Joe Biden wants the federal government to spend close to $7 trillion more over the next decade on issues like health care, housing and climate change — part of a sweeping presidential platform that he says will build on President Barack Obama’s legacy and unite a fractured nation. The former vice president has said he will pay for the measures with about $4 trillion in tax increases on corporations, investments and wealthy Americans. That includes an overhaul of President Trump’s massive $1.5 trillion Tax Cuts and Jobs Act, which slashed the corporate tax rate to 21% from 35% and temporarily reduced individual income taxes. “I’m going to get rid of the bulk of Trump’s $2 trillion tax cuts, and a lot of you may not like that, but I’m going to close loopholes like capital gains and stepped-up basis,” Biden said, according to a pool report of the virtual fundraiser. Biden’s trillion-dollar proposals signal that he’ll continue the unprecedented level of government spending that began in mid-March as American life came to a grinding halt because of the COVID-19 crisis. In the span of 10 months, the budget deficit climbed to $2.81 trillion, a record high, according to the Treasury Department. In total, the U.S. government has spent more than $5.6 trillion so far this year. The deficit for fiscal 2020 is projected to hit $3.7 trillion, a record, according to a projection from the Congressional Budget Office. The current record for a fiscal year deficit is $1.41 trillion, set in 2009. Vermont Sen. Bernie Sanders lauded his one-time rival’s policy measures on Monday night during his Democratic National Convention speech. “Joe will move us forward,” he said, citing Biden’s policies on paid family leave; universal child care; health care; and criminal justice reform. “The future of our democracy is at stake. The future of our economy is at stake. The future of our planet is at stake. We must come together, defeat Donald Trump and elect Joe Biden and Kamala Harris as our next president and vice president,” he said. “My friends, the price of failure is just too great to imagine.” Biden is expected to formally accept the Democratic presidential nomination on Thursday from Wilmington, Del., where he lives and served for years as a U.S. senator, instead of Milwaukee, the original convention site, as a result of the coronavirus pandemic. Click here to take a closer look at Biden’s multi-pronged proposals – and where the money would go:
And please do..and be absolutely terrified at the enormity of this boondoggle of government waste and socialism that we and our kids will be stuck with the bill for. That’s right. WE will pay for this ridiculous waste if Joe Biden wins in November. Hopefully this will help sway those on the fence to vote for Trump!