President Biden adheres to his statement that nothing will cost the average American taxpayer its Build Back Better Agenda.
The White House called “Build Back Better Agenda Cost $ 0” Tweeted Sunday.
“The president’s plan does not increase our national deficit and no one who makes less than $ 400,000 a year will see their taxes rise by a fraction,” the tweet read. “It is paid in full by ensuring that large corporations and the very wealthy pay their fair share.”
Shot to Washington Post Factor Checkers for Team Biden’s re-adjustment bill
Biden and his administration have repeatedly claimed that Build Back Better, a $ 3.5 trillion reconciliation package, costs zero dollars, despite claims by many analysts on both sides of the political spectrum. The president bases the zero cost claim on the idea that the package adds nothing to the federal deficit because the cost is offset by tax increases and other income-generating schemes.
The Joint Committee on Taxation of Congress estimates that the reconciliation bill alone will raise $ 2.1 trillion in tax over 10 years, less than the $ 3.5 trillion cost. And the $ 3.5 trillion figure is also being contested as a real cost: the Wall Street Journal Editorial Board Argued It is based on “merit levels and stage-including budget gimmickry” and the actual cost is “at least $ 5 trillion, maybe more.”
The Washington Post’s fact-checker, Glenn Kessler, Similarly called The zero-cost claim was “misleading” and lawmakers argued that it “plays all kinds of budget games to achieve that legendary zero within a 10-year budget framework.” The bill’s impact on the deficit “could be as low as zero or as high as $ 1.75 trillion in 10 years,” he said.
The White House tweet sparked skeptics’ answers on Sunday.
LBL editor Tyler O’Neill contributed to this report.