Small Business Worried About Survival with Inflation, Worker Shortage, Threat of Tax Hikes
Democrats are not backing off their anti-growth tax hikes and spending proposals, Republican Leader of the Ways and Means Committee Rep. Kevin Brady (R-TX) said on the “Larry Kudlow Show,” discussing how these provisions sabotage the economy, send inflation soaring, and hammer American families and small businesses.
In a conversation with Larry Kudlow, Rep. Brady also debunked President Biden’s false claim that tax reform led to less corporate tax revenue.
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On President Biden’s latest Buy America guidance adding anti-growth provisions on top of Democrats’ infrastructure bill, Rep. Brady said:
“Look, we all want Made-in-America manufacturing. Thanks to President Trump and the new tax code and balanced regulations, we saw growth of about half a million manufacturing jobs the year after we lowered taxes to become competitive.
“But this could drain about 25percent of the value out of that infrastructure package. They just keep heaping anti-growth after anti-growth measures on top of this infrastructure bill, cutting its value dramatically.”
READ: LETTER: Biden Admin Should Drop Unvetted, Job-Killing Made-in-America Tax
Rep. Brady debunked President Biden’s false claims that tax reform led to lower corporate tax revenue:
“We knew if we became competitive, redesigned the tax code, lowered those rates, encouraged investment, and families and small businesses kept more of what they earned, we’d see dramatically different economic growth, and more revenue. We had the three highest revenue years in history after the Trump tax cuts. We saw that economic growth go with it.
“It has been rewarding to see the corporate rate revenue exposed, because as you said, both President Biden and Secretary Yellen still cling to the claim that corporate tax revenues are down forty percent and businesses aren’t paying their fair share – it’s nonsense, and it has been debunked.”
READ: Fact Check: Higher Corporate Tax Revenue After GOP Tax Reform Debunks Another Democrat Myth
On small businesses being hit by inflation, a worker shortage, and the threat of more tax hikes, Rep. Brady said:
“Last week I saw two reports that really troubled me. The first was that six out of ten small businesses aren’t sure they’re going to survive, principally because of higher prices, because of inflation.
“The other, is the NFIB survey, which showed that optimism among small businesses plummeted to the lowest level since they began surveying, and it’s because they’re getting hit with higher prices, they can’t find workers, and they’re still very much aware of President Biden’s tax hikes that he continues to push for in this slimmed down Build Back Better.”
On what can be done to curb inflation, Rep. Brady noted:
“First, stop making it worse with more stimulus, or more government spending, or tax hikes that in this economy will surface in higher prices. The solution here is on the supply side.
We need far more investment in equipment, technology, supply chain, investment in America rather than overseas, as well as incentives that reward work. Let’s pull another two million people off the sidelines and back into the workforce.”