Republican Congressman Byron Donalds from Florida has criticized President Biden’s new budget plan for 2024, calling it “economically illiterate.” In an interview on Fox Business, Donalds stated that the president’s proposal for new spending and increased taxes is based on outdated left-wing Dogma.
He also criticized the plan to raise the capital gains tax rate to 39.6%, stating that it would discourage investment and hurt the economy.
Similarly, he argued that raising the corporate tax rate to 28% would make the US less competitive globally and hinder economic growth.
Donalds added that tax policy should be aimed at creating a thriving economy that generates tax revenue for the government, rather than just raising funds.
He also stated that corporate America supports Democratic policies because they create barriers to entry for smaller companies, which benefits larger corporations.
He emphasized the need to get spending under control and tighten belts to avoid inflation caused by overspending.
Finally, when asked about dealing with the debt ceiling, Donalds expressed confidence that House Republicans would find ways to make savings and cuts to get spending under control.
He believes that returning to pre-pandemic spending levels would make sense and not cause pain for the American people.
