Fact Check: President Biden’s $5 Trillion Tax-and-Spend Bill Isn’t “Paid For”
After hosting top executives and CEOs of American companies in an attempt to get the President’s $5 trillion tax-and-spend bill off of life support, the White House once again repeated the false and debunked claim that the bill is paid for.
When asked about Americans’ concerns that President Biden’s $5 trillion tax-and-spend bill would contribute to higher inflation, White House Press Secretary Jen Psaki responded:
“Build Back Better is paid for. Entirely.”
The bill, in fact, is not paid for.
The New York Times reported:
“Democrats are employing their own maneuvers to downplay the cost of their bill” despite claims the bill “will be fully paid for with an estimated $2 trillion in tax increases on corporations and high earners.”
The Washington Post has even awarded Biden Administration officials two Pinocchios for repeating these claims.
Democrats’ tax-and-spend bill, if made permanent, would cost $5 trillion and add $3 trillion to the deficit.
- According to analysis by the non-partisan congressional scorekeeper, the Congressional Budget Office (CBO) and non-partisan Joint Committee on Taxation (JCT) found that Democrats’ bill, if made permanent (as Democrats have pledged) will cost $5 trillion and add $3 trillion to the deficit.
- The Committee for a Responsible Federal Budget released an analysis with similar findings in late November 2021, which found that the bill is not paid for and that Democrats’ SALT tax shelter for the wealthy makes it worse.
RESOURCES: Everything You Need to Know About Democrats’ Tax-and-Spend Bill
40-year high inflation is a direct result of the Biden Administration’s policies.
- Analysis from the Federal Reserve Bank of San Francisco confirmed that the Biden Administration’s $1.9 trillion emergency spending boosted Bidenflation.
- In fact, a top Federal Reserve official warned of growing risks of inflation from additional government spending being considered by the Biden Administration, saying, in part: “This could spark a wage-price spiral.”
STUDY: Biden’s Unemployment Bonus Held Back Economic Recovery
The burden of Democrats’ spending and tax hikes falls on American families and small businesses.
- The JCT found that workers will shoulder the burden of Democrats’ tax hikes. Within 10 years of a corporate tax increase, 66.3 percent of the corporate tax burden would be borne by lower- and middle-income taxpayers.
- It’s not just the JCT – analysis from the Left-leaning Tax Policy Center found that President Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families over the long term.
READ: Congressional Scorekeeper: Dem Tax Hikes Hit Middle-Class Earners Between $40k and $400K
CONFIRMED: Crippling Tax Hikes Violate President Biden’s Pledge Not to Raise Taxes on the Middle Class
READ: Liberals: Biden Breaking Tax Pledge