In an op-ed for Fox News, Ways and Means Republican Rep. Ron Estes (R-KS) warned against President Biden’s tax-and-spend policies, which are holding back America’s job growth and crushing our recovery.
Rep. Estes wrote:
“A new study from the Tax Foundation found Biden’s proposed $6 trillion budget would shrink the economy by an entire percent over the next decade. That would be terrible for families in my community and yours. It would mean less opportunity and less income for millions of Americans. Biden’s unrestrained spending will also continue to fuel the rise in prices, creating even more heartache for families.”
Even Liberals are Saying President Biden is Breaking His Pledge Not to Raise Taxes on the Middle Class.
- According to the liberal Tax Policy Center, President Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031.
- Democrats are fighting to repeal the cap on state and local (SALT) deductions, creating a tax shelter for wealthy Americans that protects against President Biden’s higher income and capital gains taxes.
Democrats’ Runaway Spending is Sending Consumer Prices Skyrocketing.
- Prices have risen twice as fast as paychecks – leaving American families falling behind. Real wages have declined since President Biden took office.
- Even the top Obama-Biden economic recovery czar seems to think Democrats’ runaway spending should come to an end, tweeting: “We need to trim stimulus now!”
Democrats’ War on Work is Crushing Main Street’s Hiring Efforts.
- Despite a re-opening economy and trillions of stimulus spending, President Biden’s “American Rescue Plan” is 697,000 jobs short of what was promised.
- In the first five months of this year, the Biden Administration added 500,000 fewer jobs than the last five months of 2020. That’s a half million jobs short.
Republican Tax Reform Worked for American Workers.
- Republican tax reform led to the lowest unemployment rate in 50 years.
- Unemployment reached all-time lows for African American workers, Hispanic workers, and workers without a high school degree, and American workers also enjoyed the fastest wage growth in a decade.
CLICK HERE to read the full op-ed. Excerpts appear below.
Biden’s economic crisis – his wasteful spending will crush recovery. Here’s what we have to do
Rep. Ron Estes
July 1, 2021
After the pandemic we should be experiencing one of the greatest economic booms in American history, yet prices are climbing, consumer sentiment has plummeted, and there are more than 9 million open jobs without workers to fill them – the most ever.
The administration’s budget even acknowledges that growth isn’t a priority; it only forecasts meager 2% GDP growth by 2023 with it dropping even lower until 2029. They’ve also spent their time focused on radical and unpopular social policies like removing the popular Hyde Amendment to start using taxpayer funds for abortions.
Another worrying sign for the recovery, is Democrats’ obsession with raising taxes. So much so that Biden’s budget has broken his promise not to raise taxes on those making less than $400,000. It does this by relying on the expiration of middle-class tax cuts in order to achieve a historically high level of tax on Americans.
Even the left-leaning Tax Policy Center acknowledged Biden’s broken promise, saying that next year 75% of middle-class families would see higher taxes – that number jumps to 95% by 2031.
Biden’s agenda will crush small and mid-size companies, resulting in fewer jobs. One example is his proposal to revert America’s business tax rate to one of the worst in the world again at 28% – a move that would return us to the old tax code that incentivized jobs to be shipped overseas.
A new study from the Tax Foundation found Biden’s proposed $6 trillion budget would shrink the economy by an entire percent over the next decade. That would be terrible for families in my community and yours. It would mean less opportunity and less income for millions of Americans. Biden’s unrestrained spending will also continue to fuel the rise in prices, creating even more heartache for families.
In May, core inflation rose at its fastest pace since 1992. That’s because unnecessary government spending and handouts are acting as kindling for inflation. Recent surveys show that 70% of Americans are concerned that Biden’s spending plans could lead to inflation. But if you’ve filled up your tank or entered a grocery store recently, you know that it’s already here.
It’s no wonder why so many are leaving California and New York for states like Florida and Texas. Thankfully we have leaders around the country, unlike President Biden and Speaker Nancy Pelosi, D-Calif., who have put American families first by prioritizing economic growth.
CLICK HERE to read the full op-ed.