“JPMorgan Chase & Co. CEO Jamie Dimon urged lawmakers to spell out — very specifically — targets for building roads, funding college degrees and creating jobs if they embark on a massive spending spree to bolster the economy,” Bloomberg reports.

Said Dimon: “Just throwing money, it doesn’t work. We already waste tremendous sums of money.”

Bloomberg: “The Biden administration has proposed a more than 10% funding increase for the Internal Revenue Service for the next fiscal year and an overall investment of $80 billion over the next 10 years to beef up the agency’s depleted auditing staff and outdated technology.”

“But some former IRS officials said it will take several years to produce significant results, especially after accounting for the time it takes to hire and train new employees and to complete audits of highly complex returns.”

“Moreover, such audits are prone to appeals and litigation that could tie up any payments for additional years, and past efforts to recoup unpaid taxes have returned a tiny fraction of what Biden envisions.”

“President Biden delivered a clear and punchy message to America’s highest earners on Wednesday: I’m going to raise your taxes, but your vacation homes are safe,” the New York Times reports.

“Biden defended with gusto his plans to increase taxes on high earners and the wealthy. He railed against high-earning chief executives and promised that his plans were ‘about making the average multimillionaire pay just a fair share.’”

Said Biden: “We’re not going to deprive any of these executives of their second or third home, travel privately by jet. It’s not going to affect their standard of living at all. Not a little tiny bit. But I can affect the standard of living that people I grew up with.”

President Joe Biden told reporters he was “willing to compromise” on how to pay for his infrastructure proposals.

Said Biden: “But I’m not willing to not pay for what we’re talking about. I’m not willing to deficit spend. They already have us $2 trillion in the hole.”

Jonathan Chait: “According to CBO rules, funding enforcement can’t produce costs or savings. If Congress wants to give the IRS an extra $1 billion, that increases the deficit by $1 billion. If Congress cuts money from the IRS — hey, look, savings! Now you can spend that money on something more fun than government jobs for tax nerds.”

“The Treasury Department said Wednesday it may have to take extraordinary measures to fund the government if the federal borrowing limit is reinstated this summer, but warned it could run out of cash much sooner than in previous debt limit episodes,” the Wall Street Journal reports.

“The Treasury said it expects Congress will vote to raise or suspend the borrowing limit before the current suspension expires on Aug. 1. If it doesn’t, the Treasury will take steps as it has in the past to continue to temporarily finance government operations.”

“But officials emphasized that the government continues to face sizable and uncertain borrowing needs related to the pandemic, as well as substantial uncertainty about government revenues and spending over the coming months.”

Wall Street Journal: “Economists have long puzzled over the question of who pays the corporate tax… One obvious thought is that companies raise prices after tax increases, putting the burden on consumers. Most economists say there is little effect.”

“Most analysts divide the corporate tax burden between capital and labor … Official estimates from the nonpartisan congressional Joint Committee on Taxation lean toward the Democratic view, assigning 75% of the long-run burden to owners of capital and 25% to workers.”

David Leonhardt: “All of this rhetoric has obscured a basic fact about Biden’s tax plan: It would not actually raise tax rates on the rich to high levels, historically speaking.”

“If all of Biden’s proposed tax increases passed — on the corporate tax, as well as on investment taxes and income taxes for top earners — the total federal tax rate on the wealthy would remain significantly lower than it was in the 1940s, ’50s and ’60s. It would also remain somewhat lower than during the mid-1990s.”

“Zero Trump fans will agree, but the radical lurch to the left we are witnessing is wholly attributable to Trump’s choices. A modicum of responsibility and none of this would be happening. Hope triggering the Left was worth it to everyone. It only cost trillions, and worse.”

— Former GOP Senate aide Gregg Nunziata, quoted by the Washington Post.

Rich Lowry: “In 2009, President Barack Obama created a spontaneous, hugely influential conservative grassroots movement on the basis of an $800 billion stimulus bill and a health care plan estimated to cost less than a trillion. In 2021, Biden is proposing to spend about $6 trillion in his first three big bills, and he can barely create more interest than the debate on wearing masks outdoors.”

“The conventional wisdom was that after the free-spending Trump years, Republicans would snap back to being deficit hawks when out of power. There’s been some of that, but the relatively muted reaction to Biden’s almost incomprehensible spending ambitions is testament to the fact that, no, Republicans simply aren’t as interested in fiscal issues anymore.”

“President Joe Biden’s decision, in a raft of individual tax proposals released Wednesday, to leave in place a cap on state and local tax deductions threatens to complicate congressional negotiations over his sweeping new social-spending program,” Bloomberg reports.

More than 20 Democrats have said they won’t support additional infrastructure or family spending without a SALT fix.

“President Joe Biden will unveil on Wednesday a sweeping $1.8 trillion plan to expand educational opportunities and child care for families, funded in part by the largest tax increases on wealthy Americans in decades — the centerpiece of his first address to a joint session of Congress,” Bloomberg reports.

“Called the American Families Plan, Biden’s third major legislative proposal combines $1 trillion in spending with $800 billion in tax cuts and credits for middle- and lower-income families.”

CNN: Here’s what’s in Biden’s $1.8 trillion American Families Plan.

Playbook: “Most of these new spending proposals are popular. Taxing the rich to pay for them is also popular. It’s a formula that has worked well for Biden so far. What isn’t always popular — as Bill Clinton and Barack Obama learned — is making big changes to health care. Fighting the drug lobby and the insurance industry isn’t easy. Which might explain why Biden nixed the Medicare reforms for now.”

Bloomberg: “The U.S. president is set to unveil a tax package on Wednesday that promises to raise revenues from those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates.”

“What has potentially far greater ramifications is that Biden and Democrats in Congress are threatening to target a much wealthier group — the growing number of Americans with fortunes starting in the tens of millions of dollars — who often pay lower tax rates than many middle-class families.”

White House chief of staff Ron Klain tweets: “Umm…”

“President Biden, in an effort to pay for his ambitious economic agenda, is expected to propose giving the Internal Revenue Service an extra $80 billion and more authority over the next 10 years to help crack down on tax evasion by high-earners and large corporations,” the New York Times reports.

“The additional money and enforcement power will accompany new disclosure requirements for people who own businesses that are not organized as corporations and for other wealthy people who could be hiding income from the government.”

The Washington Post looks at what’s in the new $1.8 trillion spending bill that President Biden will introduce on Wednesday night in his address to Congress:

“The key components of the plan consist of roughly $300 billion in education funding, the biggest pot of which includes funding to make two-year community colleges tuition-free; $225 billion in child-care funding; $225 billion for paid family and medical leave; $200 billion for prekindergarten instruction; and $200 billion to extend more enhanced Affordable Care Act subsidies, according to three people briefed on the plan who spoke on the condition of anonymity. The plan would also extend a more robust child tax credit until 2025, the people said, a measure that could cost as much as $400 billion, as well as extend a more robust tax credit for workers.”

However, there a caveat: “Aides repeatedly stressed that the details of the plan were subject to change and that final decisions had not yet been made.”

Bloomberg: “As Joe Biden and state lawmakers target millionaires and billionaires, wealth advisers are trying to help their clients adapt to the new rules.”

Politico: Not rich? Good news: You’re probably getting a tax cut.