$4,638,000,000,000: Biden’s Budget Calls for Record Taxes in 2023

By Terence P. Jeffrey | March 28, 2022 | 4:35pm EDT
(Photo by Anna Moneymaker/Getty Images)
(Photo by Anna Moneymaker/Getty Images)

(CNSNews.com) - President Joe Biden’s budget proposal, which the president released today, calls for the federal government to collect a record $4,638,000,000,000 in taxes in fiscal 2023.

At the same time that the federal government is collecting those record taxes, according to Biden’s proposal, it would also spend $5,792,000,000,000—resulting in a fiscal 2023 deficit of $1,154,000,000,000.

The record $4,638,000,000,000 in taxes Biden proposes collecting next year is up from the $4,437,000,000,000 it estimates the federal government will collect this year and the $4,184,714,000,000 (in constant February 2022 dollars) that the federal government did in fact collect in fiscal 2021.

So far, the $4,184,714,290,000 (in constant February 2022 dollars) that the federal government collected in total taxes in fiscal 2021 is the record amount in federal taxes ever collected.

According to Table S-4 in Biden’s budget proposal, the federal government will run a cumulative deficit of $14,421,000,000,000in the ten years from fiscal 2023 to fiscal 2032

According to the same table, federal individual income taxes were $2,044,000,000,000 in fiscal 2021, when Biden took office. This year, they will increase to $2,263,000,000,000. In fiscal 2023, under Biden’s proposal, they will climb again to $2,345,000,000,000.

Social Security payroll taxes brought in $952,000,000,000 in fiscal 2021. This year, according to Biden’s budget estimate, they will increase to $1,047,000,000,000. Next year, they would climb to $1,101,000,000,000.

Medicare payroll taxes brought in $295,000,000,000 in fiscal 2021. This year, according to Biden’s budget estimate, they will increase to $329,000,000,000. Next year, they would climb to $342,000,000,000.

Excise taxes brought in $75,000,000,000 in fiscal 2021. This year, according to Biden’s budget estimate, they will climb to $84,000,000,000. Next year, they would climb to $91,000,000,000.

By contrast, estate and gift taxes and customs duties would decline in the next year.

According to Biden’s budget, estate and gift taxes brought in $27,000,000,000 in fiscal 2021. This year, according to the budget’s estimate, they will drop to $26,000,000,000. Next year, under Biden’s proposal, they would drop to $25,000,000,000.

Customs duties, meanwhile brought in $80,000,000,000 in fiscal 2021, according to Biden’s budget. This year, they are estimated to climb to $93,000,000,000. But next year, according to Biden’s proposal, they would drop to $54,000,000,000.

The $1,154,000,000,000 deficit the Biden budget proposes running in fiscal 2023 is the smallest federal deficit it anticipates in any of the next ten years.

In fiscal 2021, according to Table S-4 in Biden’s budget proposal, the federal deficit was $2,775,000,000,000.

In fiscal 2022, the Biden budget proposal estimates it will drop to $1,415,000,000,000.

In fiscal 2023, as mentioned, the Biden budget estimates the deficit will be $1,154,000,000,000.

In fiscal 2024, according to Table S-4, the deficit will by $1,201,000,000,000. In fiscal 2025, it will be $1,330,000,000,000. In fiscal 2026, it will be $1,328,000,000,000. In fiscal 2027, it will be 1,352,000,000,000. In fiscal 2028, it will be $1,533,000,000,000. In fiscal 2029, it will be $1,443,000,000,000. In fiscal 2030, it will be $1,614,000,000,000. In fiscal 2031, it will be $1,682,000,000,000. In fiscal 2032, it will be $1,784,000,000,000.

 

In a section headlined “Building a Better America,” the Biden budget credits President Biden for living up to what it calls his “commitment to fiscal responsibility.”

“The Budget also delivers on the President’s commitment to fiscal responsibility,” it says.

“The deficit is on track to drop by more than $1 trillion this year, the largest-ever one-year decline,” it continues. “Under the Budget policies, annual deficits would fall to less than half of last year’s levels as a share of the economy, while the economic burden of debt would remain low.

“The Budget’s investments,” it says, “are more than paid for through additional tax reforms than ensure corporations and the wealthiest Americans pay their fair share, allowing us to cut costs for American families, strengthen our economy, and cut deficits and debt by more than $1 trillion over the coming decade.”

“My Administration is on track to reduce the federal deficit by more than $1.3 trillion this year, cutting in half the deficit from the last year of the previous Administration and delivering the largest one-year reduction in the deficit in U.S. history,” President Biden said in his statement releasing the budget proposal.

(Historical fiscal numbers in this story were converted into constant February 2022 dollars using the Bureau of Labor Statistics inflation calculator.)

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