Brady: Build Back Better Tax Hikes Will Translate Into Higher and Longer Inflation
Democrats’ Schumer-Manchin tax hikes land on Made-in-America businesses just as we enter a recession and worsen inflation, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “Kudlow” on Fox Business with guest host Sean Duffy.
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The Biden Administration’s inflation denial drove the economy into a recession.
“I wish the White House had a vaccine for denial, because they not only drove this economy into recession, they denied inflation, they denied there’s a worker shortage, they bungled so many key parts of what this economy needs.
“We are in a recession. We have a shrinking economy, we have shrinking paychecks, we have a shrinking workforce. Employment’s dropped during three of the last months, small businesses have lost jobs the last three months. And almost every forecaster has downgraded growth going forward significantly. I don’t know how you can not call this a recession.
“The American people, as you noted, are feeling it in a big way. One out of four Americans are delaying their retirement because they can’t find a way to live and make ends meet under Joe Biden. We have so many people now skipping meals, eliminating meat, using credit cards to pay for the daily essentials, and going into debt. For the American people this is a cruel economy, it certainly is a recession.”
The Schumer-Manchin revived tax-and-spending spree will drive inflation higher on Americans and small businesses.
“They are in denial. They are saying that this will not hurt American jobs, and will not cause more inflation, but it certainly will.
“What does this bill include? A half a trillion dollars of tax hikes on Made-in-America manufacturers. It unleashes about 80,000 new IRS agents on family farms and small businesses. It fuels inflation with more federal spending. There’s better health care for the jobless than for those at work, billions of Green New Deal subsidies, and of course, fewer cures in the way they’re doing these price controls.
“Why would you trust the same Democrats that drove this economy into a recession with yet another economic bill?”
There couldn’t be a worse time to land tax hikes on Made-in-America businesses than when we’re headed into a recession.
“The Made-in-America manufacturing tax hits hardest the companies that build in America. So this would be energy, telecom, basic manufacturing. So you’re hurting the very companies you most need in America as we try now to work our way out of what is surely a recession. There’s no question these higher taxes will translate into higher inflation for longer as well. Look, who in their right mind raises taxes on these businesses as we’re entering a recession? It makes no sense.”
The Joint Committee on Taxation confirms that Build Back Better will worsen inflation.
“New reports out from the Joint Committee on Taxation says this new ‘slimmed down’ Build Back Better will raise inflation, especially in the short term. We can’t afford to do that.
“There’s no question here that White House is not going to mend their ways.”