This is the Cato Daily Podcast for Monday, September 20th, 2021.

I'm Caleb Brown.

Joe Biden wants to raise taxes to the tune of more than $2 trillion over the next decade.

Where does he expect it to come from?

Should most American workers expect, as Joe Biden has indicated, a tax cut?

And should Americans expect that they'll be spared from having the IRS snoop on their bank accounts?

Cato's Chris Edwards comments.

Give me your big picture of what Joe Biden wants to do with respect to taxing.

Well the House Democrats have passed through the House Tax Writing Committee a massive

tax increase taxes on

tax increase taxes on both individuals and corporations.

First question would be, you know, what are they going to use that 2.1 trillion dollars for and you can put the money into two buckets?

1.2 trillion of it is subsidies within the tax code. They're going to greatly increase tax credits for lower income

Americans with most of that money. And so that's 1.2 trillion of the 2.1 trillion in tax increases.

Then the other 0.9 trillion,

they're going to be used for other spending purposes

in the big reconciliation bill passed by the Democrats.

Joe Biden has said that for the vast majority of taxpayers this would involve no tax increase whatsoever. In fact many

taxpayers he says would receive a tax cut how do you evaluate his claim?

Well there would be 2.1 trillion dollars in tax increases

and he would provide 1.2 trillion dollars

of subsidies to low-income Americans.

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