A large coalition of business organizations and groups have expressed their strong opposition to the Biden-Harris Administration’s stunning $6.8 Trillion 2024 Federal Budget Proposal. CIRT joined the other parties pointing out that: “The more than $4 trillion in tax hikes it proposes target businesses responsible for most of the jobs and growth in this country and come at a time when federal tax collections are at record levels.” The coalition also noted “The huge deficits forecast in the President’s budget are not the result of a revenue shortage” given federal tax collections were nearly $5 trillion last year, a record high (an amazing 47-percent increase from when the Tax Cuts and Jobs Act (TCJA) was enacted in 2017). Simply stated, the budget deficits are caused by “runaway” spending proposals that appear to have no boundaries or limits as to the amounts being sought. Besides fueling inflationary pressure with bloated programs paid in large measure from borrowing, the recent bank failures portend the possibility of a slowing or fragile economy ahead, where massive tax hikes will damage the ability of businesses to weather a potential coming economic storm.
See, attached coalition letter for details.