Home » Economy » Biden's revamped tax plan sparks concerns from industry expert: 'A total disaster'
Biden's revamped tax plan sparks concerns from industry expert: 'A total disaster'
Far-left furious about Biden spending bill concessions
The Federalist senior editor Chris Bedford discusses Democrat division over the president’s spending plan on ‘FOX Business Tonight’
Tax experts are raising concerns about the sprawling social spending plan that President Biden outlined on Thursday, urging the White House to release additional details about the nearly $2 trillion package and the tax increases on the wealthy and well-off corporations that will finance it.
The framework that Biden unveiled costs roughly $1.75 trillion ($1,750,000,000,000), which includes funding for universal pre-kindergarten, a one-year expansion of the child tax credit, a modified Medicaid expansion and clean energy tax credits, among other things. It relies on a 15% corporate minimum tax, surtaxes on the top sliver of U.S. households, stricter tax enforcement, taxes on corporate stock buybacks and higher taxes on U.S. companies' foreign earnings.
The White House has estimated the proposed tax hikes could generate about $2 trillion in new revenue over the next year, although Penn Wharton analysts found the figure is actually closer to $1.5 trillion.
BIDEN PITCHES REVAMPED MILLIONAIRES TAX, GLOBAL MINIMUM TO FUND SPENDING BILL
"This plan certainly appears to be a complete and total disaster for taxpayers," Brandon Arnold, executive vice president of the National Taxpayers Union, told FOX Business. "But it's an incomplete plan with scant details. Biden needs to finish his homework and answer some tough questions before flying off to Europe."
In the framework rolled out on Thursday, Biden proposed a temporary, one-year extension of the expanded child tax credit, which provides up to $3,600 per child to families. The White House estimated the temporary expansion would cost about $100 billion annually, but Harold noted that Democrats and the president have pushed for a permanently expanded child tax credit, which would actually cost about $1.6 trillion.