Build Back Better is a recipe for making everything worse
The Tax Foundation has run the numbers on the proposed Build Back Better spending plan and found it won’t necessarily do any of those things.
In fact, it may harm the nation’s economic growth:
Using the Tax Foundation General Equilibrium Model, we estimate that the tax provisions, IRS enforcement, and drug pricing provisions in the House bill would increase federal revenues by about $1.5 trillion over the next decade, before accounting for $500 billion in expanded tax credits for individuals and businesses, resulting in a net revenue increase of about $1 trillion. Excluding the anticipated revenue from increased tax compliance and the drug pricing provisions, the bill would raise about $637 billion from net tax increases over 10 years.
We estimate that the House bill would reduce long-run economic output by nearly 0.4 percent and eliminate about 107,000 full-time equivalent jobs in the United States. It would also reduce average after-tax incomes for the top 80 percent of taxpayers over the long run.
That doesn’t sound like making things better. It’s making more things worse for more people. But in official Washington, making things worse for everyone is a feature, not a bug.