Biden Tax Plan Forecast to Bring in $3.6 Trillion in Decade
- Treasury projection compares with $4 trillion in spending plan
- Proposals likely to be substantially reshaped by Congress
President Joe Biden
Photographer: Yuri Gripas/Abaca/Bloomberg
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President Joe Biden’s proposed tax hikes are forecast to bring in $3.6 trillion over the next decade, the Treasury Department said Friday, a key funding source for the $4 trillion he hopes to spend remaking the American economy and social safety net.
The figure, representing the sum of all tax increases if enacted by Congress, came as is part of the “Greenbook” report that accompanies the White House’s $6 trillion 2022 budget request, also released on Friday. It effectively serves as the revenue side of the ledger, against Biden’s spending priorities in the budget.