Veronique de Rugy in dailyherald:
Budgets are about priorities. In the Biden administration's new budget, its apparent priorities are marred by problems. Here's the cheat-sheet version: Rather than containing explosive growth in spending, it would use a bunch of new taxes to wage class warfare.
Instead, the budget suggests all kinds of ways to raise tax revenue, many of which would fail to do even that. Further, Biden would roughly double the official capital gains tax rate for investments to 39.6%. But according to Americans for Tax Reform,"The U.S. currently has a combined capital gains rate of over 29 percent, inclusive of the 3.8 percent Obamacare tax and the 5.4 percent state average capital gains rate. Under Biden, this rate would approach 50 percent.
There are even more tax hikes in this budget, but you get the idea. The higher taxes on small businesses and entrepreneurs, as well as less capital funding, would slow growth and hence put downward pressure on tax revenues.
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