North Dakotans react to Biden’s budget proposal
BISMARCK, N.D. (KFYR) - President Joe Biden presented his 2023 budget to Congress Monday, which included a plan to reduce the federal deficit by a trillion dollars over the course of the next ten years, but not everybody is on board.
Some North Dakotans don’t think billionaires are taxed enough.
“They circumvent the taxpaying process, so while they might be supposed to pay a proper percentage, they’re not giving the money they should back to the economy,” said Romeo Norris of Bismarck.
“It feels like the rich are living on the backs of the middle and lower classes,” said Tammy Dixon of Bismarck.
That’s a big sticking point in President Biden’s 2023 budget proposal. Under it, people earning $100 million dollars or more would be taxed on 20% of their total earnings. That includes unrealized gains, which has lawmakers skeptical.
“You’re not taxing income, you’re not taxing any transactional thing. You’re taxing just a baseline number, and I just simply don’t know how that would work,” said Representative Kelly Armstrong.
Another problem Representative Kelly Armstrong has with the proposal is raising the corporate tax rate from 21% to 28%.
“Burger King’s not in Ireland because the Irish eat more Whoppers, they’re in there because they have a more effective tax rate. This is a global economy, and we’re going to chase people offshore again at a time when we really need to onshore more production,” said Rep. Armstrong.
Still, 28% would be lower than it was when President Donald Trump took office, which he lowered from 35%. Higher taxes are one way Biden plans to cut the federal deficit by a trillion dollars over the next ten years.
“The budget I’m releasing today sends a clear message to the American people of what we value. First, fiscal responsibility,” said President Joe Biden.
Armstrong says the federal deficit needs to be fixed, but Biden’s proposal isn’t the way to get it done.
President Biden’s budget proposal is lower than last year’s, in part because there are no emergency pandemic funds being requested. Instead, the budget includes increased security funding here and abroad, with $31 billion dollars being requested for military spending and $32 billion dollars for federal, state, and local law enforcement.
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