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Smith: Biden Administration Must Come Clean About Its Tax Hike Plan

March 09, 2023

WASHINGTON, DC – American taxpayers struggling in the Biden economy deserve answers about how President Biden’s $4.7 trillion tax hike, proposed in his fiscal year (FY) 2024 budget, will impact them, wrote Ways and Means Chairman Jason Smith (MO-08) in a letter to Treasury Secretary Janet Yellen. Ahead of her testimony today before the House Ways and Means Committee, Chairman Smith requested the Treasury Department submit the legislative text of the Biden tax hikes to Congress.

Given the multi-trillion-dollar increase in taxes that the Biden Administration is proposing in this budget, Chairman Smith made clear it is crucial that struggling families have a clear picture about how the President plans to further raise their taxes:

The President’s budget increases taxes by $4.7 trillion. And this comes after Democrats added hundreds of billions in tax increases in the Inflation Reduction Act. The American people are suffering under the weight of this Administration’s inflationary policies and deserve to know precisely how the Biden Administration intends to raise their taxes. Given this Committee’s essential role in originating and crafting legislation on tax policy, legislative text is absolutely necessary to allow us to evaluate it and consider the true impact these dangerous policy proposals will have on our constituents.

Secretary Yellen will testify in front of the House Ways and Means Committee on Friday, March 10th on the massive tax hikes included in the President’s FY 2024 budget and the IRS’s continued abuse of taxpayers for political reasons.

READ: Ways and Means Chairman Jason Smith’s Letter to Secretary Yellen

READ: Hearing on President Biden’s Fiscal Year 2024 Budget Request with Treasury Secretary Yellen