Brady: Biden’s $4 Trillion Tax-and-Spend Bill Sabotages America’s Economy

November 18, 2021 — Blog    — Opening Statements    — Press Releases   

Noting that inflation will only worsen as a result of Democrats’ tax-and-spend bill, Republican Leader of the Ways and Means Committee Rep. Kevin Brady (R-TX) today delivered remarks on the House floor outlining how Democrats’ bill will sabotage America’s economy, kill jobs, and hammer working Americans and small businesses with crippling tax hikes. 

 

CLICK HERE to watch Rep. Brady’s opening remarks.

 

Key excerpts from Rep. Brady’s remarks appear below.

“President Biden is over 700,000 jobs short of his promises from the last stimulus, has ignored the damaging labor shortage and fastest rising inflation in 40 years.  

“This is all proof that President Biden is bungling the recovery – and leaves many Americans questioning his competence to heal the economy.

[…]

“Build Back Better’s crippling tax hikes will kill American jobs, drive many of them overseas, hammer small businesses as they struggle to recover, worsen the labor shortage, and drive inflation even higher.”

“And yes, President Biden is breaking his pledge not to raise taxes on America’s lower and middle income earners. Two out of three millionaires will get a tax cut, while the middle class get a tax hike.

[…]

“The new corporate minimum tax is really a Made-in-America tax.

“It hits American manufacturing, energy, and technology businesses the hardest, along with American consumers.

“The international tax increases make it better to be a foreign company or consumer than an American one.

[…]

“The penthouse gets an obscene $125,000 tax break – but the building janitor gets nothing. The middle class and the 90 percent of taxpayers who don’t itemize their taxes….get nothing.

“Where are their priorities? The SALT windfall for the wealthy is 50 times larger than help a parent supposedly gets from the child tax credit.  

[…]

“Another budget gimmick is supercharging the IRS with 80,000 new agents. And while Democrats will say they’ve abandoned their bank surveillance plans, the White House is ‘hopeful’ Senators will sneak it back in.

“If you’re worried about rising prices shrinking your paychecks more and more each month, these trillions in new government spending will only make it worse.

“Inflation is killing families, forcing them to effectively pay a second utility, cell phone, or cable bill a month. Inflation is a tax, and Democrats are raising it.

“Crippling taxes.

“Driving jobs overseas.

“Making the worker shortage worse and driving prices higher.

“This is a terrible bill.”

Rep. Brady’s full remarks as prepared for delivery appear below.

Madame Speaker,

We meet today to consider the largest spending bill in American history – a bill that no one has read, no one knows its cost, was written in secret, and rushed to the floor to hide it from the American people.

We meet in the shadow of an awful GDP report that shows America’s economy effectively stopped growing last quarter.

President Biden is over 700,000 jobs short of his promises from the last stimulus, has ignored the damaging labor shortage and fastest rising inflation in 40 years.  

This is all proof that President Biden is bungling the recovery – and leaves many Americans questioning his competence to heal the economy.

Given all that you’d think the President and Congressional Democrats would avoid sabotaging America’s economy further. But that’s exactly what this $4 trillion socialist tax and spending binge does.

Build Back Better’s crippling tax hikes will kill American jobs, drive many of them overseas, hammer small businesses as they struggle to recover, worsen the labor shortage, and drive inflation even higher.

And yes, President Biden is breaking his pledge not to raise taxes on America’s lower and middle income earners. Two out of three millionaires will get a tax cut, while the middle class get a tax hike.

Both the liberal Tax Policy Center and Congress’s own scorekeeper, the Joint Committee on Taxation, confirm this.

This bill imposes over $400 billion in taxes on America’s small businesses. It couldn’t come at a worse time.

There are $800 billion in tax increases on American businesses who compete both here and around the world.

This constitutes an economic surrender to China, Russia, Japan, and Europe – driving American jobs, investment, and manufacturing overseas.

The new corporate minimum tax is really a Made-in-America tax.

It hits American manufacturing, energy, and technology businesses the hardest, along with American consumers.

The international tax increases make it better to be a foreign company or consumer than an American one.

Is it any wonder our foreign competitors are happy to embrace a small global minimum tax – they’re getting American jobs and a big bite of our tax base.  

There’s a troubling new tax that hurts retirement plans – harming workers and seniors the most by punishing businesses that invest in their own stock.

All this while the federal government enjoys record high levels of tax revenue from corporations, small businesses, and high-income earners under the Republican tax cuts in 2017.

This $4 trillion socialist tax and spending binge will drive prices up even higher on families, and make the damaging labor shortage even worse.

As businesses from Main Street to manufacturing struggle to find workers,  Democrats’ changes to the Child Tax Credit no longer require Americans to earn or work to qualify for monthly checks.

Experts predict this, along with lavish Covid-era Affordable Care Act subsidies, could cause up to 2 million more Americans to exit the workforce.

Under their paid leave plan, taxpayers will pay billions of dollars to put Washington in charge of your time off while workers struggle with one-size-fits-all mandates that limit choice for families and crush small businesses.

This is crazy, too: Democrats in Congress are insisting on giving a huge tax windfall to the wealthy 1 percent of Americans by lifting the reasonable SALT cap. The cost of this tax give-away? A whopping $222 billion.

The penthouse gets an obscene $125,000 tax break – but the building janitor gets nothing. The middle class and the 90 percent of taxpayers who don’t itemize their taxes….get nothing.

Where are their priorities? The SALT windfall for the wealthy is 50 times larger than help a parent supposedly gets from the child tax credit.  

It gets worse. Democrats are spitting away $550 billion in green pork subsidies for the wealthy and the world’s biggest corporations – literally sending government checks to the wealthy 1 percent.

Democrats are forcing taxpayers to send $12,500 to a wealthy family buying a luxury electric vehicle worth 80 grand.

They quietly snuck in tax breaks for wealthy trial lawyers, recording artists, electric bikes, and subsidies for the media.   

Of course, labor unions get a huge haul, including forcing the 90 percent of Americans who don’t join a union to subsidize the few who do.

While special interests cash in, families don’t. Did you know this includes a Toddler Tax that will force middle class families to pay $13,000 more a year for their child care?

And there are budget gimmicks galore.

“It costs zero” will go down in history as one of the biggest whoppers President Biden ever told.

The true deficit is trillions of dollars over the decade. 

One of the budget gimmicks lands on America’s seniors who won’t have affordable generic drugs to choose from.

Another budget gimmick is supercharging the IRS with 80,000 new agents. And while Democrats will say they’ve abandoned their bank surveillance plans, the White House is “hopeful” Senators will sneak it back in.

If you’re worried about rising prices shrinking your paychecks more and more each month, these trillions in new government spending will only make it worse.

Inflation is killing families, forcing them to effectively pay a second utility, cell phone, or cable bill a month. Inflation is a tax, and Democrats are raising it.

Crippling taxes.

Driving jobs overseas.

Making the worker shortage worse and driving prices higher.

This is a terrible bill.