Democrats’ Tax Hikes Will Only Worsen Bidenflation
Whenever Democrat lawmakers talk about “fighting inflation with tax reforms,” they are really threatening tax hikes on working families and Main Street businesses.
As Americans for Tax Reform’s Alex Hendrie wrote in an op-ed for the Washington Times:
“Democrats’ claim that tax increases will solve inflation and help middle-class families is laughable. Far from helping the American people, these tax hikes will harm jobs, wage growth, and American competitiveness.
“Moreover, at a time when inflation is at a 40-year high, these tax increases will only make this problem worse by further increasing the cost of goods and services.”
CLICK HERE to read the full op-ed.
There is overwhelming evidence that Democrats’ tax hikes:
- Slash family wages. With 62 percent of American families reporting their incomes can’t keep up with rising prices, a family earning between $33,100 and $50,229 would see their post-tax income slashed by more than $2,000 as a result of Democrats’ tax hikes.
- Kill U.S. jobs. According to analysis from the nonpartisan Tax Foundation, President Biden’s tax hikes would destroy at least 138,000 jobs over the next decade.
- Hammer Main Street businesses. Even though more than 60 percent of job creators fear Bidenflation will force them out of businesses, Democrats want to gut the Republican-created small business deduction that boosted workers’ wages.
- Would worsen Bidenflation. Not only are tax hikes unpopular with the American people, but a majority of workers believe tax hikes would push prices up even higher.