Ways and Means Republicans held a GOP meeting titled “Biden’s Crippling Tax Hikes Will Decimate Americans’ Shrinking Paychecks,” to discuss what’s at stake under Democrats’ failed economic policies: Bidenflation is surging, the economy is shrinking, and now President Biden wants more crippling tax hikes.

The meeting featured Scott Hodge, President of The Tax Foundation.

CLICK HERE to watch the full meeting.

Key Takeaways:

Republicans believe more can be done to help Americans:

• The Tax Cuts and Jobs Act (2017) created opportunity and prosperity for all American workers and Main Street job creators.
• After TCJA, unemployment reached 50-year lows, workers enjoyed growing wages, and companies were investing in America.
• TCJA grew American jobs, paychecks, and our economy. It ensured that our businesses and workers were provided every opportunity to compete and win.
• But today, working families’ paychecks are now nearly one percent lower than before TCJA was enacted four years ago.

President Biden’s proposed tax increases will harm American families and small businesses:

• A study from the Tax Foundation found that President Biden’s tax hikes would shrink the U.S. economy even further, while destroying at least 138,000 U.S. jobs.
• The study also found President Biden’s tax hikes would slash family wages across all income levels, with those making between $33,100 and $50,229 having their after-tax income shrink by more than $2,000.
• Instead of a course-correction, the Biden Administration has doubled down, pushing for tax increases to over $4 trillion total.
• Economic studies showed that Democrats’ tax hikes would result in fewer jobs and lower wages.

Life is harder for American families and main street businesses because of Democrats’ failed economic policies:

• Accelerating inflation, a worker crisis, and the growing risk of a recession are the signature economic failures of the Biden Administration — and will likely get worse.
• Experts at the San Francisco Federal Reserve found that President Biden’s trillions in spending fueled the inflation fire.
• Under President Biden’s leadership, America’s economic performance has fallen short of projections in four of the last five quarters – our economy is now shrinking.
• Working families have fallen further behind, as prices rise three times faster than paychecks.
• A recent NBC poll shows that 62 percent of Americans see their family incomes falling behind the cost of living.
• Economists estimate that Bidenflation is adding at least $5,000 per year in additional costs to the typical family’s budget.
• A survey found that more than 60 percent of job creators worry inflation will close their business, all while Democrats continue to double down on their threats of crippling tax hikes.

Bottom Line: 

• Instead of reckless spending and crippling tax hikes, we should focus on fixing our supply chain, making TCJA permanent, and finding new ways to expand opportunity and prosperity for all Americans.