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President Biden has proven to us why he was on the bottom 1/3 of his law school class. He doesn't know the first thing about economics and finance 101. Someone who's a freshman in college taking his first business classes would know that what he is saying is false. Here's an example from the tax rates from communist China that are way lower than what President Biden wants to charge the American people and corporations. The good thing is that his tax proposal is Dead On Arrival.

Summary of Communist China tax laws:
Income from business activities is taxed at a progressive rate from 5% to 35%. Other categories of income (rental income, interest, dividends, capital gains, other income) are generally taxed at a flat rate of 20%. Interests on deposits in Chinese banks are not taxable.

Arthur Laffer has proven with his Laffer Curve that the more you tax something the less you get of it and the less you talk something the more you get of it. What I'm talking about is revenue or money coming back to the US Treasury. But with a leftist who doesn't know his Fanny from the hole in the ground, you can't convince them otherwise. Also, you learn an economics that inflation refers to too much money chasing too few goods and President Biden has already pumped in 6 trillion dollars into the economy and that's why we have the inflation that we have 6.5% inflation year over year. President Biden can lower inflation by increasing the supply of oil. He did that by gutting our strategic petroleum Reserve but he if he would get away of all his regulations that he's imposed since he came into office, we wouldn't have this problem. Still, he'll blame putin, he'll blame climate change, he'll blame republicans, he'll blame president Trump but let's remember that President Trump had a 1.4% inflation rate and a 6% growth rate not a 6.5% inflation rate. Still, Democrats and the inept public affairs officer keeps spinning lies. Her latest lie is saying that the president said all he can to stop Fentanyl and to secure our border.
The President Biden Administration ruins everything it touches and it's going to increase our debt by at least 20 trillion dollars when he claims it's going to cut back three trillion. It's like saying I gained 100 pounds and then lost 30 lb. You still have gained 70 lbs. That analogy is how stupid this budget is.

Most this inflation was self-inflicted by democrats who don't know the first thing about economics and finance. He wants to raise taxes when he's already raised inflation 13% since he took office. He claims that those making over $400,000 a year are going to pay more when everybody is going to pay more and will continue to pay more and suffer because this Administration keeps spending and the Federal Reserve has to keep raising interest rates to cool inflation and it won't cool down as long as President Biden keeps spending. There is hope, this budget proposal for 2024 is Dead on Arrival!