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:

The U.S. pays interest on money it BORROWS from Central Banks. Our National debt is $34.5 trillion dollars, we owe Unfunded Liabilities of $213.5 Trillion dollars. The notional value of all outstanding global derivatives contracts reached $2.5 quadrillion. This causes inflation pic.twitter.com/BoEYQWPexe

— behind eNemY lines (@Glockzilla72) March 6, 2024

For the first time in history, the U.S. spends more on interest on the national debt than we do on defense. That's unsustainable. And Biden hasn't done enough.

"The deficit has fallen under Joe Biden. It’s still higher than before the pandemic": https://t.co/lSzA49crLl #SOTU24

— NewsView (@_NewsView) March 8, 2024

BREAKING: U.S. national debt reaches $34.4 trillion.

We added over $7 trillion in debt, in the last 4 years alone.

At what point will this be a concern for those in charge? pic.twitter.com/CW0GzEH0fo

— Our Country Our Choice (@OCOCReport) March 5, 2024

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.”

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. pic.twitter.com/89TGlz36tD

— Young Americans for Liberty (@YALiberty) March 4, 2024

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.