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Tame Inflation with Lower Taxes and a Stronger Workforce–Not Crippling Tax Hikes

May 18, 2022

“I would focus first on workers, secondly on not taking any congressional action that fuels inflation further,” Republican Leader of the Ways and Means Committee Rep. Kevin Brady said on CNBC’s Squawk Box, when asked about solutions to address inflation. “Right now this President has a shrinking economy, shrinking paychecks, shrinking workforce, and the poll numbers to go along with it.”


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Inflation is unlikely to go away any time soon:


“The average on inflation the last three months is 9.9 percent. And that tracks the wholesale prices that have been double digit now for five straight months, so I think anyone who thinks inflation has peaked or is going to go away on its own, that’s a dream that won’t happen.” 


Workers are critical to taming inflation and the supply chain crisis:


“The answer lies first in the workforce. Our workforce shrunk by 350,000 workers last month. It’s going the wrong direction. There’s been no concerted effort to reconnect those 24- to 54-year-old workers back to the workforce. They’re critical to taming inflation, certainly on the supply chains as well. I would focus on that.” 


Build Back Better’s crippling tax hikes and spending would make inflation worse:


“Right now, the Senate is still, with the White House, working on a $1.5 to $2 trillion Build Back Better approach that would fuel inflation and with taxes, drive more higher prices and about half of the businesses in America. I think those are exactly the wrong things to pursue, they helped get us into this pickle.” 


READ: ONE PAGER: If Fighting Inflation is Dems’ Top Priority, Why Won’t They Work With GOP?


Denial about inflation by the Biden Administration and the Fed made it worse:


“We are in a pickle because of the delays and denial of some of these core inflation issues over the last year.”


Other countries are fighting inflation with more incentives and lower taxes – we should do the same:


“I still think the answer is on the supply side. We need more investment in these supply chain issues and more incentives to bring workers back and reconnect them. I noted four other countries are lowering their business rates to fight inflation. America ought to continue to look at making permanent the lower tax cuts, tax rates, both on small businesses and families, I think are very important.”


READ: Fact Check: Nine Misleading Claims in President Biden’s Inflation Denial


Corporate revenue is at record highs – yet Democrats are doubling down on their proposals for more tax hikes:


“The other day the President said the best way to fight inflation is to raise taxes on businesses. But the truth of the matter is, the revenue from corporations is at a record high. It’s stunningly high. It’s a 22 or so percent gain just this year alone. Washington has all the revenue it needs from corporations, from small businesses, and from individuals. It makes no economic sense.”


READ: Fact Check: Higher Corporate Tax Revenue After GOP Tax Reform Debunks Another Democrat Myth


Main Street is getting crushed by Bidenflation – and passing higher prices onto consumers:


“Companies are frankly trying to do their best to limit those price increases everywhere they can. In some places they simply can’t. As wages continue to increase and the prices to go along with it, we are in that wage-price spiral that is devastating on workers and businesses.”


Fact Check: Dems’ War on Work Raised Recession Risks & Held Back Returning to Work