Reversing the Recovery: How President Biden’s “Build Back Better” Plan Raises Taxes, Kills Jobs, and Punishes the Middle Class

Congress is attempting to force through massive tax, spending, and debt hikes that would fundamentally transform America into something it is not and cannot afford.
Key points:

• President Biden and congressional Democrats seek to spend another $6.2 trillion over the next decade, spread across at least two bills that comprise their “Build Back Better” plan.
• This plan includes heavy taxing, spending, and debt, which contributes to reducing growth rates for GDP, employment, income, and capital stock.
• Compared to baseline growth over the next decade, this plan will result in estimated dynamic economic effects of 5.3 million fewer jobs, $3.7 trillion less in GDP, $1.2 trillion less in income, and $4.5 trillion in new debt.
• These taxes threaten to reverse the economic recovery, with families having less income and more debt.