So much for Biden’s claim that his signature Build Back Better legislation won’t cost a cent. The Congressional Budget Office scored the bill and showed an increase in the Federal deficit of $791,618 MILLION over the next five years. Here is the CBO’s spreadsheet.
Here is the “killer b” legislation (Biden Build Back Better Bill or BBBBB). All 2,135 pages worth. Read it and weep. And this is the slimmed-down version of the bill.
From The Wall Street Journal: “The sprawling bill calls for creating a universal prekindergarten program, capping child-care costs for many families, negotiating lower prescription drug prices and expanding tax credits for reducing carbon emissions, among other programs. In addition to expanding tax enforcement efforts at the Internal Revenue Service, the legislation raises taxes on some corporations and very high-income Americans.”
Well, that does about a good a job summarizing over 2,000 pages of social give-aways. This is more of a political pinata rather than a serious bill.
And taxes galore! The proposals would increase the after-tax income of the bottom quintile by about 15.2 percent in 2022 on a conventional basis, which is largely driven by the expanded child tax credit (CTC). The top 1 percent of earners would experience a 0.8 percent increase in after-tax income in 2022 due to a more generous SALT (State and Local Tax) deduction.
And so on and so forth. This Killer B has a sting that will hurt.
Among the oddities in this pinata is a provision found on page 1,647. The provision would end the requirement of a Social Security number in order to get child tax credits. As a result, billions of dollars could be potentially distributed to undocumented immigrants who claim a child tax credit under the new provision.
I am very much pro immigration, but LEGAL immigration where you receive a Social Security number. Not this monstrosity.
Here is the symbol of the Biden Build Back Better Bill (The Killer B).