Washington, DC – Ways and Means Chairman Jason Smith (MO-08) issued the following statement on President Biden’s release of his Fiscal Year 2025 budget:

“This President is more confused than normal if he thinks House Republicans will go along with adding $16 trillion to our public debt while raising taxes on American families by nearly $5 trillion – before accounting for his planned expiration of the Trump tax cuts. Family farms, ranches, and other generational businesses will be forced to sell off assets to pay well over $100 billion in new death taxes. Biden’s war on American energy will continue with over $120 billion in new taxes – and higher prices to fuel cars and heat homes. Middle-class taxpayers will bear the brunt of a super-sized IRS with Biden’s proposed $104 billion additional cash infusion to the tax collector – while reneging on the bipartisan agreement he made with Republicans in the Fiscal Responsibility Act to rescind part of the original $80 billion pay raise provided to the agency by congressional Democrats in the so-called Inflation Reduction Act. 

“The tax schemes in the President’s new budget put Americans last – whether it’s handing an advantage to China while kneecapping American workers and businesses, sending jobs overseas, or tanking capital investment. The expansion of the Net Investment Income Tax is an attack on the sweat equity of owners of mom-and-pop shops on Main Street.

“President Biden also resurrects the Democrats’ inflationary Child Tax Credit, with monthly checks and no work requirements – a policy that made the worker shortage worse. Rather than make health care more affordable, he just offers false promises of Medicare solvency, inflated Obamacare subsidies for the wealthy, and undermines American innovation and access to life-saving medicines with Washington price controls. And crucially, the President’s own budget projects that his lack of solutions will result in a $17 billion cut to the Social Security Trust Funds over the next decade. Yet despite this looming crisis, the President has proposed that the Social Security Administration, which is currently facing a more than 1.6 million disability claims backlog, manage a new Washington-run family and medical leave program.

“President Biden is sending taxpayers a clear message: The beatings will continue until morale improves.”