The Double Comma Club

The Double Comma Club


Biden Harris Proposed Tax Laws Effect on Consumers from Tracey Wilson

August 24, 2021

The table below is taken from Tracey Wilson's presentation at the Agent Ignite session. These are derived from his research. If you have questions, please visit his website. This is the BIG RED button he talks about in this presentation.

Here is the PowerPoint from this presentation.

Here are a few points covered:

1)American Rescue Plan: $1.9 trillion for COVID Stimulus Package

Passed even though $800 billion of the previously passed $2.2 trillion CARES Act (passed 3/20/20) had not been spent yet

2)American Jobs Plan: $2.3 trillion for infrastructure

Raise the corporate tax rate to 28%

Increase the global minimum tax paid to 15%

Impose a corporate minimum tax on book income

Eliminate tax benefits for the oil and gas fossil fuels sector

Increase corporate tax enforcement

3)American Family Plan: $1.8 trillion for universal pre-K, free community college, SLD $50K forgiveness, paid family leave

Raise individual income taxes

Raise cap gains tax rate

Increase estate tax

Limit step-up in basis

Here's the math

$1.9 trillion

+  $2.3 trillion

+  $1.8 trillion

 = $6 trillion

for new spending...

Current federal debt is $28 trillion...

Plus $6 trillion would make U.S. federal debt $34 trillion

U.S. debt-to-income ratio would be 154%...