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Democrats’ Tax Hikes on American Families Undo Bipartisan COVID Tax Relief

April 28, 2021 — Blog    — Press Releases    — Select Revenue Measures    — Work and Welfare   

At the height of the pandemic, Democrats and Republicans worked together on a bipartisan basis to slash taxes for middle-class families in the form of direct payments and tax credits.

But Democrats are going back to their roots, as the liberal-leaning Tax Policy Center put it: “Democrats are not supposed to cut taxes, Democrats are supposed to raise taxes.”

And raise them, they will: every American will shoulder the burden of Democrats’ recovery-stifling and job-killing tax hike.

KEY TAKEAWAYS:

The pre-pandemic and post-tax reform economy worked for the American people.

  • Americans enjoyed the fastest wage growth in a decade, with low-income workers averaging 4.5 percent wage-growth in 2018-2019.

By working together on a bipartisan basis, Congress provided real tax relief for middle-class families during the pandemic.

President Biden’s $2.7 trillion tax hikes will reverse these gains.

  • One study estimates Democrats’ tax hikes will eliminate one million jobs in its first two years, and six million jobs during the next 10 years.

Bottom Line: By raising taxes, Democrats are slashing Americans’ paychecks, hiking consumer prices, and shipping American jobs overseas.

SUBCOMMITTEE: Tax    SUBCOMMITTEE: Work and Welfare