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- Tax increases backing the American Jobs and Families Plan are expected to exceed 1% of U.S. GDP
- Only 3 tax increases in U.S. history have ever equaled or exceeded 1% of GDP
- The infrastructure plans will require 15 years of higher taxes on corporations to fund 8 years of spending
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...)