The estimate is based on a thorough analysis of the White House's spending "Framework" and the corresponding 1,684-page bill text released by House Speaker Nancy Pelosi, California Democrat.
Experts from the Tax Foundation say the proposal would fall far short of White House promises.
The White House estimates that the tax hikes included in the package would generate more than $1.995 trillion in revenue over the next 10 years.
"Accounting for the reduced size of the economy resulting from the tax increases, we estimate the House bill would raise in total about $615 billion in revenue over the next decade," they wrote.
Its analysis shows that Mr. Biden's 15% minimum tax on corporate profits would cost Americans more than 25,000 jobs alone.
Apart from corporate tax hikes, the White House is proposing a menu of taxes on individuals.
Mr. Biden is backing a 5% "Wealth tax" on those with adjusted gross income above $10 million.
https://www.washingtontimes.com/news/2021/nov/2/biden-bill-social-welfare-climate-change-estimated/
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