September 27, 2022

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Biden Tax Hike: $3.5 Trillion

2 min read

President Joe Biden at the White House last week.



Photo:

LEAH MILLIS/REUTERS

Many investors wonder if the Federal Reserve can manage to tame inflation without sending the U.S. into recession. Perhaps they should worry more about continuing White House efforts to tempt Sen. Joe Manchin (D., W. Va.) into a tax increase. The President’s ambitions for increasing government revenue are not small.

Appearing before the Senate Finance Committee on Tuesday, Treasury Secretary

Janet Yellen

talked about President

Joe Biden’s

fiscal 2023 budget proposal and his plans to raise taxes on businesses and individuals. The goal, said Ms. Yellen, is to build “a fair and stable tax system.”

But what is most striking about the Biden tax agenda is not its fairness or its stability but rather its sheer size. The Tax Foundation’s

Erica York

and Garrett Watson write today:

Combined with the tax increases in the Build Back Better Act (BBBA), which the budget assumes becomes law, President Biden would raise revenues by $4 trillion on a gross basis over the next decade.

Ouch. How big is the planned tax hike on a net basis? There are a raft of new tax credits in the Biden plan—including a range of green energy credits totaling around $300 billion—but even accounting for all of them the President’s desired tax increase is still massive. Ms. York says that “across BBBA and the FY 2023 Budget, the Administration proposes roughly $3.5 trillion of new…



2022-06-07 17:20:00

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