Monday March 20, 2023 – The Biden Administration’s proposed budget for 2023 is out. The budget proposes increasing spending from $5.8 Trillion to $6.7 Tillion. It’s clear from the administration’s proposals, they are not serious about engaging in any rational discussions on the budget and the debt ceiling.
In addition, the budget drastically increasing the tax rate for those with incomes higher than $500,000 a year and a minimum tax for those with more than $100 million in wealth. The budget also increases corporate rates from 21% to 28%, as well as increase taxes on stock buybacks, investment income and certain federal agencies.
But the BIGGEST surprise in the budget is the boost to the IRS budget. Remember, the Inflation Reduction Act has already provided the IRS with $80 billion for hiring 87,000 additional employees over the next decade, transforming it into one of the largest government agencies. This new budget would add an additional $43 BILLION. The baseline increases by 15% to $14.1 Billion PLUS another $29.1 billion in “mandatory funding for enforcement and operations.”
I have to repeat Rep. Jason Smith’s, chairman of the House Ways and Means Committee, question. “Is this a joke?
Attorney Steven A. Leahy goes over the Biden Administration’s new budget on Today’s Tax Talk.