s 2025 budget is a recipe for continued economic pain and broken promises. It’s a budget that prioritizes reckless spending and tax increases over the well-being of American families. It’s a budget that should be soundly rejected at the ballot box.
