Financial experts are pushing back against the Biden administration's proposal to include a provision in the $3.5 trillion spending bill to extend the IRS' reach to have bank transactions over $600 reported. The Democrats’ goal is to garner $463 billion in additional personal income tax over the next decade.
“It’s going to cost nothing,” President Biden said of the Democrats’ massive $3.5 trillion spending binge, which House Speaker Nancy Pelosi is scrambling to pass this week.
President Biden’s big government legislative agenda will kill 5.3 million jobs and generate $4.5 trillion in debt, according to a Monday study by the Texas Public Policy Foundation.
Democrats want working-class families in red states like Florida and Texas to subsidize residents making $200,000, $400,000, or more in places like New York and New Jersey.
House Democrats have unveiled a litany of new tax proposals to fund President Joe Biden’s $3.5 trillion federal spending bill, but a new report suggests the spending plan would shrink the economy.
The federal government collected a record $3,586,456,000,000 in total taxes through first eleven months of fiscal 2021 (September through August), according to the Monthly Treasury Statement.
The U.S. income tax system is “very progressive,” and it’s increasingly taking on the role of providing social benefits to households, according to the Tax Foundation.
ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
