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Host Sean Hannity noted that factors like market volatility could mean people will be taxed on an unrealized gain that later becomes a loss or a wash.
“Joe Biden’s budget and the socialists in the Democratic Party, they want to jack up taxes on Americans across this country,” Cruz said.
“This budget proposes taking the national debt all the way up to $45T dollars: That is a staggering amount. And one of the amazing things about Biden’s budget is it’s based on old, outdated numbers, so it assumes inflation is still down at two percent.”
By underrepresenting inflation, Cruz said, the budget proposal underrepresents the true costs incurred by its plans.
“One of the major things that causes that is inflation. And Biden’s out of control spending and debt is producing crushing inflation on the American people,” Cruz said.
Hannity remarked that the budget proposal is a “revival” of Sen. Elizabeth Warren’s, D-Mass., “pet projects” – combined with the socialist “Bernie-Biden Manifesto.”