Instead of taking straightforward steps to do that, he’s proposing convoluted schemes that would distort markets while likely failing to deliver the revenue he says they would.
President Biden’s new budget proposal is an exercise in political spin. The president has reaffirmed his support for his $2.4 trillion Build Back Better extravaganza, but simply left its massive cost out of his proposed tax and spending totals. Even more baffling, he’s scoring the cost of his other tax proposals against a tax code that assumed Build Back Better was already law, which inflated the claimed savings from his new plan.
Between Build Back Better and the new budget, Biden is proposing a staggering $3.5 trillion in new taxes over the decade—the vast majority of which would finance huge new spending.
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Brian M. Riedl is a senior fellow at the Manhattan Institute. Follow him on Twitter here.
This piece originally appeared in The Daily Beast