Remember all those claims from President Joe Biden that, despite the fact that it costs $1.85 trillion, his spending bill won’t add to the national debt and won’t raise most taxes. everyone – all because it will raise taxes and coerce taxes against the rich?
“My Build Back Better Agenda doesn’t cost dollars,” Biden tweeted in September.
“Instead of wasting money on tax breaks, loopholes and tax evasion for big corporations and the wealthy, we can make a one-time investment in working America. And it adds zero dollars to the national debt. ”
My Build Back Better Agenda doesn’t cost dollars.
Instead of wasting money on tax breaks, loopholes and tax evasion for big corporations and the wealthy, we can make a one-time investment in working America.
And it adds zero dollars to the national debt.
– President Biden (@POTUS) September 26, 2021
When White House Chief of Staff Ron Klain tweeted that the spending plan was “twice as big, in real dollars, as the New Deal,” the Daily Caller’s White House correspondent Anders Hagstrom expressed doubt it would “cost it up.” equal to zero dollars”. Klain Try to shoot him down.
It’s twice as big, in real dollars, as the New Deal. This could be the Congress going from 12 years of universal education to 14 years; largest investment in combating climate change ever; that halves what families pay for childcare. https://t.co/hpK95CYcxD
– Ronald Klain (@WHCOS) October 28, 2021
“No: Net costs remain zero because we raise enough revenue to pay for every investment without raising taxes on anyone making less than $400k,” Klain quoted the Hagstrom tweet as saying.
No: Net costs remain zero because we raise enough revenue to cover any investment without raising taxes on anyone making less than $400k. https://t.co/3gKp6H3O5K
– Ronald Klain (@WHCOS) October 28, 2021
Now here’s the shocker: The Congressional Budget Office has apparently determined that it was a pimp.
According to a report Sunday in New York Times, the nonpartisan CBO found that a crackdown on tax evaders due to Internal Revenue Service won’t create the kind of money the Biden administration thinks it will.
The CBO isn’t expected to release its report until Friday, but the Times’ Alan Rappeport said it found the campaign against tax frauds would generate only $120 billion in 10 years – else far from the $400 billion the Biden administration had expected.
“The White House has begun to mentally brace legislators for a disappointing estimate from the budget office,” Rappeport wrote.
Their strategy? Tell Democratic lawmakers they shouldn’t trust the nonpartisan CBO but instead trust the partisan administration, as they have better numbers.
“In this case, I think we’ve made a very strong case of the CBO not getting the exact score,” said Ben Harris, assistant secretary of economic policy at the Treasury Department. “The question is do they want to go with the CBO knowing the CBO is wrong, or do they want to target the best information they can get?”
Well, when you put it that Street …
Differences seem to remain over whether increased tax fraud enforcement will produce the kind of gains over time that the White House thinks will happen.
In a preliminary review earlier this year, the budget office warned that people who shirk their fair share will adjust their evasion methods over time. Meanwhile, the administration believes the $80 billion invested in the IRS over the next decade will enable the type of enforcement that encourages compliance.
They have also stated that this will not lead to more checks for people earning less than $400,000, based on September Treasury Department reported that the wealthiest 1 percent pay the lowest taxes on $163 billion a year, time reported.
On the other hand, Republicans have noted that this is a recipe for the IRS to become ever more sinister.
Do you support the Democratic spending bill?
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No: 100% (7 votes)
“The IRS will double in size. It will become more involved in the everyday lives of every American,” said GOP Representative Mike Kelly in Pennsylvania last month, according to House Ways and Means Committee. “And the result will be an invasion of privacy and a heavy hand by the government squeezing smaller local businesses.”
Though one of the bill’s more invasive measures was dropped — the hated proposal that would have allowed the IRS to monitor virtually any bank account — the idea that money could be legally squeezed. legislation from the top 1 percent without raising tax rates or increasing audits for middle-class Americans has always been a sinister illusion designed to sell a bill that the White House knows well. cannot pay.
If the moderate Democrats prefer Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona previously didn’t like the size of the spending bill, a CBO report like this would make it all the more toxic for them. Since the Biden administration could not lose a single vote to pass this under mediation, this could be the place to go. wave of “zero dollar” Democratic spending finally rest.
https://www.westernjournal.com/biden-admins-promise-1-85t-spending-bill-cost-zero-dollars-just-hit-wall-reality/ | Biden admin’s promise that $1.85T spending bill will cost ‘zero dollars’ just hits the wall of reality