We need to just get to a point where we are breaking even first. It would be nice to get to a point where we are cutting ahead but that isn’t feasible any time soon. This is an opening for Biden to push higher taxes but he isn’t taking it because of the political ramifications.
Going to be a tough day when the market backs away from buying our debt. It obviously isn’t going to happen in the immediate term but if we don’t get off the path we are on the day is coming.
Biden and Democrats in Congress did raise taxes through their reconciliation bill. Sinema vetoed any larger ones. The Republicans are the problem, per usual, when it comes to raising taxes. Biden has proposed increasing taxes again. Doesn’t take too much searching to find his proposal. I’m sure Susan Collins, “proud” voter of Trump’s 2017 reconciliation tax-cutting bill, will be on board with Biden’s proposals, along with the GOP House.