As congressional Democrats are hoping to revive a “slimmed down” version of President Biden’s tax-and-spend agenda, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:
“As Americans suffer in President Biden’s cruel economy, Senate Democrats are reportedly trying to revive more tax hikes and spending that will only fuel higher prices, rob crucial investment needed to fix America’s supply chain crisis, and surrender the U.S. economy to foreign competitors.
“How much more can Americans take? With a looming recession, many families dipping into their savings to pay for inflation, and others delaying their retirement due to terrible White House mistakes, this ‘slimmed-down’ Build Back Better couldn’t come at a worse time.
“Haven’t Joe Biden and Democrats shrunk our economy and paychecks enough?”
KEY BACKGROUND:
In 2010, Sen. Joe Manchin (D-WV) dismissed tax increases during recessions, and in September of last year, urged against more spending amidst inflation. Back in 2010, even Sen. Manchin said:
“I don’t think during a time of recession you mess with any of the taxes, or increase any taxes.”
And even more recently, in September 2021, when inflation was at 5.4 percent, Sen. Manchin urged Congressto take a “strategic pause” on additional spending.
“Now Democratic congressional leaders propose to pass the largest single spending bill in history with no regard to rising inflation, crippling debt or the inevitability of future crises.”
But even with inflation now at 8.6 percent – Democrats are hoping to convince the West Virginia Senator to greenlight more spending.
KEY TAKEAWAYS:
Don’t Raise Taxes Heading into a Recession
- Last year, Democrats have proposed a Made-in-America Tax that would make it better to be a foreign company or worker than an American one.
- This would hit American manufacturing, energy, and technology businesses, send jobs overseas, and would ensure that more of everyday things we use are made in China.
- According to the nonpartisan Joint Committee on Taxation, a third of Democrats’ corporate tax hikes – including the “minimum book tax” would be passed onto the middle class.
- Democrats have also considered a new so-called wealth tax.
- Democrats want to tax money Americans haven’t even made yet. Paired with their IRS surveillance proposal, Democrats invade the privacy of every American by allowing the IRS to spy on all bank accounts and spending.
- Other countries—socialist ones—tried wealth taxes and abandoned them, because they hurt their economy, dried up investment and revenue, and sent it elsewhere. If it didn’t work for socialist countries, why is America even considering it?
- This will seal the deal on preventing any further economic growth.
- Democrats have also attacked the source of retirement funds with a stock buybacks tax.
- Democrats want to create a third layer of tax on American companies – which will have the harshest effects on seniors and other savers.
- Democrats are telling companies, if you return value to retirees or to 401(k) plans or to pension plans, you’re going to pay a punitive tax.
Democrats’ Spending Is What Triggered Inflation – And Now They Want to Make It Worse
- A San Francisco Federal Reserve analysis shows that the U.S. is leading the world on inflation due to “sizable fiscal support measures aimed at counteracting the economic collapse due to the COVID-19 pandemic.”
- Research from the New York Federal Reserve Bank showed that inflation took off appreciably after President Biden took office.
- Even Former Obama-Biden Economic Advisor Jason Furman has said that recent inflation rose and will persist due to increased demand from excess savings built by the Democrats’ endless government checks from their $2 trillion so-called COVID “stimulus.”
READ: Build Back Better Won’t Blunt Biden-Flation
Democrats Are Still Pushing a Version of Their Original Proposal That Gives Away Hundreds of Billions of Dollars To Special Interests and the Wealthy – Literally Sending Government Checks to the Top 1 Percent and the Biggest Corporations
- Democrats’ original proposal protected so-called “green” companies from their new Made-in-America tax.
- Wealthy individuals with up to $500,000 in income enjoy their own green welfare, including a $12,500 check to buy a luxury electric vehicle.
- Democrats force the 90 percent of Americans who don’t join a union to subside the few who do – allowing a $250 above-the-line deduction for union dues that benefit union bosses.
- Those making hundreds of thousands of dollars a year are eligible for taxpayer-funded health care subsidies. For example, a 64-year-old couple in Kay County, OK, earning $500,000 per year, would qualify for a premium tax credit of almost $6,000.