Biden’s Budget Includes Major Tax Hikes

In his FY 2023 budget, President Biden proposes spending $5.8 trillion, while imposing significant tax increases. According to this summary from the National Association of Manufacturers, these tax hikes would impact corporations, businesses with international operations, pass-throughs, and family-owned businesses.

In touting its budget, the administration said it is “on track to reduce the federal deficit by more than $1.3 trillion this year.” The conservative Americans for Tax Reform said the Biden budget includes 36 tax increases totaling $2.5 trillion over the next decade, and would give the U.S. “a higher corporate tax rate than China and other foreign rivals.” 3/30/2022