Democrats’ tax hikes on working families and Main Street businesses will reverse the gains of Republican tax reform, warns Ways and Means Republican Rep. Vern Buchanan (R-FL).

In an op-ed for the Washington Examiner, Rep. Buchanan wrote:

“Despite mounting evidence that his economic policies are not working – and his own top economists forecasting a dim future – President Biden and Congressional Democrats are hell-bent on dismantling Republican tax reform and imposing crippling new tax hikes on working families and small businesses across the country.”

CLICK HERE to read the full op-ed.

KEY EXCERPTS AND SUPPORTING MATERIAL:

“[D]espite Biden’s promises to the contrary, even the left-leaning Tax Policy Center found that Biden’s tax proposals would raise taxes on 75 percent of middle-class families next year, with that number jumping up to 95 percent by 2031.”

• The non-partisan Joint Committee on Taxation and the left-leaning Tax Policy Center both agree President Biden’s taxes will land on the middle-class.
• Democrats’ radical tax plan would turn back the clock and give us the highest business tax rates in the developed world.
• More than 21 million Main Street job creators will be left shouldering the burden of Democrats’ small business tax hike, which will result in less opportunities for workers and higher prices for consumers.

“President Biden has proposed to raise the corporate tax rate to 28 percent – one of the highest in the industrialized world …higher taxes ship American companies to foreign countries with lower rates – like China. And despite claims that Democrats are attempting to ‘tax the rich’ and dismantle mega-corporations, their policies will devastate small businesses and job creators who won’t be able to afford to do business here.”

• The Tax Cuts & Jobs Act reversed the Obama-Biden trend of losing jobs overseas because of our highest-in-the-developed-world corporate tax rate.
• President Biden is trying to create a new “global minimum tax” that would make it better to be a foreign company or worker than an American company or worker.

“[N]ew data from the nonpartisan Congressional Budget Office proves that TCJA reduced federal tax rates for families across every income level while actually increasing the share of taxes paid by the top 1 percent of American households.”

• This analysis shows Republican tax reform leveled the playing field.
• Republican tax reform led to the lowest unemployment rate in 50 years.
• Unemployment reached all-time lows for African-American workers, Hispanic workers, and workers without a high school degree.
• American workers also enjoyed the fastest wage growth in a decade.

CLICK HERE to read the full op-ed.