WASHINGTON, D.C. – Top Republican on the Ways and Means Committee Rep. Kevin Brady (R-TX) joined Fox News and CNBC’s Squawk Box to discuss Democrats are not finished . He also warned against Democrats’ handouts to the wealthy and their push for a more invasive, supercharged IRS.

 

Rep. Brady said:

 

“This could get worse before it gets better. I don’t think we’ve ever seen a government spend so much money to kill so many jobs, to drive up inflation, and create the greatest expansion of the welfare state in our history.”

 

CLICK HERE to watch the full interview.

 

On Democrats’ proposal for increased IRS enforcement, Rep. Brady said:

 

“They want to significantly increase their intrusiveness into your privacy. Greater surveillance into activities of not just individuals, but small businesses as well.”

 

CLICK HERE to watch the full interview.

 

KEY TAKEAWAYS:

 

Democrats’ crippling tax hikes hit the middle class and Main Street businesses.

 

• Main Street businesses will be hit with hundreds of billions of dollars in tax increases, while millionaires and well-connected corporations receive hundreds of billions of dollars in loopholes and tax rebates.
• The non-partisan Joint Committee on Taxation (JCT) found that workers will shoulder the burden of the tax hikes and that within 10 years of a corporate tax increase, 66.3 percent of the corporate tax burden would be borne by lower- and middle-income taxpayers.
• It’s not just the JCT – analysis from the Left-leaning Tax Policy Center finds that President Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families over the long term.
• The JCT also found that 25 percent of the burden of Democrats’ tax hikes would be borne by workers in slashed wages.

 

READ: Fact Check: Dems Subsidize Millionaires, Attack Main Street & Ordinary Americans

 

Americans will reject Biden’s push for a more invasive, supercharged IRS.

 

• President Biden’s proposal to spend $80 billion on an army of auditors and to turn local banks into chapters of the IRS to report on the gross transactions of your personal and business bank account is unacceptable to the American people.
• The burden of this new reporting will fall on families, small businesses, and on their local banks.

• Every American must pay their taxes, but there’s very little evidence suggesting the IRS estimate on unpaid taxes (dubbed the “tax gap”) is accurate, given that it may be based on data from seven years ago or wild guesses on foreign transactions, cryptocurrency, concealed income, and other sectors.

 

READ: Fact Check: Biden’s Supercharged IRS Includes Bank Reporting, Hardships for Taxpayers

 

READ: BRADY: Small Businesses Fear Democrats’ Tax Hikes and Washington Mandates