The Washington Post reported Monday that the package will include up to $4 trillion in new spending to be partially financed by more than $3 trillion in revenue from new tax hikes—significantly more tax revenue than the $1 trillion in tax hikes the White House originally planned.
According to the Post, the tax hikes were bumped up to account for concerns that the gap between spending and revenue in the original proposal was too high and could destabilize the economy.
That new tax makes this a long, long effort. The federal gas tax is 18 cents, been that way forever. That means corporate taxers and income taxes. That is a fight with the larger states, they need that tax. The only tax changes I have heard of was Schumer's, granting tax breaks to New York first and second home owners who are wealthy. We will see how Biden threads the needle.
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