{UAH} SIX TAKEAWAYS FROM THE FRAUDLENT BUDGET PROPOSAL

Six takeaways from Biden's budget proposal

by Sarah Westwood, Investigative Reporter 

 

May 28, 2021 05:56 PM

 

President Joe Biden unveiled his first budget proposal on Friday, providing a road map for his policy priorities in the year ahead.

While presidential budgets are aspirational and rarely pass Congress as written, the documents are windows into areas the White House would like to focus. They can also provide ammunition to political opponents — as Biden’s quickly did, handing Republicans more fodder for their argument that the president is pursuing a burdensome tax-and-spend agenda.

TAXES WOULD BE HIGHER

Increased taxes on businesses and the wealthy would help cover the cost of Biden’s proposed spending.

Biden previously proposed raising the corporate tax rate to 28% to fund a significant portion of his infrastructure spending package, which contained many programs that stray from the traditional definition of infrastructure. That proposal was included in the budget Friday.

To fund another raft of spending in Biden's budget proposal, the White House has asked for a tax hike on people earning $400,000 per year or more. Some experts have said that tax could hurt small businesses, many of which file their business income on their personal taxes.

What’s more, economic projections in Biden’s budget are based on the assumption that the Trump-era tax cuts will expire in 2025 as scheduled without being renewed by Congress. If that occurred, most people would see their taxes go up — violating Biden’s campaign pledge not to raise taxes on the middle class.

BORDER SECURITY IS NOT A PRIORITY

Although migration levels have surged to their highest in decades under Biden, his budget proposal would add very little funding to the Department of Homeland Security.

DHS would receive a 0.1% increase in funding, while many other agencies would get much greater boosts. The Department of Education, for example, would receive a 40.8% increase, the Environmental Protection Agency would receive a 21.6% increase, and the Department of Health and Human Services would receive a 23.4% bump.

Within DHS, the Biden administration’s blueprint would direct more money toward processing more asylum cases as people flock to the border seeking asylum by the thousands.

The phrase “border security” does not appear in Biden’s budget.

PRO-ABORTION MOVEMENT GOT A BOOST

Biden’s budget omitted language that would stop taxpayer money from funding abortions, something the pro-abortion movement has long wanted.

Known as the Hyde Amendment, Biden supported the provision for years until he reversed course and opposed it on the campaign trail.

A budget without Hyde Amendment language could face a difficult road through Congress, as Republicans strongly oppose lifting the ban, and centrist Democrats may be wary of supporting it.

BIDEN’S TEAM NOT OPTIMISTIC ABOUT ECONOMIC GROWTH

Although Biden has repeatedly framed his big-government plans as necessary to juice the economy and spark recovery, projections in Biden’s budget actually reflect an expectation that the economy will grow modestly over the next decade.

From 2023 to 2031, the Biden budget projects that GDP will grow at 2.2% or less each year — a modest rate of recovery.

Under former President Donald Trump, GDP growth reached above 3% before the pandemic.

BILLIONS WOULD GO TO FIGHTING CLIMATE CHANGE

The Biden budget shines a spotlight on the administration’s climate and clean energy focus.

The word “climate” appears in Biden’s budget 54 times. Climate-related policies would get $36 billion more than the already massive amounts of climate spending Biden proposed in his infrastructure plan in March.

Biden’s plan also sets aside $10 billion for clean energy research, boosting its funding by nearly a third over last year.

DEBT WOULD EXPLODE

Although the White House claims its tax hikes will generate revenue to foot the bill for some of its programs, the Biden budget still estimates the debt will grow substantially over the next 10 years.

The debt would grow to 117% of the GDP by 2031, according to the administration’s projections.

That would bring the debt ratio to the economy higher than the level reached during World War II.

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