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Chairman Smith: By calling for $4.7 trillion in new taxes, does President Biden even know his economic agenda is failing?

March 09, 2023

WASHINGTON, DCHouse Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement after President Biden released his Fiscal Year 2024 budget that raises taxes on small businesses, ignores imminent Medicare cuts, and hands even more money to the IRS:

“Does President Biden even know his policies created the worst inflation crisis in 41 years? His budget doubles down on the same economic plan that both led to the current debt crisis and helped spike prices to record highs. Even now, he is asking American families, job creators, farmers and workers to hand over an additional $4.7 trillion in taxes – over $1.8 trillion of which is specifically on small businesses. All the while he hands the IRS an additional $43 billion after supercharging them with 87,000 new agents to go after working families. The President’s new budget will worsen all the crises facing the American people. Working Americans have already told the Ways and Means Committee during our field hearings outside of Washington about life in Biden’s economy – the new taxes in this Budget will make it harder for them to put food on the table, clothes on their backs, and gasoline in their cars. An expanded death tax continues the pattern of Democrats treating family farms like piggy banks for their Green New Deal welfare for the wealthy. Already struggling mom-and-pop businesses will be hit by the new small business surtax.

“Despite the fact the IRS is weeks late in telling Congress how it will spend its $80 billion pay raise to increase audits on working-class families, Biden goes even further to supercharge the agency with another $43 billion. President Biden even calls to install the Left’s woke agenda and radical environmental activism into the Treasury Department, instead of fixing the IRS’s atrocious customer service. The President’s socialist drug pricing scheme will leave patients with fewer new cures in order to pay for more reckless spending. And as a consequence of Democrats’ spending, Medicare faces more than $500 billion in cuts over the next decade, which President Biden sweeps under the rug in favor of taxes on small businesses, bonafide budget gimmicks, and endangering seniors’ access to care with zero accountability.

“American families and small businesses are struggling in this economy, and President Biden wants them to send Washington a bigger check.”

Read: President Biden’s $4.7 Trillion Tax Hike Proposal: Small Businesses Must Send a Bigger Check to Washington

Read: Never Enough: Biden’s Budget Seeks Absurd $43.2 Billion for IRS Despite Receiving Unprecedented $80 Billion Windfall Just Last Year