Washington, D.C. – Joe Biden released the details of his budget, and it includes $58.3 trillion in total taxes over the next 10 years, which would be the highest sustained tax burden in American history.
“Make no mistake: this plan is not a budget—it is a plan to bankrupt America,” said Club for Growth President David McIntosh. “During Biden’s campaign, he promised to not raise taxes on the middle-class but that has proven to be yet another Joe Biden lie. While Americans struggle with soaring inflation and high gas prices, Joe Biden’s answer is to raise your taxes.”
Biden’s budget also adds a total of $14.421 trillion to the national debt.
Other details of the budget (from the House Budget Committee):
- $2.5 trillion in new taxes
- $1.5 trillion in new taxes on job creators
- $931 billion in new taxes on American families
- $876 billion from impact of increased business tax on low- and middle-income families
- $48 billion death tax increase