President Biden stands by his claim that his Build Back Better program will cost the average American taxpayer nothing.
“The cost of the Build Back Better program is $ 0”, the White House tweeted Sunday.
“The president’s plan will not increase our national deficit and no one earning less than $ 400,000 a year will see their taxes increase by a single dime,” the tweet read. “It’s all paid off by making sure big corporations and the very rich pay their fair share.”
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Biden and his administration have repeatedly claimed that Build Back Better, a $ 3.5 trillion reconciliation program, will cost zero dollars, despite several analysts refuting the claim on both sides of the political aisle. The president is basing the zero-cost claim on the idea that the package will add nothing to the federal deficit as the cost will be offset by tax increases and other income-generating programs.
The Congressional Joint Committee on Taxation estimated that the reconciliation bill will raise just $ 2.1 trillion in taxes over 10 years, well below the cost of $ 3.5 trillion. And even the $ 3.5 trillion figure is disputed as the true cost: The Wall Street Journal editorial board claimed it was based on “budget gimmicks including tariff cuts and phased introductions” and that the actual cost “will be at least $ 5,000 billion, probably far away.”
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Washington Post fact-checker Glenn Kessler also called the zero cost claim “misleading” and argued that lawmakers “are playing all kinds of budget games to hit that mythical zero within the 10 budget framework. years”. He said the deficit bill’s impact could “be as low as zero or as high as $ 1.75 trillion over 10 years.”
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The White House tweet on Sunday sparked a wave of responses from skeptics.
Fox News editor-in-chief Tyler O’Neill contributed to this report.
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