Who Will Pay For Biden’s Build Back Better Plan?

Photo by Gayatri Malhotra on Unsplash

Here’s who is really going to pay.

When the House passed Biden’s Build Back Better Act, it was a clear victory for the Biden administration, and according to the administration, a win for the country.

However, on closer inspection, it seems as though the $1.7 trillion Build Back Better plan could make Americans the great loser.

Who is Getting Taxed?

A running theme of Biden’s presidential bid was taxing the rich, something he said the GOP wasn’t too fond of doing. However, the bill contradicts any statements he made regarding taxing the wealthy, as the bill would increase state and local tax deductions to $80,000 from $10,000 if left in its current form. 

The Country’s Going Into Deficit

Whether it’s the $387 billion initially estimated or the $2.5 trillion revised estimate based on plans in the act became permanent. Deficits aren’t inherently bad if they’re manageable. But $2.5 trillion seems like a less manageable figure than $387 billion. If the state goes into such a great deficit, the cost is usually rising inflation.

Although the Build Back Better Act extends social spending, the working-class Americans who would benefit from this spending will also be the ones most impacted by high inflation brought about by the act.

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