Biden's American Families Plan will cost $900 billion more than White House predicts, study says
CBSN
A new analysis finds that President Joe Biden's American Families Plan will spend $700 billion more and generate $200 billion less in tax revenue than the White House is predicting.
The White House has estimated the plan will cost $300 billion over the next decade. The plan offers a combination of trillions in new government spending and taxes that the White House says will assist working-class families, improve early childhood education and narrow America's wealth gap. But the $300 billion cost figure is a low-ball number, according to an analysis from the University of Pennsylvania's Wharton School of Business. Its Penn Wharton Budget Model, a nonpartisan research group at the business school, puts the price tag of the plan at $1.2 trillion, or four times what the White House estimates. Earlier, the same researchers had predicted that wealthy Americans would be able to avoid up to 90% of Biden's proposed increase in taxes on investment gains.More Related News