In an op-ed for the Washington Examiner, Ways and Means Republican Rep. Kevin Hern (R-OK) warns against President Biden’s tax hikes that will devastate America’s working families, Main Street businesses, and blue-collar workers.
Rep. Hern wrote:
“Biden’s proposal reverts us back to a pre-Tax Cuts and Jobs Act economy, a tax code written before e-commerce existed. His proposals erode the progress made over the last four years. He calls for raising our corporate tax rate even higher than communist China. […]
“Make no mistake: Despite rhetoric from the Biden administration, the burden of these tax hikes will fall on workers and families.”
President Biden’s Tax Hikes Are A Broken Promise to Working Families.
- 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’ runaway spending has caused prices to rise twice as fast as paychecks – leaving American families falling behind. Real wages have declined since President Biden took office.
Biden’s Global Tax Puts Foreign Companies Ahead of American Workers
- Under Biden’s Global Tax Surrender, it’s better to be a foreign company or foreign worker than it is to be an American company or American worker.
- A new Gallup poll finds that 65 percentof Americans believe our top foreign policy priority ought to be protecting the jobs of American workers.
Majority of Americans Agree: Now Is Not the Time to Raise Taxes.
- The vast majority of Americans oppose post-pandemic tax hikes.
- Americans need good-paying jobs, not Democrats’ endless government checks and tax hikes that increase consumer prices and slash paychecks.
Excerpts appear below. CLICK HERE to read the full op-ed.
Under Biden, America will never be a global leader of industry
Rep. Kevin Hern
June 30, 2021
Republicans passed a historic tax overhaul called the Tax Cuts and Jobs Act in 2017. The reason? Our tax code hadn’t been updated since the 1980s, even though the way we lived and did business was totally different. As a result, we unleashed economic growth that put more money in people’s pockets, provided greater opportunities, and brought poverty to record lows.
Yet, President Joe Biden wants to undo all that progress.
The Tax Cuts and Jobs Act brought us into the 21st century, giving America a competitive edge. Pro-growth policies enacted by the Trump administration fostered economic development within the United States instead of incentivizing companies to leave. We lowered the corporate tax rate to 21%; provided for immediate expensing of property, plant, and equipment; and adopted a new minimum tax on foreign earnings. The Tax Cuts and Jobs Act made the U.S. an attractive place to invest and create good-paying jobs, and it significantly reduced tax-driven incentives to shift investment and profits offshore.
Biden’s proposal reverts us back to a pre-Tax Cuts and Jobs Act economy, a tax code written before e-commerce existed. His proposals erode the progress made over the last four years. He calls for raising our corporate tax rate even higher than communist China. He wants to double the minimum tax on foreign earnings of U.S. companies and negotiate with Russia and China to keep their taxes high. (There’s no reason to believe they would.)
Make no mistake: Despite rhetoric from the Biden administration, the burden of these tax hikes will fall on workers and families. I can’t think of a worse time to do this.
The Biden administration wants you to believe that tax policy must be either pro-worker or pro-business, that if you’re for one, you must be against the other. That’s just not true. We can grow domestic business opportunities while also motivating wage growth and job creation. Good, sound tax policy can accomplish both.
CLICK HERE to read the full op-ed.