The Senate will soon consider the multitrillion-dollar “Build Back Better” tax and spending bill passed by the House on a narrow partisan vote. The largest peacetime tax and spending increase in our history, the bill would do serious long-term damage to the U.S. economy.

It would spend $2.4 trillion on a multitude of temporary programs which, if extended permanently, would cost $4.6 trillion. It would also increase individual and business taxes by more than $2 trillion.