As President Biden meets on Capitol Hill to strongarm Democrats, here is what his new Build Back Better “framework” does, says Rep. Kevin Brady (R-TX), Republican leader of the House Ways & Means Committee:
“In the shadow of today’s gloomy economic news and Americans questioning President Biden’s competency to heal the economy, you would think he wouldn’t be trying to sabotage America’s economy further.
“But that’s exactly what his new ‘framework’ does. There’s no question that these crippling tax hikes will kill American jobs and drive them overseas, hammer small businesses as they struggle to survive, worsen the labor shortage and drive inflation higher on families.
“What in heaven’s name is he thinking?”
Included in the Biden “framework”:
- $420 billion in tax hikes on small businesses.
- $800 billion in tax hikes on American businesses that will kill U.S. jobs, surrender economically to China, Russia, Japan, and Europe, and make it better to be a foreign company than an American one.
- A new Tax on Retirement Plans that hurts workers and seniors by punishing businesses that invest in their own stock.
- $330 billion in new spending that includes incentives to the jobless to stay home rather than work, causing 2 million workers to exit the workforce.
- $550 billion in green welfare subsidies for the wealthy and big corporations.
- $545 billion in budget gimmicks.