America will be a net loser under Democrats’ crippling tax hikes and spending bill, according to Ways and Means Republican Leader Rep. Kevin Brady (R-TX) speaking to Fox Business’s Larry Kudlow.
CLICK HERE to watch the full interview.
On waiting for the CBO score of Democrats’ social spending bill, Rep. Brady said:
“I predict that the tax increases from the tax and spending bill will wipe out any economic growth from the infrastructure. I think America will become a net loser economically from those two bills.
“Secondly, I predict the CBO will not come back showing that the tax and spend bill is paid for. I think the IRS numbers will fall far short, the drug pricing numbers may do that as well, and I predict Democrats in the House will be scrambling for either more revenue, less spending, or more likely — you know Washington — more budget gimmicks.”
Rep. Brady added that Democrats’ bills will reverse the historic gains made under Republican tax reform:
“We cut taxes, grew the economy, dropped poverty rates, and started to shrink income inequality — everything the opposite from what this President and Speaker Pelosi’s trying to do.”
“When we allowed businesses, families, and small businesses to keep more of what they earned, it created incentives to reinvest back in their business, in their community, or in their growth. Look what happened. It was the poor, those with low income, and blue collar workers — all saw massive wage gains far beyond 77 or 80 percent more than under Obama-Biden.”