President Joe Biden’s $1.8 trillion social spending program won’t quite pay for itself, the U.S. Congressional Budget Office said on Thursday. But the $160 billion deficit, spread over 10 years, is a paltry amount compared with what could have been raised from raising taxes on the wealthy even slightly.
U.S. President Joe Biden waves to reporters as he arrives for his annual physical at Walter Reed National Military Medical Center in Bethesda, Maryland, U.S., U.S. November 19, 2021.won’t quite pay for itself, the U.S. Congressional Budget Office said on Thursday. But the $160 billion deficit, spread over 10 years, is a paltry amount compared with what could have been raised from raising taxes on the wealthy even slightly.
An example: notching up the personal income tax rate to 39.6% from 37% and lowering the amount at which it kicks in. That would have raised about $157 billion, the conservative-leaning Tax Foundation reckons. Throwing in a capital gainsCompanies like Amazon.com will pay a bit more tax, but the corporate world will take only a minor hit, thanks to the objections of centrists in Biden’s own Democratic Party.
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