It can just barely cover last year’s defense budget hike. Not last year’s defense budget. Just the increase between the FY 2023 and FY 2024 budget.
So basically nothing.
There’s no taxing our way out of this, folks. Tax revenue in America represents a massive proportion of GDP. We can (and should) eliminate tax exemptions and deductions to reduce distortions and bring revenue closer to spending. But there is absolutely no way to close the gap with new revenue.
This is a spending problem.
We need to start cutting, and we can’t stop until we’ve at least cut twice as much per year as this nonsense will apparently raise (in a purely static model) per decade.
Returning to the FY2017 defense budget (the last Obama budget) would save around 7X as much money as this proposal is projected to raise, will cut no government services, and will leave us with a military that still spends more than twice as much as China.