The Schumer-Manchin deal includes over $350 billion in higher taxes on Made-in-America manufacturing and American workers that will worsen inflation and kill jobs as we enter a recession, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “The Guy Benson Show” with Guy Benson on Fox News Radio.
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Despite Senator Manchin’s claims, the nonpartisan Joint Committee on Taxation finds that nearly every American will see a tax increase.
“My answer would be respectfully, Senator, read your bill. It starts with over $350 billion in higher taxes. First, a pretty devastating tax on Made-In-America manufacturing. The companies that hire the most, that build the most in America, are taxed the most in this bill. Workers also will see a tax increase.
“The Joint Committee on Taxation – the bipartisan scorekeeper for Congress – indicates that nearly every income level, including people making less than $10,000 a year will see a tax hike. There is no question, there are major tax hikes in this bill.
“And by the way, we are in a recession. We’ve got shrinking paychecks, shrinking economy, and a shrinking workforce. Other countries are cutting their taxes to lower and fight inflation. What country in their right mind increases taxes right now, especially on the businesses whose jobs and manufacturing we most depend on?”
President Biden is violating his pledge not to raise taxes on the middle class:
“The bottom line is, companies don’t pay taxes, they collect them. And so you see higher taxes get paid for by workers, and especially in this economy, it comes out in higher prices, which lands on consumers. So there’s no question that those tax hikes will be inflationary and it will violate President Biden’s pledge on taxes.”
President Biden’s denial drove the economy into a recession:
“This economy shrunk for six months in a row. That is the classic definition of recession and that’s how the last ten recessions, by the way, were identified as an economy that is contracting.
“With raging inflation, people’s paychecks are contracting. For the last three months straight, our workforce is shrinking and contracting as well. Certainly, this is a recession.
“The White House will do anything not to say that word and the media that backs them is making sure that word recession is quickly dismissed. It’s frustrating because I think the bulk of Americans already feel like they’re in a recession because this is such a cruel economy for them.”
Studies confirm that the Schumer-Manchin deal worsens inflation:
“You can’t spend this type of money without fueling inflation further and then add those tax hikes on families that begin to kick in next year, as inflation continues to rage.
“There’s no question this will be inflationary. There is almost nothing here to cut the deficit as well. Those are all budget gimmicks. And by the way for families, they’re going to unleash 80,000 new IRS agents on families, farmers, and small businesses.”