President Joe Biden has been saying that his tax and spending increase plans are “going to cost nothing.” His spending agenda, he claims, “costs zero dollars” because he is going to raise taxes to pay for it.

It should be obvious that paying for something does not make it cost-free. Rather than costing zero, the Biden tax increases would actually impose enormous costs on the economy. The real costs of the proposed tax rate increases on savings and investment in the House bill are staggering.