It turns out Joe Biden and his cronies have been lying this entire time about the price tag on the Build Back Better plan.
The daunting reality of its actual cost slapped the Biden administration directly in the face on Tuesday as the Congressional Budget Office (CBO) revealed Democrats have severely underestimated tax revenue from billionaires.
Biden and numerous top Democrats have repeatedly insisted that their $1.85 trillion social spending package will add nothing to the national debt. They argued the package included enough increased taxation to offset the spending programs.
CBO chief Phillip Swagel brought that claim down, saying that the tax loophole crackdown in the bill would only garner $120 billion, a far cry from the White House’s projected $400 billion.
Nope: The net cost is still zero because we raise more than enough revenue to pay for every investment without raising taxes on anyone making less than $400k. https://t.co/3gKp6H3O5K
— Ronald Klain (@WHCOS) October 28, 2021
Ahead of the complete CBO reported this Friday, the White House is issuing a preemptive strike, telling lawmakers on Capitol Hill to ignore the budget analysis.
“In this one case, I think we’ve made a very strong empirical case for CBO not having an accurate score,” an official in Biden’s Treasury Department said to the New York Times.
A part of Biden’s bill includes a radical ‘beefing up’ of the Internal Revenue Service in an effort to fully handle increased taxation on billionaires. However, billionaires aren’t the only ones.
A policy within the Build Back Better framework would empower the IRS to monitor American’s bank accounts pertaining to deposits exceeding $600.
This is completely false. The largest spending spree in government history will cost “zero dollars”? That defies logic and basic math. Alongside massive tax increases, it will add trillions to the debt. Peddling false narratives won’t change those facts. https://t.co/vrnxF58LX9
— Rep. Steve Womack (@rep_stevewomack) September 26, 2021
Biden thinks his $3.5 trillion reckless spending plan "costs zero dollars"?
He is very confused. https://t.co/aNUyBnq5Up
— Tom Cotton (@TomCottonAR) September 26, 2021
Republican members of Congress have mocked the White House’s claim for months as “completely false,” and saying the president is “confused.”
Confusion is the driving force behind the Biden administration.
Author: Elizabeth Tierney