Posted on 10/29/2021 11:46:34 PM PDT by Oshkalaboomboom
The new taxes and tax increases meant to pay for President Biden’s massive $1.75 trillion social spending bill would raise nearly $470 billion fewer than the White House claims — and won’t bring in enough to match the legislation’s total outlay, according to a new analysis from the University of Pennsylvania’s Wharton School of Business.
On Thursday, the Biden administration released the final framework of the Build Back Better package, along with how it expected to offset the cost of the measure.
But while the White House estimated that the new and higher levies would raise $1.995 trillion, Wharton’s Budget Model estimated that they would bring in $1.527 trillion — $468 billion below the White House figure and $223 billion short of the bill’s topline cost.
The biggest discrepancy comes in the administration’s plan to boost tax collection by the Internal Revenue Service (IRS). The White House framework estimates that would bring in $400 billion, but Wharton estimates a windfall for the government of just $190 billion — less than half of the administration’s figure.
The second biggest discrepancy between the White House and Wharton is regarding the 15 percent corporate minimum tax on companies that report earning income of more than $1 billion per year. The Biden administration estimated the tax would net the government $325 billion, but the Ivy Leaguers suggest it would be worth just $195 billion in revenue.
(Excerpt) Read more at nypost.com ...
BiXiden, AOC and The Burn are not STEM much less MENSA candidates.
You mean the budget doesn’t pay for itself ? DERP !
C’mon Man! It costs zero dollars! Zero! As in 0. /s
That’s about $5000 per household (~95,000,000 American households pay federal taxes out of ~170,000,000). Sorry Joke™️, that’s just not gonna work for me...so ESAD!
Since when has Congress paid for any of their additional spending programs?
They still haven't paid off the debt from the Civil War (the first one). (A lot of the debt was monetized - printed away.)
Pay your fair share coming from criminals
Then we have states like Oregon where they wish to remove all skills in Math & English.
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