What’s with Biden’s astronomical spending?
President Joe Biden is on his way to making a name for himself among the highest-spending presidents of all time…and it hasn’t even been 100 days since he took office.
Biden pitched yet another multi-trillion dollar “American Families Plan” spending package during his State of the Union Address to Congress on Wednesday night.
According to preliminary reports, the $1.8 trillion-dollar spending bill consists of $1 trillion in investments and $800 billion in tax credits aimed at education and childcare, CNBC reported.
Most notably, the package would fund a portion of childcare for families, create a national paid family leave plan, implement free preschool, and provide two years of free community college for anyone who wants it.
Other notable changes the plan entails are to subsidize tuition for minority-majority colleges, expand EBT food stamp program, and permanently extend child tax credit.
How will Biden pay for this bill, you might ask?
As part of the package, taxes would be raised on capital gains to 39.6% on those who earn more than $1 million. Only Americans making under $400,000 would not see their taxes increase under the American Families Plan.
This is the third multi-trillion-dollar spending bill Biden has proposed within his first 100 days as president.
Just last month, Biden unveiled a $2 trillion infrastructure package that would invest in transportation, housing, education, and drinking-water infrastructure.
In February, the president signed a $2.3 trillion coronavirus relief package sending $1400 stimulus checks to most Americans and funding many unrelated Left-wing agenda items.
To put the cherry on top of Biden’s more than $6 trillion in proposed spending in his first three months as president, he is seeking to hand out a massive $80 billion dollar boost to the IRS increasing tax enforcement.
This comes after the IRS Commissioner warned the Senate the agency is facing a $1 trillion tax gap on an annual basis, according to Reuters. To fill this gap, the commissioner suggested Congress guarantee the IRS more “consistent, timely, adequate and multiyear funding” to go after people who cheat the system for tax avoidance.
A time when the hard-hit U.S. economy is still reopening and recovering after government-imposed lockdowns is the worst possible time for Big Government to step in and spend money we currently don’t have while securing our future earnings to fund more government programs and expand the IRS.
“America is back,” Biden said in the beginning of his presidency. His massive spending initiatives have confirmed he meant back to putting government first and the people last.