This Is Not the Soviet Union, Mr. Biden
This amounts to a 14% increase from where federal spending stood in the last quarter of 2023 -- $6.4 trillion.
Per the president's spokesperson in the White House, this budget "invests in all of America to make sure everyone has a fair shot, we leave no one behind."
Translation: government will accumulate more power and decide what is fair and achieve its aims with more government paid for with other people's money.
The beautiful language of leaving "no one behind" means government expansion into every area of our lives, including subsidized child care for families earning $200,000 and below.
The bill for the massive new spending, per the president's budget, will be paid for with a total of $4.9 trillion in tax increases on the wealthy and on corporations.
I say "supposedly paid for" because expansion of government under the premises of raising taxes on the most successful sectors of our economy never works.
Renown economist Arthur Laffer and Heritage Foundation economist Stephen Moore just published data showing that when President Donald Trump cut the highest individual tax rate and cut the corporate tax rate in 2017, the percentage of overall taxes paid by the wealthiest 1% of the population increased.
Before the Trump tax cuts, the top 1 % paid "a little more than 40% of the income taxes collected," per Laffer and Moore.
After the tax cuts, that percentage increased to almost 46%.
This was not something new. Laffer and Moore show data going back to 1980 showing general correlation of lower top tax rates with a larger percentage of overall taxes paid by the top 1%.
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