The United States federal government receives approximately $3 trillion in tax revenue each year, but unfortunately it normally spends about $4 trillion (hence the need for balancing the budget).
So far this year, Biden has proposed a $6 TRILLION federal budget, a $4 TRILLION “Infrastructure” spending plan, and the $1.9 TRILLION American Rescue Plan (only a small portion of which actually went to Americans). Just four months into his presidency, and already Biden has spent (or is planning to spend) nearly $12 TRILLION.
Now if you lean Left, I know what you are going to say. Biden promised to raise taxes on the rich and corporations to pay for this 300% increase (so far) in spending. And he has also promised NOT to increase taxes on low income people or the middle class (ie. businesses and the rich will pay for this huge increase in spending, not the poor or middle class).
However, anyone with half a brain knows that when businesses experience an increase in costs, THEY are not the ones that pay it, their customers do. And who are their customers? The poor and middle class.
If you can remember the soaring cost of gas during the 2008 Presidential election, you may remember that all the presidential candidates supported temporarily repealing the gas tax to give Americans some relief from high gas prices, and increasing taxes on the petroleum companies to make up for the loss in tax revenue. All the Presidential hopefuls supported this except one- Barack Obama.
Obama opposed the plan, and explained that if you increased the tax on oil companies, they would pass that increase along to the consumer, and therefor the American people would receive no benefit from a temporary suspension of the gas tax. He also said it would be far better to address the reason for the increasing price of oil and petroleum in order to bring down prices.
When corporate and business taxes go up, prices go up, and EVERYONE pays the price.
And if the government increases its spending (just looking at the budget) by $2 TRILLION ($3 TRILLION more than current tax revenue) they would have to DOUBLE taxes in order to balance the budget.
You don’t have to be a genius to know that even if your don’t increase, you will be paying the cost through increased housing costs, groceries, utilities (gas, water, electricity), and every other aspect of your life.