During his latest "My Take," "Varney & Co." host Stuart Varney discusses President Biden's "tax and spend" budget on "steroids," arguing it has socialists' fingerprints all over it and has "little to do with economics."
STUART VARNEY: The president's budget is "tax and spend on steroids."
It is entirely political, designed to point the country in a leftward direction for years to come.
The socialist's fingerprints are all over this, of course they are. A socialist, Bernie Sanders is the chair of the Senate Budget Committee!
A new wealth tax for the very rich.
Higher income and capital gains taxes for the fairly rich.
A new tax on the profits you make when you sell your home!
A new crypto tax.
A stock buy-back tax.
Higher corporate taxes.
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Add it all up, and Biden proposes $5.5 trillion worth of tax increases!
Please don't be fooled: the president says people making less than $400,000 a year will not be affected.
That’s a big stretch.
What do you think happens to inflation with his $6.8 trillion in extra spending. Inflation is a tax that hurts poor people the most.
And what do you think happens to interest rates when the government spends like crazy, and the national debt goes to $50 trillion.
Rates go up, and the cost of borrowing money for houses, cars and credit cards goes up for everyone.
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This budget has little to do with economics.
It has everything to do with politics: the president is staking out his re-election campaign.
Even if he's not the nominee, the Democrat candidate in 2024 will have to run on the direction Biden has laid out.
And that direction is taking us further to the left than any president in a generation!