Today's Top Stories From the Breitbart News Desk

President Biden on Wednesday released the outline of his enormous $2 trillion tax and spending bill. It comes wrapped in the packaging of an infrastructure bill, but only a fraction of the bill is for rebuilding infrastructure as it is commonly understood. A huge portion of the bill will go to Green New Deal priorities and other items long on the Democratic Party's left-wing wishlist. There is, for example, $40 billion for public housing. There's $10 billion for something called the Civilian Climate Corps.

By some estimates, the corporate tax hikes are three times the size of the 2017 corporate tax cuts. They would return the U.S. to the highest statutory rate in the developed world. The OECD average is 23.59 percent. Yet corporate America—which has become increasingly vocal on leftwing issues—has barely objected. The CEO of Delta feels free to attack Georgia's voter integrity laws but has not spoken up against this enormous tax hike.

There are at least three reasons for this silence. One, our biggest corporations do not pay the statutory rate. That's for the suckers with small businesses and without armies of lawyers and lobbyists. Second, corporate executives are rewarded for outperforming other executives. So long as everyone's tax rate moves in the same direction, there's not much to object to. In fact, high taxes with lots of loopholes are best for corporate leaders.

Importantly, there is so much spending in this bill that it easily dwarfs whatever pain tax hikes might inflict. There is $174 billion to subsidize electric vehicles and the related charging infrastructure, more than enough to buy off the compliance of automakers. One hundred billion dollars to build high-speed broadband infrastructure, padding the profits of the tech and telecom industries. There are R&D subsidies, $50 billion for semiconductor subsidies, $31 billion for small-business subsidies. If you spread the handouts around widely enough, it becomes easier to win support for handouts.

Don't miss the bigger picture. The deeper purpose of this bill is to remake the economy, with the government playing a much larger role in almost every aspect of business and employment. As the Wall Street Journal explained, the spending program "would reverse Reagan-era tacit understanding that public sector is less efficient than the private in allocating resources." Big government, in short, is not just back—it's going to be everywhere if this bill passes.

– Alex Marlow & John Carney
Breitbart News Network