Democrats’ Build Back Better bill will raise taxes on all Americans and Main Street Businesses as they struggle against inflation in President Biden’s cruel economy, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) warned on “Kudlow” with Larry Kudlow and guest Steve Moore on Fox Business.
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Americans are suffering in President Biden’s cruel economy.
“It’s no coincidence that a year ago this week, President Biden’s reckless stimulus checks started flooding the economy. We continue to see the fruits of that: we’ve got raging inflation, and it’s getting worse. It’s massive pay cuts for American families.
“The median new home in America has risen $100,000 – in a year and a half. Inflation is raging at about four times the average before the President took office.
Senate Democrats are reportedly trying to revive more tax hikes and spending that will only fuel higher prices.
“It seems unbelievable that Senate Democrats and President Biden would try to make that inflation worse with the trillion dollars of new taxes. Many of them will end up in higher prices, because businesses can’t afford to swallow that themselves. It’s going to rob investment money that’s needed to fix these supply chain problems or pro-growth policies. And at the end of the day, it’s going to hammer small businesses and family owned farms in a big way. I can’t think of a worse time to be doing this, especially as America is facing a looming recession.”
The Joint Committee on Taxation recently confirmed Democrats’ bill is going to raise taxes on all Americans.
“Corporations don’t pay these, they collect them, and oftentimes, it’s the workers who pay that tax for them. You can see it in higher prices, which is a tax on all Americans as well. And especially for that family owned business, say the plumber, the contractor, the service people, you’re going to see an almost 11 percent tax hike on those frontline Main Street businesses at exactly the worst time. Economically, I can’t think of a dumber and more punishing move than this slimmed down, Build Back Better.”
Main Street is bracing for Democrats’ tax increases at the worst possible time.
“For some reason, someone has tried to peddle this as a loophole, but in fact in Obamacare, it specifically exempted small business owners because of the damage it would do economically to them. So this is no loophole. This is a dramatic expansion of that tax. And while the number 3.8 doesn’t seem large, it translates to more than 11 percent tax hikes on small businesses and Main Street businesses who are actively engaged in their operation and in their firms. Exactly the people you don’t want to punish at this crucial time. So it is not a loophole. It’s being portrayed that way. It is flat out a major expansion for family owned businesses, small businesses, and farms.”