The House of Representatives of the American Congress has approved the ‘Build Back Better’, Joe Biden’s maxi plan of 1,750 billion dollars to support welfare, education and invest in the ecological transition. This is the largest social maneuver of the last 50 years, even if in the Senate it could be partially reduced.
The bill has been substantially scaled back from the initial $ 3.5 trillion plan, but even so it remains a massive investment plan. Congressional Budget Offices estimate says the bill would increase the federal budget deficit by $ 367 billion over 10 years, but that additional revenue from improved Internal Revenue Service tax collections could generate a net increase in revenue. of $ 127 billion until 2031.
The White House estimates that the IRS changes will generate $ 400 billion in additional revenue and says the bill as a whole will reduce deficits by $ 121 billion over a decade.