The proposed taxes included in President Joe Biden's $1.75 trillion spending bill would raise far less than the White House estimate of $470 billion, according to a new study released by the University of Pennsylvania's Wharton School of Business.
The White House on Thursday released the final framework of its Build Back Better agenda along with a plan for how it will raise the money for the bill, estimating that new and higher taxes would raise $1.995 trillion.
The findings published by the Wharton School indicate that the White House would actually bring in $1.527 trillion, about $468 billion less than the Biden administration's estimate.
The plan, the White House said in its framework, "is fully paid for by asking more from the very largest corporations and the wealthiest Americans, and by repealing the Trump Administration’s rebate rule. The framework will help reverse the windfall delivered to wealthy Americans and large corporations in the 2017 tax cut and invest the revenue in American families and workers. No one making under $400,000 will pay a penny more in taxes."
Wharton's study said raising taxes on Americans would only bring in $190 billion as opposed to the $400 billion estimated. On the proposed 15 percent corporate minimum tax rate for companies reporting more than $1 billion a year of income, the Biden administration estimates it could garner $325 billion, but the study says $195 billion.
The spending bill has been fraught with issues for months. On Thursday, it was not clear if the bill had the support of moderate Sens. Joe Manchin, D-W.Va., and Kyrsten Sinema, D-Ariz.
Manchin previously said that the bill's framework was "the product of months of negotiations and input from all members of the Democratic Party who share a common goal to deliver for the American people."
"As we work through the text of the legislation I would hope all of us will continue to deal in good faith and do what is right for the future of the American people," Manchin added, while not indicating whether he would support the final bill.
Sinema, however, released a statement that sounded more optimistic.
"After months of productive, good-faith negotiations with President Biden and the White House, we have made significant progress on the proposed budget reconciliation package. I look forward to getting this done, expanding economic opportunities and helping everyday families get ahead," Sinema's statement read.
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