Op-Ed: Tax Hikes Will Stifle the Recovery

Senate Finance Committee member outlines harm of Biden’s $2.7 trillion tax hikes on American workers and consumers
April 21, 2021 — Blog    — In Case You Missed It...    — Talking Points    — The Tax Tracker   

In an op-ed for the Wall Street Journal, Sen. Rob Portman (R-OH), member of the Senate Finance Committee, outlined how Biden’s $2.7 trillion tax hikes will slash paychecks, raise prices, and kill American jobs.

KEY TAKEAWAYS:

Republicans and Democrats agree that rebuilding America’s infrastructure is important.

  • Republicans want to rebuild America’s infrastructure, but not at the expense of American jobs.

Republican tax cuts brought investment back to the United States and unleashed record job and wage growth.

  • Biden’s tax hikes are five times as large as Republican tax cuts and will reverse these gains.

Foreign competitors are lowering their tax rates.

Blue-collar Americans and working families will bear the brunt of Biden’s tax hikes.

  • The nonpartisan Congressional Budget Office (CBO) estimates that American workers will bear most of the burden of higher rates in lower wages and lost jobs.

Read the full op-ed here. An excerpt is below:

“Instead of a $2.7 trillion plan that goes way beyond any definition of infrastructure and is paid for with tax hikes on workers and the economy, let’s go back to the proven model: a bipartisan bill focused on real infrastructure with sensible funding mechanisms. Partisan tax hikes will only make America uncompetitive again, hurting American workers and their families.”