Event Round-up: Biden’s Tax Increases Will Gravely Harm Workers, Families, and Main Street Businesses
Ways and Means Republican Leader Kevin Brady (R-TX) led a roundtable to discuss the disastrous tax policies being pursued by Democrats in their continued push for a partisan tax-and-spend agenda.
Rather than safely reopening the economy and restoring our pre-pandemic economic strength, Democrats’ economic policies will limit growth and raise costs for hard-working American families.
Rep. Brady summarized more than 25 Democrat tax increase proposals that would place a burden on every American, and was joined by Ways and Means Republican colleagues in expressing serious concerns with the Democrats’ plans.
To watch the event, click here.
Rep. Adrian Smith, Republican Leader of the Subcommittee on Select Revenue Measures highlighted the importance of keeping the tax code “out of the way” of small businesses and protecting the incentive for small businesses to grow: “If there was ever a time I would hope a president wouldn’t come through on a promise it would be on tax increases, but President Biden promised. I think he will make good on that promise, and it will be devastating to family farms and small businesses–right now especially.”
Rep. Tom Rice pointed to the need for real answers on the best way to fund infrastructure important to local economies, in contrast to Democrats’ sham “Member Day” hearing: “I was very proud of the results we did with economic policy under President Trump. The tax reform bill, regulatory reform, and trade – making people play fairly – and the results of it in my district are amazing.”
Rep. David Schweikert (R-AZ) emphasized the need to prioritize maximizing economic expansion, particularly employment opportunity and wages for the middle class and the working poor: “I know we’re fixated right now on the Democrats’ tax plan that’s going to have some infrastructure wrapped around it, but much of their infrastructure discussion may not actually be positive for economic growth.”
Rep. Brad Wenstrup (R-OH) noted that a return to Obama-era tax policies would send jobs overseas and damage U.S. supply chains at a time when we should be securing them: “One of my major concerns and what we’ve learned through COVID is the problem we have with our supply chain,” Wenstrup said. “We’re looking at a situation with our supply chain where it’s a risk to our national security, it’s a risk to our national health security, and it’s obviously a risk to our economic security.”
Rep. Jodey Arrington (R-TX) discussed Democrats’ plan to raise taxes and energy costs, which will harm American families’ bottom line and result in less money to spend on the things they need to survive: “Like they did with the COVID relief,’ wrapping the flag of relief and recovery, they just pushed a lot of pork through it. I think this is rinse and repeat. This is déjà vu just with the flag of infrastructure. It’s sad.”
Rep. Darin LaHood (R-IL) raised concern about how tax increases could affect competitiveness of US companies to foreign companies: “The Biden Administration and many of my Democratic colleagues really want to dismantle TCJA. Biden wants to double the GILTI minimum tax, which of course applies to U.S. companies.”
Rep. Ron Estes (R-KS) objected to Democrats’ attack on the family farms that feed our country with higher taxes on farmers’ success–which would both discourage innovation and prevent them from passing on their businesses to the next generation: “Our colleagues on the other side of the aisle are holding a sham hearing to try and justify an aggressive push to raise taxes. We need to focus on the real facts: Our economy was booming, Americans were prosperous under Republicans’ tax reform and regulatory reform. Just a year ago our nation saw a historically low unemployment rate of 3.5% and GDP was going great.”
Rep. Lloyd Smucker (R-PA) pointed out how the Democrats’ financial transactions tax would hurt American families who are working and saving for retirement: “Infrastructure could be a bipartisan topic that we all are working on to find solutions… Unfortunately, once again they’ll be using the budget reconciliation process rather than working with Republicans… resulting in raising taxes on the middle class, reducing the standard deduction, decreasing the Child Tax Credit, increasing the corporate tax rate, and really, I think, sending jobs back overseas.”