Analysis: Biden Budget Would Raise Income Tax Rates to Highest in Developed World

The non-partisan Tax Foundation has analyzed President Biden’s FY 2023 budget. According to the Foundation, the budget would increase the federal deficit “by more than $800 billion over the next decade,” while reducing the size of the economy and eliminating jobs.

The Foundation says the budget, in combination with the Build Back Better Act, would give the U.S. the highest top tax rates on individual and corporate income in the developed world. 4/7/2022