Republicans SLAM Biden’s Budget Over Inflation!

(RestoreAmericanGlory.com) – Republicans are criticizing certain aspects of President Biden’s budget proposal pointing out that it is necessary for spending increases to be contained in order to deal with inflation. They also point out that the proposal calls for further tax increases.

The proposal would reduce the budget deficit by close to $3 trillion in the next decade according to the White House. As part of the budget plan, the wealthiest 0.01 percent would face an increase of 25 percent in the minimum tax that they need to pay. The Medicare tax rate for those with an income above $400,000 per year would also increase from 3.8% to 5%. Their annual income would be calculated both based on salary and capital gains.

The proposal would also repeal parts of the 2017 Trump tax cuts and would restore the tax rate of 39.6% for those with an annual income that’s more than $400,000. The tax rate on U.S. multinationals’ foreign earnings would also increase from 10.5% to 21%. Oil and gas companies will also pay higher taxes.

Despite all of the changes that are part of Biden’s proposal, Republicans are calling for further changes that include reductions in spending.

Sen. Rick Scott, R-Fla., during an appearance on Florida’s Ed Dean Morning Show criticized the proposal stating that it would further worsen inflation. He added that for those not familiar with the budget, it just called for more “tax increases, bigger government, Green New Deal, no money for the border, kill all the fossil fuels.”

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