President Biden’s crippling tax hikes land on American families who will face higher prices and fewer jobs while devastating Main Street businesses and family farms, says Ways and Means Republican Rep. Jodey Arrington (R-TX).
In an op-ed for the Lubbock Avalanche-Journal, Rep. Arrington writes:
“Experts project 70 percent of President Biden’s tax increases will impact working families in the form of higher consumer prices and lower wages. His plan also punishes oil and gas producers by taking away ordinary and necessary business expense deductions which would mortally wound small, independent producers – further increasing the prices we pay at the pump.
“But worst of all, President Biden’s plan to pay for his Green New Deal and new “entitlement state” includes a devastating death tax that would force families to sell their multigenerational farms, ranches, and small businesses.”
Democrats’ supercharged second death tax on local farms and businesses will cost one million jobs over the next 12 years.
- According to an economic analysis by the Family Business Estate Tax Coalition, Democrats’ death tax will destroy over a million jobs, slash paychecks for workers by $32 for every $100 in revenue raised, and shrink our economy by $100 billion over the next decade.
Even liberals claim President Biden is violating his pledge by increasing taxes on the middle class.
- According to an analysis by the liberal Tax Policy Center, President Biden’s tax plan will raise taxes on 75 percent of middle-class families next year.
- With consumer prices at a 13-year high and Bidenflation growing faster than paychecks, working families are falling behind.
Democrats’ proposal to repeal stepped-up basis threatens the livelihoods of America’s farmers, ranchers, and small business owners.
- Stepped-up basis is what makes it possible for a family business—like a farm—to pass from one generation to the next without being forced to sell off assets to pay an enormous tax bill to Washington.