Joe Biden tax plan forecast to bring in $3.6 trillion

President Joe Biden’s proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said a key funding source for the $4 trillion he hopes to spend remaking the American economy and social safety net. The figure, representing the sum of all tax increases if enacted by Congress, came as is part of the ‘Greenbook’ report that accompanies the White House’s $6 trillion 2022 budget request.

It effectively serves as the revenue side of the ledger, against Biden’s spending priorities in the budget. After accounting for the $1.2 trillion in tax credits for clean energy, electric cars, low-income families and housing investment, the plan would net Biden about $2.4 trillion to invest in other economic priorities.


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