The Congressional Budget Office concluded on Tuesday that President Joe Biden‘s Build Back Better Act will not pay for itself, as numerous Democrats have declared, because it will yield far less revenue than the White House predicted, National Review reported.
The President and other Democrats insist it will cost ZERO, which obviously defies credulity. The CBO leans left and has for many years. However, upon this preliminary conclusion, the White House is doing what they do – demonizing the CBO.
The Biden White House claimed that the Congressional Budget Office doesn’t have the “experience” to weigh in on the president’s Build Back Better agenda, Yahoo reports.
THE GAGGLE
White House deputy press secretary Andrew Bates made the claim while speaking to a gaggle of reporters during an Air Force One flight to Rochester, New Hampshire.
“The CBO does not have experience analyzing revenue amounts gained from tracking down wealthy tax cheats who are taking advantage of every honest taxpayer,” Bates said.
“Last night, reporters directly asked key Democratic House members — whose views run the gambit, including moderates, liberals, folks in between,” he continued. “They universally said this was not an issue at all.”
During the press gaggle, Bates also pointed to the IRS hounding people to cough up more tax money.
The White House stated the nearly 90,000 new tax collectors, would increase the federal government’s revenue by $400 billion over 10 years.
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The CBO said the IRS provision could generate $120 billion in revenue over 10 years.
Bates added: “There’s a huge body of work from economic experts, including Republican former treasury secretaries, IRS commissioners who have served served under presidents of both parties, as well as (former Treasury Secretary and National Economic Council Director) Larry Summers, with whom we have sometimes had important differences, affirming that, if anything, our estimates lowball how much revenue can be brought in by cracking down on rich tax cheats.”
Swagel suggested the Biden administration is being overly optimistic that more aggressive auditing would deter wealthy people and corporations from seeking out new ways to avoid paying taxes.
The Build Back Better bill will make the US the highest taxed nation in the developed world. Democrats are counting on the freebies being so popular that no one will ever dare change it.
Since then, the White House and other Democrats have trashed Republicans, blaming them for criticism of the bill.
Isn’t politics grand?
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