As the Biden Administration prepares to release its FY 2023 budget several months late, Americans are still suffering from the impact of his FY 2022 budget, which stoked inflation, ignored the IRS backlog, and slowed America’s economic recovery.
Here are just a few of the most disastrous policies President Biden included in last year’s budget:
Democrats prioritized IRS surveillance and audits over helping American taxpayers deal with a historic 20 million tax return backlog
Internal Revenue Service (IRS) officials have already admitted that they do not expect to complete processing a backlog of more than 20 million unprocessed tax returns until the end of 2022.
This is because the Biden Administration ignored the problem, instead seeking $80 billion to spy on personal transactions and to turn local banks into branches of the IRS. Republicans successfully pushed the agency to use existing funding to hire 10,000 workers to address the crisis.
Democrats’ second supercharged death tax threatened family farms and small businesses
Republican opposition successfully ended Democrats’ push for a second, supercharged death tax on family farms and small businesses that came at the worst possible time.
A study by EY and the Family Business Estate Tax Coalition showed the tax, which was included in the FY 2022 Biden Budget, would destroy over a million jobs, slash paychecks for workers, and shrink our economy by $100 billion over the next decade.
Democrats stoked inflation with monthly stimulus checks that discouraged work
Economic experts are now clear that Democrats’ monthly stimulus checks – accomplished by taking Republicans’ successful child tax credit and converting it to welfare without work – contributed to Bidenflation, as well as to the labor shortage by paying people more to stay at home than return to work.
Democrats raised prices at the pump with taxes on American energy
At the same time a reopening economy brought greater demand for affordable energy, the Biden Administration called for punitive new taxes on American-made energy in their FY 2022 budget, which discouraged U.S. oil and gas production.
The result: Spikes in prices strained family budgets, as smaller energy supply couldn’t meet surging demand.
Democrats discouraged U.S. investment and jobs with highest in the world tax hikes that fall on workers, families, and small businesses
The nonpartisan Congressional Budget Office found that during President Biden’s first year in the White House, the economy failed to meet consensus projections every quarter of his presidency. Economists are now warning of a looming recession.
That’s because rather than seize on the momentum of a recovering economy, with the advantages of stimulus and vaccines, President Biden sought tax hikes on Main Street businesses that the nonpartisan Joint Committee on Taxation found would be shouldered by lower- and middle-income taxpayers. Republicans successfully fought these harmful tax increases, but Democrats have not yet given up.
Americans now worry that President Biden’s next budget could be even worse.