(TargetLiberty.org) – While economists have not yet had time to digest the impact of President Biden’s planned $4-trillion “infrastructure” spending plans, the White House is already pushing for another huge wave of government handouts.
White House officials are closing in on a large spending plan centered on childcare, paid family leave, and other domestic priorities.
The package could amount to at least $1 trillion of new spending and tax credits. https://t.co/6VDG7s8Ow9
— Kyle Griffin (@kylegriffin1) April 20, 2021
On April 20, the Washington Post reported that Biden is planning to spend more than $1 trillion on expanded entitlement programs, with two-thirds of it as actual handouts and the rest in tax credits. The new package, called the “American Families Plan,” includes major spending items such as taxpayer-funded child care, more paid family leave and an expanded food stamp program. The expanded child tax credits already funded in Biden’s $1.9-trillion COVID spending package will be extended for another year.
Biden wants to pay for his infrastructure spending and new American Families Plan through massive tax hikes on “upper-income Americans and wealthy investors,” the ones who own businesses and create jobs. As a result, businesses could end up passing on costs to consumers in the form of job losses and higher prices for goods and services. The tax hike may also force many companies to move offshore.
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