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Ranked: The Revenue Impact of U.S. Tax Bills
The United States is opening up its wallet and writing some serious checks under the Joe Biden administration. The American Jobs Plan and the American Families Plan are expected to cost a combined $3.2 trillion in total taxpayer dollars. For comparison, the federal government spent slightly more than $6.5 trillion across all of 2020.
In order to foot the bill, tax hikes will roll out for corporations and the ultra-wealthy.
A History of Tax Hikes
But how do these present tax hikes compare to those of the past?
When comparing the estimated increase in tax revenue as a percentage of GDP, the Biden tax hikes fall on par with the Revenue Act of 1951 under Harry (Read more...)