Four other countries are lowering their business rates to fight record high inflation, while Senate Democrats are looking to push through crippling tax hikes that land on American investors and small business, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on the “Larry Kudlow Show” with Larry Kudlow.
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Even a “slimmed down” Build Back Better includes trillions in tax hikes that land on American small businesses.
“We have four, now five, countries in the world lowering their business taxes to become more competitive and fight inflation. Here we have a President insisting on higher taxes. We know it’s going to drive more inflation. It’s an economic surrender to the rest of the world, including China, at a time we need to be upping our game.
“And that spending is absolutely frivolous. I worry that they come together on a ‘slimmed down’ version, but it’s not slimmed down. Those are more tax hikes on Main Street businesses, on investors, on families than we cut taxes in 2017. So you’re going to reverse all those gains for paychecks, for the economy, for manufacturing, for jobs here in America. We are still on high alert in the House fighting and pushing back against that and I’m not going to sleep well until we know that thing is properly dead.”
Democrats fueled inflation and Build Back Better tax hikes will make it even worse.
“I don’t know why he thinks it will help to have more spending, more taxes, no effort to reconnect people to their jobs, which he’s still pursuing with Build Back Better in the Senate. And I don’t know why he thinks doubling down on what got us into this mess is going to get us out of it.”
Republicans have outlined steps to get our economy back on track.
“Right now we need supply-side solutions on inflation. And one of them is to encourage people to invest more in those plants, equipment, and technology that get us out of the supply chain mess and make us more productive. What we really need is a supply-side antidote to this inflation, especially as the Fed begins to get a little more serious about the problem they were in denial about as well.”
President Biden’s global tax surrender will send jobs and investment fleeing overseas and make America less competitive:
“It is an economic surrender to Europe, Japan, and China. It neutralizes all the key incentives we have in our tax code for investing, and for research and development. All of that are neutralized. They caved and didn’t protect the U.S. tax code. They also allowed foreign governments to take a big bite out of the U.S. tax base by allowing them to target American companies for their revenue that they currently pay us. The biggest reason to vote against this – Democrat or Republican – is that this agreement seeds authority over our tax code to foreign countries and foreign accounting organizations. For the tax-writing committee like Ways and Means that is based in the Constitution, we are giving up our constitutional authority to foreign governments. That makes no sense at all.”