Fighting for American Jobs Against President Biden’s Job-Killing Tax Hikes

Republicans fought for workers and American competitiveness in the 2017 tax reform. The result? Higher wages, more jobs, historically low unemployment (with an expanded labor force), and an end to losing jobs overseas. President Biden wants to reverse those gains, making the worst economic blunder of our lifetimes. Here’s what you need to know:

Explainers and FAQs: 

 

ROLLING UPDATES:

4/12: New York Post: With Economy on the Mend, America Doesn’t Need Biden’s Irresponsible $2 Trillion Infrastructure Plan

The economy is on the mend, but the Biden Administration doesn’t want you to know that, according to an editorial by the New York Post.

The newspaper’s editorial board writes that the Biden Administration and top Democrats are ignoring March’s explosive jobs report, because doing so would get in the way of their $2 trillion tax hikes masking as responsible infrastructure reform.

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4/12: LETTER: Biden Must Stop Wasting Americans’ Tax Dollars in Fraud & Improper Payments

WASHINGTON – At the very moment Democrats are pushing to raise job-killing taxes and make the expanded refundable Child Tax Credit permanent, billions of taxpayer dollars are already being lost in improper payments in a similar program, write Ways and Means Republican Leader Kevin Brady (R-TX) and Ways and Means Oversight Subcommittee Republican Leader Mike Kelly (R-PA) in letters to top Biden Administration officials. Warning of the Child Tax Credit program’s susceptibility to rampant fraud and impropriety, they urge greater protection for hardworking Americans from wasteful spending.

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4/11: Brady on Fox Business: Biden’s Tax Hikes Are Dangerous to Blue-Collar Workers

This week, House Ways and Means Republican Leader Kevin Brady (R-TX) appeared on Fox Business’s “Maria Bartiromo’s Wall Street” to warn against President Biden’s $2 trillion job-killing tax hikes. Watch the full interview here. Excerpts are below.

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4/9: Businesses to Biden: Tax Hikes Will Destroy Good-Paying Jobs

While top Biden officials have kept fact checkers busy this week with misleading claims about their ‘infrastructure bill’ (see here and here), one new study shows Biden’s tax hikes could destroy 1 million jobs in the first two years.

One company even warned that Biden’s higher tax bill would threaten $5 billion in annual spending on capital and R&D.

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4/8: Amid OECD Negotiations, Ways and Means Republicans Urge Secretary Yellen to Protect Workers & Their Jobs

WASHINGTON – Today, amid ongoing OECD negotiations, top Republican on the House Ways and Means Committee Kevin Brady (R-TX), alongside 16 Republican committee members called on Secretary of the Treasury Janet Yellen to take “a strong position in favor of the U.S. tax base, workforce, and business community.”

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4/8: ICYMI: Biden Tax Hike Could Lead to Billions in Cuts for American R&D

President Biden’s tax hikes not only push Americans’ jobs overseas but jeopardize American R&D—the very thing he claims needs more investment, despite rejecting Republican proposals to do just that.

President Biden has said: “You know, decades ago, the United States government used to spend 2 percent of its GDP — its gross domestic product — on research and development. Today, we spend less than 1 percent.  I think it’s seven-tenths of 1 percent.”

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4/7: Biden’s Axis of Taxes Gives Russia & China a Vote on Survival of Americans’ Jobs

A new effort by President Biden to collaborate with leaders of Russia, China, and other governments will result in American workers and businesses paying higher taxes to finance wasteful spending in the U.S. and across the world, according to recent remarks by Treasury Secretary Janet Yellen. The Biden Administration is actively seeking cover behind a multi-country tax agreement to hide the fact that their massive tax hikes will be shouldered by American workers and small businesses.

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4/6: Brady: Biden Tax Hikes Send U.S. Jobs Overseas, Negating Infrastructure Gains

President Biden’s tax hikes threaten to push Americans’ jobs overseas, and would negate any possible long-term economic benefit of infrastructure spending. They also reverse Americans’ historic gains in jobs, wages, and growth, achieved thanks to Republican tax reform. Rep. Kevin Brady (R-TX) joined CNBC’s “Squawk Box” on Tuesday to explain how increasing taxes puts the burden on Americans at exactly the wrong time.

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4/6: ICYMI: President Biden’s ‘Centrism’ Is a Tax-Hike Extravaganza

President Biden’s tax increases would make America less competitive and cost American jobs. Writing in RealClearMarkets, National Taxpayers Union Foundation’s Andrew Wilford offers details.

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4/1: President Biden’s Job-Killing Tax Plan Threatens Your Job and America’s Economic Strength

President Biden is pushing ahead with his job-killing tax plan that endangers Americans’ livelihoods and undermines America’s economic strength.

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3/31: Biden Proposes $2 Trillion Tax Hikes for Workers, U.S. Employers

President Biden plans to unveil a series of job-killing tax hikes as a part of his next spending plan with even more tax increases on the table. Here are some details on these policies.

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3/29: Brady, Comer Introduce “State Tax Freedom” Act Curbing Pelosi Path to Higher State Taxes

WASHINGTON—Insisting that Washington shouldn’t veto state tax cuts, Ways and Means Republican Leader Kevin Brady (R-TX) and House Committee on Oversight and Government Reform Republican Leader James Comer (R-KY) offered a new bill, the “State Tax Freedom Act,” during the pro forma session on Friday afternoon. The bill (HR 2189) pushes back against an unconstitutional provision inserted into the American Rescue Plan that restricts states’ ability to manage their own finances.

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3/26: Top Biden Official: Raising Taxes for Middle-Class Drivers “Looks Promising”

Key Takeaways:

  • Biden Transportation Chief Says Tax that Hits the Middle Class “Looks Promising”: During an exchange with CNBC’s Kayla Tausche, Transportation Secretary Pete Buttigieg said there was a lot of promise in raising taxes on drivers–which would fall on lower and middle-income Americans, as well as manufacturing.
  • Biden’s Spending Plans Require Taxing More Than Just the Rich: President Biden’s pledge not to raise taxes on any individual making less than $400,000 a year won’t be able to fund his partisan spending spree.
  • Biden’s Tax Pledge Is Already Full of Holes: White House Press Secretary Jennifer Psaki raised concerns about whether that pledge will be upheld when she seemed to change the terms of the pledge by suggesting the pledge was about “families” earning less than $400,000, not individuals–meaning a family where two income earners are nearing retirement and at the peak of their earnings.

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3/31: Biden Proposes $2 Trillion Tax Hikes for Workers, U.S. Employers

President Biden plans to unveil a series of job-killing tax hikes as a part of his next spending plan with even more tax increases on the table. Here are some details on these policies.

READ MORE HERE

3/26: Brady: No President Has Ever Raised Businesses Taxes to Recover From an Economic Crisis

Asked about President Biden’s crusade to raise taxes on American corporations, Ways and Means Republican Leader Kevin Brady (R-TX) replied, “This is insane. No president has ever raised business taxes to recover from an economic crisis.”

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3/25: Debunking Biden’s Misleading Tax Claims—Yes, Republican Tax Reform Helped All Americans

In his first press conference since inauguration, President Biden promoted policies that would make America less competitive, while downplaying how the GOP-led Tax Cuts and Jobs Act fostered American economic growth with higher wages, more jobs, and greater innovation.

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3/25: Every American Will Shoulder Burden of President Biden’s Recovery-Killing Tax Grab

Appearing during a Ways and Means Republican meeting on President Biden’s Recovery-Killing Tax Grab, American Action Forum’s Douglas Holtz-Eakin provided a breakdown of President Biden’s harmful tax policies. Here are quick takeaways from his remarks, which you can watch here.

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3/24: Brady, Crapo Press Treasury for Clear Guidance on Democrats’ Ban on State Tax Cuts

WASHINGTON–Treasury Secretary Janet Yellen has so far provided little information in response to 21 state Attorneys General, who raised concerns in a March 16 letter about a provision in recently enacted COVID-19 response legislation that could severely restrict states’ ability to provide tax relief to local workers, families, small businesses, and farms.

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3/24: Event Round-up: Biden’s Tax Increases Will Gravely Harm Workers, Families, and Main Street Businesses

Ways and Means Republican Leader Kevin Brady (R-TX) led a roundtable to discuss the disastrous tax policies being pursued by Democrats in their continued push for a partisan tax-and-spend agenda.

Rather than safely reopening the economy and restoring our pre-pandemic economic strength, Democrats’ economic policies will limit growth and raise costs for hard-working American families.

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3/23: Democrats Seek Reversal of GOP Tax Cuts that Brought Jobs, Businesses Back to U.S

new report from the Joint Committee on Taxation shows that the Tax Cuts and Jobs Act (TCJA) succeeded in promoting business investments in plants and equipment, increased employment, and encouraged businesses to return to the U.S. These gains would be reversed by President Biden’s pledge to repeal TCJA and raise the corporate rate.

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3/23: Biden’s Tax Hike Plan Exposed for Hitting Families

President Biden has urged a full repeal of Republican tax reform, which would lead to a tax increase on most Americans. He has also offered that “Anybody making more than $400,000 will see a small to a significant tax increase. If you make less than $400,000, you won’t see one single penny in additional federal tax.” Americans for Tax Reform helpfully documented over 56 times in which he and now-Vice President Kamala Harris have made this pledge.

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3/23: Brady: GOP Rejects Dems’ Sham “Members’ Day” Hearing, Call For Real Work on Infrastructure

In a forceful opening statement, Ways and Means Republican Leader Kevin Brady (R-TX) announced that Republicans would not be participating in Democrats’ partisan “Members’ Day” hearing that allows for no meaningful dialogue between both parties on a crucial issue like infrastructure. Following his remarks, Rep. Brady logged off and kicked off a separate Republican roundtable on President Biden’s Recovery-Killing Tax Grab.

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3/18: Lawsuit Seeks to Stop Pelosi’s Path to Higher State Taxes

Ohio’s attorney general is suing the Biden administration over the new $1.9 trillion spending bill’s unconstitutional attack on states’ ability to set their own tax policies.

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3/17: Brady: IRS Tax Filing Extension is Beginning of Democrats’ Tax Hike Chaos

WASHINGTON — Rep. Kevin Brady (R-TX) issued the following statement on the IRS’s announcement that it will extend the tax filing deadline to May 17.

“Democrats’ $1.9 trillion bill continues to cause chaos, to the point that delaying tax filings in order to accommodate the law’s provisions may be a wise decision. Yet this is where the problems begin, not where they stop, as the agency will be under enormous strain to implement far-ranging socialist policies, to which Democrats are now seeking to add trillions of dollars in new tax hikes.

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3/17: Republican Leaders: Washington Shouldn’t Veto State Tax Cuts

WASHINGTON, DC – Today, House Republican leaders sent a letter to Secretary of the Treasury Janet Yellen highlighting the urgent need for guidance and requesting clarification from the Treasury Department on questions pertaining to the Coronavirus State Fiscal Recovery and Coronavirus Local Fiscal Recovery Funds included in the American Rescue Plan (ARP). The letter was led by top Republican on the House Ways and Means Committee Kevin Brady (R-TX), Republican Whip and top Republican of the Select Subcommittee on the Coronavirus Crisis Steve Scalise (R-LA), and top Republican on the Committee on Oversight and Reform James Comer (R-KY), and signed by all Republican members of their committees.

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3/12: ICYMI: Biden’s tax hike slows economic growth, cuts employment

Key Takeaways: 

  • New findings from the Tax Foundation show that increasing the corporate tax rate from 21% to 28% would reduce GDP, the broadest measure of goods and services produced in the country, by nearly 1% and eliminate 159,000 jobs. It would also reduce workers’ wages by 0.7%.
  • Hiking the tax rate paid by corporations to 28% would cause the federal-state combined tax rate to roughly 32%, the highest statutory tax rate in the 37-member Organization for Economic Cooperation and Development harming U.S. economic competitiveness and increasing the cost of investment in America.
  • Biden repeatedly pledged to roll back former President Donald Trump’s 2017 Tax Cuts and Jobs Act, which lowered the corporate tax rate from 35% to 21%, during his presidential campaign.

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3/12: Brady on CNBC: Democrats Will Hike Taxes Further Than $60 Billion Already Hidden in New Law

Ways and Means Republican Leader Kevin Brady (R-TX) appeared on CNBC’s Squawk Box to discuss the economic harm looming from Democrats’ hidden tax increases in the recently enacted so-called “relief package,” only 9 percent of which goes towards dealing with coronavirus.

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3/10: Brady: Democrats’ Political Payoff Leaves Americans Behind and Sends Them the Bill

Less than a dime of every dollar goes to Covid vaccines and defeating the virus in Democrats’ $1.9 trillion bill, and it doesn’t do anything to stimulate the economy, according to Ways and Means Republican Leader Kevin Brady (R-TX). Today’s bill, he noted, won’t lift people out of poverty, but only create more barriers to getting out of it. Those historically left behind in our economy enjoyed wage gains after passage of the Tax Cuts and Jobs Act, but Democrats are leaving them behind today.

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3/9: Brady on Fox: Partisan Dem Tax Hikes Will Follow $1.9T Political Payoff

Democrats will push for tax increases immediately following passage of their partisan $1.9 trillion bill, warned Ways and Means Republican Leader Kevin Brady on Fox Business. In an interview with Neil Cavuto, Brady outlined how the Democrats’ bill will do nothing for the economy, and their push to increase taxes will make the economy even worse.

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3/8: Op-Ed: Tax increases are the wrong medicine for our struggling economy

Key Takeaways: 

  • After TCJA, U.S. GDP grew 4.1% in 2019 after increasing 5.4% in 2018, unemployment reached a 50-year low of 3.5%, and with 6 million new jobs. Lowering the corporate tax rate from 35% to 21% made America more internationally competitive.
  • President Biden and some in Congress are proposing to raise the corporate rate to 28%, which would undo much of that progress.
  • Treasury Secretary Janet Yellen “pledged in her testimony that Biden would not move to raise the top corporate tax rate until the pandemic is over. If it is true that it makes no sense to diminish the attractiveness of the U.S. to locate a business, invest in new equipment, and hire new workers during the pandemic, then it is equally true that it would be just as controversial in good economic times.”

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3/1: Dems’ $1.9 Trillion Bill Could Raise Borrowing Costs for Government and Consumers

With each new dollar we spend, the cost of borrowing money is increasing. While Democrats have made clear that money is no object in their $1.9 trillion stimulus passed by the House in the dead of night last Friday, they have made little mention of how increasing interest rates — as a result of the massive amount of federal spending over the last year — could result in an additional $1.3 trillion in additional borrowing costs for the federal government, that would also impact consumers paying for homes, cars, or education. This $1.9 trillion in new spending exacerbates the problem.

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