President Joe Biden has released his budget for the new fiscal year. The price tag for Biden’s budget is a whopping $6 trillion, and it includes absolutely massive increases in domestic spending.
Among the laundry list of big-ticket items proposed by the Biden administration are $174 billion for electric vehicles, $100 billion to expand high-speed internet, $200 billion for “free” universal pre-K, and $109 billion for “free” community college.
To partially offset the gargantuan costs of these programs, Biden wants Congress to increase taxes by $3.6 trillion, including one of the largest tax hikes on corporations in U.S. history. (The corporate income tax rate would increase from 21% to 28%.)
The tax increases on corporations and some small business owners wouldn’t come close to covering the costs of Biden’s budget, and they might be enough on their own to trigger a recession. After all, America is, in case President Biden has forgotten, still in the midst of recovering from one of the largest economic catastrophes in world history. You don’t need to have a brilliant economic mind to know that raising taxes on job creators while millions of people are out of work doesn’t make much economic sense.
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