Democrats’ Manchin-Biden bill looks a lot like the Green New Deal and corporate welfare, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on Squawk Box on CNBC, and tax hikes to pay for it will hit small businesses and American families already struggling under record-high inflation as we enter a recession.
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The IRS is going to hire 87,000 new agents to audit Walmart-shopping low- and middle- income Americans:
“The Ways and Means Committee has jurisdiction over the IRS, and the 87,000 figure is correct. This is unprecedented. There’s very little money spent on customer service, while we still have a 20 million tax return backlog.
“Our biggest worry is that the burden for these audits will land on Walmart shoppers, because about 710,000 additional audits will land on those value shoppers for whom every dime matters. Rising prices have been killing them. They can’t drive to the store without higher gas prices.
“The Congressional Budget Office analysis shows that the bulk of the money that is raised from this, if it is raised, will come from those middle class families. We are very worried about the impact here.”
Small businesses suffering under record-high inflation and a worker shortage will bear the burden of tax hikes:
“If the Green New Deal and corporate welfare had a baby, it would look like this. The question is, who pays to raise that baby? In this case, it’s Made-in-America manufacturing, it is small businesses, and it is those Walmart shoppers. We think they’ve got it wrong on all counts.”
Democrats’ bill will drive energy prices even higher and raise taxes as we enter a recession:
“Methane fees will translate into higher prices for some Americans. The super-fund permanence will be an additional cost on American-Made energy.
“There are some tax subsidies that some in the industry support, but I don’t think that is a good enough reason to raise taxes, to drive up energy prices. And economically, raising taxes as we are in or headed into a recession makes no economic sense at all.”