The budget repeals the Trump tax cuts on individuals making over $400,000 and households earning over $450,000. Given that those households would include individuals earning less than $400,000, the latter would be a direct violation of his pledge that, “if you make less than $400,000, you won’t see one single penny in additional federal tax.”

The budget would also quadruple a tax on stock buybacks, increase taxes on corporations already under pressure from higher costs driven by inflation, and add an additional 25 percent tax on high-net-worth individuals. He also increases an Obamacare surtax on investment income in a way that would hit small businesses, and then diverts the revenue from Obamacare to claim it will now shore up Medicare.

Relative to the most recent baseline from the Congressional Budget Office, Biden would raise taxes by $5.5 trillion and spending by $2.2 trillion over the next decade.

[Madness. The deficit issue is driven by spending, not a shortfall in revenue, and the spending is primarily on entitlements. Neither party is addressing that seriously, but adding more taxes will only slow growth and create stagnation. — Ed]