Biden’s Build Back Better Agenda does not cost zero dollars
Trying to pitch the $3.5 trillion reconciliation spending package, President Joe Biden made an outrageous claim that his Build Back Better Agenda costs $0.
Of course, there is a price tag on the bill, so you may be wondering how the total costs come up to $0. According to the reasoning, the bill costs $0 because it is fully paid for by taxes on the rich and corporations; ergo, it won’t add anything to the national debt.
The plan, of course, does not cost $0. Taxes, regardless of who is paying them, is money out of people’s pockets. And despite claims that the bill will only tax those making more than $400,000, evidence from the Joint Tax Committee shows that even individuals making as little as $30,000 will be affected.
Not to mention that these high taxes will distort economic activity, thereby imposing additional costs on Americans through lower GDP and income growth.
But even further analysis shows that the bill will likely add $1 to $2 trillion to the national debt, mostly because taxes on the rich will not be able to cover the full cost of the bill.
Needless to say, government spending has never cost taxpayers $0, and it will not start now.