U.S. Sen. Pat Toomey joined CNBC’s “Squawk Box” Tuesday morning to discuss President Joe Biden’s proposed budget for fiscal year 2023, including the White House’s plan to restrict stock buybacks and implement new tax hikes.

Speaking of taxing unrealized gains, Toomey, R-Pa., asked his Democratic counterparts, what is fair?

“Our Democratic colleagues usually justify all of their various, creative ways of raising taxes as a way to make sure that the wealthy are paying their ‘fair share,’” Toomey said. “The top 1% of Americans earn about 20% of all of the income and pay about 40% of all the income taxes. Paying twice the rate of what their income is in terms of the percentage of total taxes is somehow not fair. … It’s worth asking the question to my Democratic colleagues ‘what is fair?’”

U.S. Sen. Bob Casey, D-Pa., who also released a statement Tuesday pertaining to Biden’s fiscal year 2023 budget proposal, highlighted what he called the potential for continuing the financial progress already made by the Biden administration.

“President Biden’s budget demonstrates his clear commitment to children, families, seniors, veterans and workers,” Casey said. “Since the start of his administration, President Biden and Democrats in Congress have put cash in people’s pockets, lifted millions of children out of poverty and created 7.4 million new jobs. This budget builds on that progress by lowering costs for families while lowering the deficit by ensuring billionaires pay their fair share.”

Toomey said Biden and the Democrats have perhaps a year to raise taxes on Americans, relying on Vice President Kamala Harris to break the tie in the Senate.

“I think anything that gets 50 Democrat Senate votes and (Harris) breaking a tie will pass the House, would then get signed by President Biden,” Toomey said. “But, I think that gig is up at the end of this year. I think Republicans are going to take control of the House and the Senate. Then we aren’t going to be having conversations about these crazy new ways to raise taxes on people who already pay a lot of taxes.

“That’s why our Democratic colleagues feel a lot of pressure to do something quickly,” Toomey added. “They know the clock’s running.”

While Toomey focused on Biden’s proposed budget and the negative impact it may produce for business, Casey’s focus was a reflection on how the proposed budget would potentially help working families across the state.

“This budget is a strong reflection of President Biden’s values and I will work with my colleagues to make it a reality and deliver for working families across Pennsylvania and the nation,” Casey said. “The president’s budget includes vital funding to strengthen the nation’s supply chains, which would help ease the pressures on families’ budgets, grow the economy and create jobs.”

Casey said the budget also invests in clean energy and addresses the climate crisis, building on what he called “historic investments” in the Infrastructure Investment and Jobs Act. Additionally, Casey said, Biden has included a 20% increase in funding for veterans.

But Toomey argued that the “huge tax increase on income, on corporate income, the so-called billionaires’ tax, the stock buyback [restriction] … this is not going to happen. This is a big gesture to the radical left — the wing of the Democrats that don’t like capitalism.”

He called the budget “terrible policy” and noted that “ a stock buyback is simply the economically rational, sensible, responsible thing to do when the management of a company decides they cannot productively employ marginal capital. They have an obligation to return it to the people who own the company.”

Toomey continued, “The beauty of the mechanism is you as an investor can decide whether you want to sell or not. That’s exactly what should happen in a free society, in a free market economy. This vilification of stock buybacks is completely ridiculous.”

Casey said the Biden spending plan includes measures that the senator noted match his own priorities, including increased funding for special education and students with disabilities and doubling funding for Title I schools, which primarily service low-income communities.

The president’s budget also increases funding for the National Institutes of Health (NIH) — Casey noted Pennsylvania researchers successfully compete for more than $2.5 billion in grants and other funding from the NIH each year — advancing scientific knowledge and human health while supporting jobs across the Commonwealth.

Casey noted the president’s budget also invests in programs for seniors and people with disabilities, including public transportation for older Pennsylvanians, nursing home oversight, modernization of senior centers and increased access to technology. Biden also wants to make investments in affordable housing as well as rural communities, including funding for the Appalachian Regional Commission and high-speed internet for rural communities.

Casey noted Biden’s budget recommends making the Adoption Tax Credit fully refundable, as proposed by Casey in his Adoption Tax Credit Refundability Act, which would ease the burdens that come along with adoption for low-income families.

“The president’s budget includes vital funding to strengthen the nation’s supply chains, which would help ease the pressures on families’ budgets, grow the economy and create jobs,” Casey said.