Joe Biden’s tax plan forecast to bring in $3.6 trillion over the next decade

Joe Biden’s tax plan forecast to bring in $3.6 trillion over the next decade

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.

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, also released on Friday. 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. The White House has said that the $4 trillion combination of its American Jobs Plan and American Families Plan would be fully paid for over 15 years.

The Greenbook, which hasn’t been released since President Barack Obama’s final year in office in 2016, is the most comprehensive look at the tax and revenue proposals the administration endorses.

News Source : Hindustan Times

Leave a Reply

Your email address will not be published.