Economist Kevin Hassett examines President Biden’s 2025 budget proposal on “The Finish Line.”
A former White House economist is angry about President Biden’s latest fiscal plan: increased taxes, benefits and a life in debt instead of the American Dream.
“This budget is just amazing,” former Council of Economic Advisers Chairman Kevin Hassett said Monday on “The Bottom Line.” “What they’re doing is borrowing money to increase GDP, but they’re not actually generating much GDP from it. They’re actually wasting a lot of money. is.”
In his annual budget request to Congress, President Biden proposed a series of tax increases that would significantly increase the tax rates paid by corporations and wealthy Americans.
The president offered the tax increases Monday as part of a broader budget plan for federal spending in fiscal year 2025, which begins in October. The tax increases will be borne primarily by Wall Street and the top echelons of American households.
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In total, the tax increases would reduce the federal deficit by about $3 trillion. Funds from the tax increase will go toward expensive new programs launched by Biden, including monthly tax credits to help some homeowners offset high mortgage payments, subsidies for child care, and prescription drug cuts. It will also help you pay for it.
According to Kevin Hassett, former chairman of the White House Council of Economic Advisers, President Biden has expressed “economic nonsense.” (Fox News)
“Joe Biden is really causing an economic disaster. And you have to wonder if they’re just ignorant or just lying for political power. And my guess is… The latter,” Hassett said.
“As of February 2020, 3.3 million jobs were created for illegal aliens and U.S. residents, but that number has decreased by 1 million.” [that] I have a job now,” the economist said. “That’s why Biden is in debt.” money from chinese Doubling the budget to give jobs to illegal aliens is complete economic nonsense. It has to stop. ”
Specific tax reforms called for by Biden include a minimum billionaire tax of 25%, a quadrupling of the corporate stock buyback tax, a 7% increase in corporate taxes, a 5% payroll tax, a 21% global minimum tax, and a carried interest tax. This includes closing loopholes.
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“I really think it’s all about politics,” Hassett said of the current administration. “The fact that there are no truly honest people left is a real shame.”
Even if you like the ministers Secretary of Transportation Pete Buttigieg “We need shillings in this budget,” the economist said, adding that Americans haven’t forgotten the inflationary impact of additional federal stimulus spending.
“Why are Americans so angry about inflation? It’s because this measure that we’re telling them they don’t need to worry about actually takes into account what impacts their lives the most. ?And again, we need a government that looks after those things and fixes them,” he said.
Fox News contributor and Capitalist Pig hedge fund manager Jonathan Honig says Biden’s proposed tax on billionaires is a “European-style” policy that promotes progressive policies. It is called.
senate republican reacted to Biden’s budget On Monday, it was criticized as a “liberal wish list” and “reckless.”
Sen. Rick Scott, R-S.C.: “Prices keep going up, interest rates keep going up, taxes keep going up, but President Biden will add another $6.4 trillion to the debt over the next four years with even more reckless inflation-fueling spending.” – Florida State slammed the budget proposal in a statement.
According to Sen. John Cornyn (R-Texas), Biden’s “massive new taxes on the job creators who make and sell the things families need” will cause prices to rise.
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“Kudlow” panelists Art Laffer and Byron Donald discuss the president’s call for a major tax increase.
Sen. Bill Cassidy (R-Louisiana) argued that Biden’s lack of engagement with the American people led to his budget doubling.
“A serious plan to secure our borders, combat crime, lower energy prices and save seniors from an automatic 24% cut in Social Security benefits if the program fails,” he said in a statement. No. This is a failure of leadership.”
FOX Business’ Megan Henney and Fox News’ Julia Johnson contributed to this report.
