Democrats Continue to Threaten Crippling Tax Hikes That Would Worsen Bidenflation
After having set this Memorial Day weekend as a deadline for pushing through President Biden’s crippling tax hikes, Democrats are once again running out of time. As reported by The Hill:
“Senate Democratic sources say there’s no chance of getting a deal this week but they argue that doesn’t necessarily mean the negotiations over a long-awaited budget reconciliation package are doomed.”
These tax increases would come amid 40-year high inflation that is robbing workers’ paychecks and leaving families falling further behind.
The Biden Administration continues to play the blame game for higher prices, while Democrats in Congress consider gimmicks that even former Obama-Biden White House economic advisor Jason Furman slammed as “genuinely terrible ideas.”
BACKGROUND:
American Families Are Suffering and Biden’s Tax Hikes Would Make it Worse.
- At least 65 percent of families say their income is falling behind the cost of living, up from 62 percent in March.
- Not only are tax hikes unpopular with the American people, but a majority of workers believe tax hikes would push prices up even higher.
- President Biden’s tax hikes would slash low- and middle-income earners’ incomes and destroy at least 138,000 U.S. jobs, according to a new study by the nonpartisan Tax Foundation.
READ: Democrats’ Tax Hikes Will Only Worsen Bidenflation
READ: Americans Receive Largest Pay Cut in 40 Years
Americans Have Lost Confidence in the President’s Competency To Heal This Shrinking Economy.
- President Biden’s approval rating hit a new low of 39 percent, with 56 percent of Americans saying they disapprove.
- At least 85 percent of Americans believe the U.S. will be in recession in the next year, as rising costs rob more of workers’ paychecks.
- Even Mark Zandi, the White House’s preferred economic forecaster, says the Build Back Better bill will worsen inflation: “None of these ideas so far will help to a meaningful degree, and could do some harm because they could juice up demand at a time supply is constrained by the pandemic and worsen inflation.”
READ: POLL: Four in Five Americans Say U.S. is Headed Toward Recession
Democrats Have Refused to Work with the GOP to Fight Inflation.
- With a majority of small businesses fear Bidenflation will close down their business, Democrats should work with Republicans to make TCJA permanent.
- As U.S. gas prices reach an all-time high with no end in sight, Democrats should work with Republicans to unleash Made-in-America energy.
- And with a shrinking economy, shrinking paychecks, and a shrinking labor force, Democrats should work with Republicans to lift President Biden’s trade moratorium and “sell American” all over the world.
READ: ONE PAGER: If Fighting Inflation is Dems’ Top Priority, Why Won’t They Work With GOP?