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SOTU SPEECH: Biden Proposes Insane Tax—Here’s Why It Won’t Work

Joe Biden just proposed an absolutely insane tax during his State of the Union Address.

The 81-year-old Biden proposed a minimum 25% tax on billionaires that would, according to Biden, raise $500 billion over the next 10 years that could help to go toward reducing the national debt.

There is only one problem: the interest payments alone on the debt are now higher than the entire defense budget. The yearly interest payments alone are in the hundreds of billions.

Additionally, the debt is growing by $1 trillion every three months.

This is fundamentally unsustainable. The U.S. government doesn’t need to levy more taxes—it needs to cut spending. Just take a look at some of the data below, and I am sure you will agree.

We don’t have a revenue problem—we have a spending problem. Take a look:

CNBC issued this incredibly concerning report:

The debt load of the U.S. is growing at a quicker clip in recent months, increasing about $1 trillion nearly every 100 days.

The nation’s debt permanently crossed over to $34 trillion on Jan. 4, after briefly crossing the mark on Dec. 29, according to data from the U.S. Department of the Treasury.

Young Americans for Liberty remarked: “It took more than 200 years for the U.S. national debt to hit $1 trillion, a mark it crossed in 1981. The national debt is now increasing by $1 trillion every 100 days. The rate will only increase. This is the debt death spiral.”

Fox Business reports:

The national debt is expected to nearly double in size over the next three decades, according to the latest findings from the Congressional Budget Office.

At the end of 2022, the national debt grew to about 97% of gross domestic product.

Under current law, that figure is expected to skyrocket to 181% at the end of 2053 — a debt burden that will far exceed any previous level.


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