Noting that Democrats are stuck on “the seven stages of grief,” and that “they’ve been stuck on anger and denial for a long time,” Ways and Means Republican Leader Kevin Brady (R-TX) appeared on “Your World with Neal Cavuto” on Fox News, and suggested that “only a few are moving towards acceptance.”
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- Asked if Republicans would get on board with this bill if it were cut down in size, Rep. Brady replied: “Not with tax hikes included. It makes no sense to be dramatically raising taxes on job creators and investment in the U.S. or making us less competitive against China, Russia, and Europe, especially as we try to recover from this pandemic.”
- In addition to tax hikes, Rep. Brady warned about two policies in the Democrats’ bill that would harm the economy: “The child tax credit is no longer tethered to work or earnings will drive 1.5 million Americans out of the workforce. And also Democrats’ new child care entitlement for families that have two kids and both parents working, these parents could see their child care costs go up $27,000 a year. That too will be a barrier to returning Americans to work. So in addition to the economic impact of the tax hikes, this will make the labor shortage worse will work against this economy in a serious way.”
- Asked about his reaction to the Goldman Sachs report suggesting that the economy would be worse off without the Democrats’ tax-and-spend bill: “The House version costs almost $5 trillion in true costs, and that is a lot of money pumped into the economy–exactly at the wrong time. Often, Wall Street underestimates the impact of tax policy. What we saw just by America becoming competitive again, reexamining the codes so our companies can compete and win anywhere in the world including here at home, creating incentives to bring manufacturing, intellectual property, investment back in the United States, which it achieved beautifully. It had a significant effect. ”