Top Republican on the House Ways and Means Committee Rep. Kevin Brady (R-TX) joined CNBC’s Squawk Box today to discuss the fight Republicans will put up against Democrats’ $3.5 trillion spending package. This week, the committee will vote on the bill that will raise taxes on working families, hammer small businesses, and ship American jobs overseas.
Rep. Brady said:
“There are three big issues here: One, by raising business rates by a third, we’re creating an economic surrender to China, Russia, Europe, Canada, and others.
“Secondly, a lot of these tax increases are going to land on small businesses.
“And third, the President clearly breaks his pledge by taxing those below $400,000 [in yearly income].”
CLICK HERE to watch the full interview
Democrats’ Tax Hikes Will Fall on the Middle Class and Small Businesses
- The left-leaning Tax Policy Center found that Biden’s tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031 – contradicting his pledge not to raise taxes on middle-class Americans.
- The Joint Committee on Taxation says that within 10 years of a corporate tax increase, 66.3 percent of the corporate tax burden would be borne by lower- and middle-income taxpayers.
- Studies show that the capital gains tax alone would shrink the economy, and the left-leaning Tax Policy Center finds that Biden’s proposal raises taxes far past the amount necessary to maximize revenue. Past analyses by the Congressional Budget Office and the Joint Committee on Taxation agree.
- Democrats’ second death tax will destroy more than 1 million jobs over the next 12 years, slash paychecks for workers, and shrink our economy by $100 billion over the next decade.