President Joe Biden’s “Build Back Better” legislation, if passed through Congress, would increase the U.S. deficit by $367 billion over 10 years, the Congressional Budget Office (CBO) said Thursday.
That estimate does not include the additional revenue that could be generated from tax enforcement activities, which the CBO suggested would be $207 billion in the next 10 years.
The nonpartisan federal agency’s $207 billion figure is far less than the White House’s $400 billion “conservative” estimate, which it plans to achieve through raising the minimum tax of 15 percent on the income the most profitable companies report on their books.
