“If you’re an American worker making $75,000 a year, you are four times more likely to see a tax hike from this bill than any tax relief at all,” Ways and Means Republican Rep. Kevin Brady (R-TX) said on Fox Business Tonight with guest host Sean Duffy.
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Democrats’ Manchin-Biden Build Back Better bill means higher taxes, harassing IRS audits on lower- and middle-income earners, and no relief from inflation, all as America battles a recession:
“Yeah, my vote was an absolute no. But Sean, you know this feeling, but as I was walking off the floor, House Democrats were gathering en mass to celebrate all these higher taxes, all this government price setting, none of which by the way, are going to lower inflation, lower the budget deficit, or lower global temperatures for the most part over the next century. They’re celebrating, I think, prematurely.”
Democrats target American manufacturers with their new corporate minimum tax:
“There’s $350 billion plus some of higher taxes that land principally on Made-in-America manufacturing, including energy as you pointed out, in a big way. That’s why all of our independent oil and gas and other companies in Texas are opposing this bill.
“You’ve got 50 billion in taxes on small businesses at exactly the wrong time. And then you’ve got about $74 billion on companies that are reinvesting in their stock, which really helps seniors and savers who rely on that value. None of this is playing well in Texas.
“I’m kind of surprised vulnerable Democrats are walking the plank on this.”
Lower- and middle-income earning Americans will get hit with more audits from the supercharged IRS in Democrats’ bill:
“If you’re an American worker making $75,000 a year, you are four times more likely to see a tax hike from this bill than any tax relief at all. So you’re hitting middle class families directly and, as you pointed out, higher energy prices as well.
“By the way, a lot of those small businesses are individuals. They pay taxes just like you and I would. They’re going to see tax hikes for sure. You’re going to see 700,000 additional audits on families, I call them Walmart shoppers or value shoppers, because you know who they are there. They are living paycheck to paycheck, they’re getting crushed with inflation and fuel just driving to the store.
“This morning, the Congressional Budget Office debunked the Democrats’ claim that there’ll be no new IRS agents and no new taxes from the middle class and lower income families, making clear they’re going to raise 10’s of billions of dollars from them.”
Despite its misleading title, the Schumer-Manchin tax hike and spending spree bill will worsen inflation over the next two years and do nothing to bring inflation down in years after:
“The tax hikes themselves are going to be passed down both to workers and to customers in higher prices. Secondly, the spending is going to fuel more inflation going forward.
“The Obamacare subsidies are so lavish that about half a million Americans will get better health care jobless and at home than reconnecting work, all of which drives inflation higher and longer.
“That’s why the University of Pennsylvania Wharton School of Business analysis says this actually increases inflation slightly over the next couple of years, and then has no impact after 2028. That’s why the whole ‘this reduces inflation’ thing is going to come back to bite Democrats.”