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1 Huaqun Li, et al., Details and Analysis of President Biden's FY 2022 Budget Proposals 1 (2021)

handle is hein.taxfoundation/dsadasopt0001 and id is 1 raw text is: Details and Analysis of President Ii N Biden's FY 2022 Budget Proposals FI SCAL Huaqun Li Senior Economist FACT William McBride Vice President of Federal Tax and Economic Policy No. 768 Garrett Watson Senior Policy Analyst June 2021 The Biden administration's proposed American Jobs Plan (AJP), American Families Plan (AFP), and fiscal year 2022 budget would increase federal spending by about $4 trillion over 10 years, including $1.7 trillion for infrastructure, partially funded with higher taxes on individuals and businesses as well as increased tax enforcement. Using the Tax Foundation General Equilibrium Model, we estimate the tax proposals impacting individuals and businesses would increase federal revenue by about $1.3 trillion conventionally over 10 years. In addition, the administration claims about $700 billion in additional revenue from tax enforcement. We estimate the combination of revenue and spending proposals contained in the president's budget would reduce U.S. gross domestic product (GDP) in the long run by 0.9 percent and result in 165,000 fewer U.S. jobs. TABLE 1. Combined Long-Run Effects of Changes in Tax and Spending under Biden's FY 2022 Budget Proposals Long-run Gross Domestic Product (GDP) -0.9% Long-run Gross National Product (GNP) -1.0% Capital Stock -2.5% Wage Rate -0.8% The Tax Foundation is the nation's leaig ndep nde n e ax policy . . ..6 ,0 . . . research organization. ic1937, Full-Time Equivalent Jobs - our research, analysis, and experts have informed smarter tax policy Source: Tax Foundation General Equilibrium Model, June 2021. at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2021 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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