You can spend if taxes are stayed at a consistent level. Democrats at least want to spend and keep taxes relatively high in an attempt to pay for them.
The Tax Code isn't on the POTUS, even if they put their name on it like Trump did with the TCJA.
Congress will be the idiots they are (both parties) and come out with a Code that will have to be fixed 6 ways to Sunday.
I am interested to see when changes will be made because other than lowering the Corporate Tax the rest of the TCJA was the single most beneficial tax code change to lower income people ever. (ex: doubling the standard deduction and lowering % for bottom 3 brackets) I wrote a paper in law school how the TCJA only had 2 major flaws: 1) Corporate rate didn't need to be dropped to 21% and 2) restricting 1031 exchanges of real-to-personal and vis-a-versa.
The reason I am interested to see what they come up with is because we have classic politician speak regarding taxes where they feed a half truth or a lie to the public who eats it up because they don't understand the Tax Code.
Example 1: Biden says he is gonna "go hard" on Corporations but wants to raise the rate to 28%? Like bruh it 35% under Obama. If you're gonna talk tough do something about it. In 2021 if you are a C-corp you are a pretty big time operation, if the Federal Gov says it is back to 35% it won't be life or death. (LLCs are not subject to corporate tax) You wanna be a big baller and big spender but wanna pay for it? Cool. Put don't tell me raising the Corporate rate from 21% to 28% is how you're gonna do it. Especially when you could just have it sunset back to 35%.
Example 2: Saying they want to keep the MID (mortgage interest deduction) despite the MID is only beneficial to roughly 5% of Americans. To use the MID you have to itemize. (only 7-10% of Americans do this and almost all of them are upper income) So who is using this deduction? Literally only people with mortgages between $300,000 -to- $750,000. Thats a mortgage btw, not FMV (fair market value). So this isn't grandma and grandpa's house they bought for $150k all those years ago thats now worth $700,000. This deduction is quite literally only used by the very people who don't really need a fucking tax break to own a home. (BECAUSE, lest we forget...the MID's stated purpose is to help average Americans be able to afford homeownership) So again.... you wanna spend like a big baller and tax like one? Cool, Joe the Dentist and Joe the Anesthesiologist don't need deductions on their country club home mortgages. (or allow for filers who take a Standard Deduction to use the MID.)