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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
President Biden proposes to follow up on his $1.9 trillion “American Rescue Plan” with a new “American Jobs Plan” and a “Made-in-America Tax Plan.” A White House fact sheet was released early on Wednesday, March 31. It did not include a clearly itemized cost statement, but the total of the initiatives is apparently in excess of $2 trillion over eight years. Some portion of that cost is claimed to be offset— over 15 years—by corporate income tax increases included in the tax plan.
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