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On March 31, the Biden Administration released details on its “American Jobs Plan.” Containing $2.25 trillion in new spending, $400 billion in tax credits, and $2.75 trillion in tax increases, if passed as proposed, the plan would be among the largest pieces of legislation in American history.REF The sprawling nature of the proposal, which includes taxes, transportation infrastructure, schools, health benefits, economic incentives, and more, makes the package difficult to analyze and summarize for public debate.
This has become standard practice in Washington: Leading Members of Congress bundle disparate policy measures into a handful of bloated legislative vehicles per session, and deem them “must pass” in order to pressure rank-and-file Members to vote in favor of them regardless of their specific policy concerns.REF
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Strong families and hard work have formed the foundation for healthy development, meaningful relationships, and economic well-being ever since America’s inception. Now President Joseph Biden has a new vision: one in which progressive politicians and government bureaucrats sit at the helm of American families, financed through $1.8 trillion in new taxpayer spending.
Through unprecedented new federal education spending, new universal preschool and government child care programs, paid family leave, and new health care and welfare spending, the Biden Administration would significantly grow federal intervention in and control of some of the most personal aspects of family life. But by displacing the need for and value of things that families do to support one another, the President’s American Families PlanREF will do more to break down than to build up the infrastructure of American families, leaving them with fewer opportunities and less control over their circums
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President Joe Biden recently outlined his American Jobs Plan, a massive $2 trillion tax-and-spend proposal. Billed as an “infrastructure” and “jobs” plan, the proposal would include a variety of policies that would centralize more power in the federal government without creating jobs, nor much of what is traditionally considered infrastructure.REF
This
Backgrounder focuses on analysis of the tax portions of the proposal. President Biden’s tax proposal would:REF
Increase the corporate tax rate to 28 percent from the current 21 percent rate;
Enact a new 15 percent minimum tax on book income for large corporations;
Seek an international agreement to impose global minimum corporate taxes that would sacrifice American competitiveness in an attempt to create a cartel of high-tax countries around the world;
Nothing like a multimillionaire lecturing other multimillionaires. Elizabeth Warren insists the wealthy donât pay their âfair shareâ of taxes. The Massachusetts senator unveiled her latest wealth tax this week, called the Ultra-Millionaire Tax, in which she and cosponsor Bernie Sanders propose that people pay an annual 2% on every dollar of net worth above $50 million and 3% on wealth above $1 billion. On its face, who could oppose requiring this pittance from people who obviously have more than enough? And since itâs supposedly for education and child care, that means itâs
for the children!
Warrenâs net worth is a mere $8.75 million so her tax assessment would not cost her a dime â unlike Nancy Pelosi, whose estimated net worth is $114 million.