(TheLibertyRevolution.com)- Non-partisan analysts have publicly called into question claims by the far-left Biden administration that tax hikes proposed under the extremist “Build Back Better” spending plan would give the government an additional two trillion dollars to play with.
The University of Pennsylvania’s Wharton School of Business projected that under Biden’s plan, only $1.527 billion in tax revenue will be generated, which is roughly a quarter of a trillion dollars less than what the administration claimed they would generate over the next 10 years.
And just for a moment, let’s consider the fact that the Biden administration wants to spend $3.5 trillion on a spending package this year – and yet can only generate roughly $1.5 trillion in new taxes over the next decade.
That’s how unsustainable this spending is.
Researchers from the Wharton School of Business noticed the discrepancy by looking at the 15% minimum tax on corporations. The tax only applies to businesses that reported an income of over $1 billion for three straight years, and according to analysts, the tax would generate $195 billion, which is less than the $325 billion estimated by the White House.
Furthermore, the Biden administration’s plan to give the IRS new agents, new tech, and new access to Americans’ bank accounts was said to generate around $400 billion in tax revenue, but Wharton analysts suggested it would actually only generate around $190 billion.
One of the reasons why the White House was so wrong about the prediction is because President Joe Biden was recently forced to drop his plan to force banks to report all account information and transactions over $600. The plan was universally condemned and is unlikely to pass in Congress.
The White House is categorically wrong, can’t do basic math, and is still planning on pushing multi-trillion-dollars spending packages over the next three years.
Let’s hope the 2022 midterms deliver a victory for Republicans in the Senate and the House…