Tax hikes in the Manchin-Biden “Build Back Better” will land on nearly every income level of workers and American-Made manufacturers as we enter a recession, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “Cavuto Coast to Coast” on Fox Business with guest host Jackie DeAngelis.
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Democrats are targeting American manufacturers with tax hikes in the Manchin-Biden Build Back Better.
“What country in their right mind raises taxes as we are entering, or already entered, a recession? Most countries have been lowering their business taxes to make sure we don’t have higher prices going forward. This doesn’t make any sense.
“The single largest provision in the Manchin-Biden “Build Back Better” are tax hikes, and they land on Made-in-America manufacturers. The companies that hire here and build here in America take the biggest hit.
“Yes, it does violate President Biden’s pledge against raising taxes on people making less than 400,000 a year. Nearly every income level of workers will see a tax hike starting next year.”
The cost of new tax hikes targeting domestic manufacturers will end up in higher prices for consumers, fewer jobs, and lower wages:
“After the Tax Cuts and Jobs Act, we saw half a million manufacturing jobs come back and be created in America. We saw investment in intellectual property, and a giant sucking sound of companies returning to the United States.
“Under this president, we’ve seen just the exact opposite. These tax hikes are going after those companies we value the most – manufacturing, energy, telecom. These are very harsh tax hikes. Our economy can’t take this. There couldn’t be a worse time for it.
“And unleashing 80,000 new IRS agents on families, small businesses, and farmers, driving up drug prices at the worst possible time, and fueling inflation with spending. This makes no economic sense. It will make a very cruel economy under Joe Biden even crueler.”
Democrats’ “Inflation and Recession Act” makes Biden’s cruel economy even worse:
It feels like a double standard. Two quarters of contraction have heralded ten of the last ten recessions. Clearly we are in it. For most Americans, they already know how cruel the economy is, how damaging it is. I wish the White House had a vaccine for denial. They are in denial on inflation, on the worker shortage, and on this recession.”