The tax hikes President Joe Biden’s Build Back Better social program spending bill would raise nearly $1.48 trillion in new tax revenue, according to the Joint Committee on Taxation.
Despite the massive tax hike, the new revenue still falls short of the $1.75 trillion spending increase House Democrats have packed into the legislation to fund the Biden agenda of new cradle to grave social programs and green new deal schemes.
Representative Richard Neal (D-MA), the chairman of the House Ways and Means Committee, has said the package would be “fully paid for” with taxes and other offsets. Centrist Democrats have said they want to see analyses from the Joint Committee on Taxation (JCT) and the Congressional Budget Office before voting on the legislation. (Read more from “Massive $1.48 Trillion Tax Hike in Build Back Better Not Enough to Pay For Biden’s Radical Agenda” HERE)
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