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Bill’s Largest Single Provision A Massive Tax Carve Out For The Wealthy
Arlington, VA – Today, the Congressional Budget Office (CBO) released the rest of its preliminary cost estimates of the Biden / Sanders multi-trillion spending package, finding it would increase deficits by $800 billion over the next five years—thereby fueling inflation. The tax hikes would fall far short of the giveaways by more than $360 billion dollars. The debt would grow even more when including the extra interest on the national debt.
Americans for Prosperity Senior Fellow in Fiscal Policy Kurt Couchman issued the following statement:
“The CBO’s scoring confirms DC’s open secret: this massive spending bill would be a fiscal catastrophe. It would pile more debt onto American families and pour gasoline on the inflation crisis.
“As bad as the CBO’s estimates are, the reality would be even worse. The bill abuses time-tested Beltway gimmicks to conceal the true price tag. Imaginary time limits on the bill’s giveaway programs artificially keep the official numbers down, but it is widely known — and the bill’s cheerleaders are openly telling their supporters — that the handouts are meant to be permanent. An especially warped priority is in fact the bill’s most expensive proposal: loosening the cap on the state and local tax (SALT) deduction to create an enormous giveaway for bloated, big-spending governments and the most well-off who live under them.
“Americans everywhere, except for the administration and most of Congress, understand the inflation problem and that more fiscal recklessness will only make it worse. The claims that this spending boondoggle would somehow tamp down inflation are wrong—and insulting. Imposing extra costs on businesses through massive tax increases and more labor shortages would harm the American people in many ways.
“The bottom line is that this bill would burden our society for generations.”
Click here to read more about the gimmicks being used to disguise the true costs of the reckless package.