“Trillions upon trillions more in government spending when families are already facing inflation.” “The radical left is pushing in all their chips – they want to use this terrible but temporary pandemic as a Trojan horse for permanent socialism,” said Senate Republican leader Mitch McConnell of Kentucky. Republicans, however, insist the $3.5 trillion in spending set by Democrats is fiscally reckless and big government at its worst. Raising taxes on corporations and Americans earning more than $400,000 a year, negotiating the price of prescription drugs and tapping into other sources of federal revenue would enable the administration to offset the cost of the massive expansion of social programs and Biden’s climate change proposals, the White House and Democrats argue. The top tax rate for capital gains – money earned from the sale of stocks or property – would jump to 25% from the current 20%. People who make more than $5 million a year also would face a 3% surtax. The top tax rate on individuals earning more than $400,000, or $450,000 for couples, would revert to 39.6% from the current 37%. Biden had originally suggested raising the corporate tax rate to 28%, but Democrats and some corporations objected. Under the current proposal, the top tax rate for corporations would jump from 21% to 26.5% on incomes beyond $5 million.
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The far-reaching package includes proposals for free community college, universal prekindergarten, subsidized child care and national paid leave.īiden has proposed spending $3.5 trillion on the package over 10 years, although that number is at the center of the ongoing negotiations between congressional Democrats.īiden and the Democrats intend to pay for the program expansions through a series of tax increases on corporations and wealthy Americans. The package of social programs and climate change initiatives is the heart of Biden’s Build Back Better agenda and one of Democrats’ top legislative priorities. If negotiators lower the cost to around $2 trillion and keep the proposed offsets from the House, “then the net cost could be zero,” said Marc Goldwein, senior vice president and senior director of policy of the Committee for a Responsible Federal Budget.īut, “we won’t know the final net cost until we see the bill,” Goldwein said.
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Whether the net cost will be zero or higher depends on the final price tag and which offsets remain in the package. Final net cost of bill remains unknownīiden and Democrats are negotiating to lower the package’s price tag to between $1.5 trillion and roughly $2.2 trillion to appease moderates who are concerned about the overall cost. What’s more, the spending and tax breaks could cost as much as $5 trillion or $5.5 trillion, far short of the $2.9 trillion in offsets, the organization said. That proposal would enact $3.5 trillion of spending increases and tax breaks and about $2.9 trillion of tax increases and health care savings to offset the cost, leaving a roughly $600 billion hole, according to the nonpartisan Committee for a Responsible Budget. But the current bill that is the basis for negotiations among House Democrats doesn’t achieve that goal.