Why Biden says his plan costs 'nothing' (and why he's right)

.@MaddowBlog: Why President Biden says his plan costs 'nothing' (and why he's right)

9/27/2021 6:46:00 PM

.MaddowBlog: Why President Biden says his plan costs 'nothing' (and why he's right)

When the president insists the Democrats' $3.5 trillion plan will cost 'nothing,' he has a point. It all comes down to net and gross costs.

with the concept.)But the math isn't that complicated. For example, when we look at the Republicans' 2017 package of regressive tax breaks, we see a plan that costroughly $2 trillion. Some on the right might be inclined to look at that total and see Biden's safety-net-and-climate plan as costing even more.

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Except, the Trump-era tax breaks would've come with an even higher price tag were it not for other provisions, such as the cap on state and local tax deductions, that helped offset the overall cost. The $2 trillion figure refers to thenetcost: That's $2 trillion, after offsetting revenue is included in the mix, that the United States was supposed to have, but which Republicans instead put in the pockets of the wealthy and big corporations.

The pending Democratic plan appears to carry an even greater price tag, but the $3.5 trillion figure is agrosscost, which doesn't include proposed tax increases on the wealthy and big corporations to help pay for the domestic investments. As far as the White House is concerned, that makes a world of difference: If Democrats intend to invest $3.5 trillion, but they also intend to pay for all that without adding to the national debt, then for all intents and purposes, the package costs nothing — since unlike the GOP's 2017 tax breaks, the safety-net-and-climate plan will be deficit neutral. headtopics.com

Now, some will argue that the Democratic legislation may not beentirelypaid for, and the party may rely on a few budget games here and there. We haven't seen a final bill, but it's likely that some of those criticisms will be fair. Read more: MSNBC »

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