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.