The international tax increases make it better to be a foreign company or consumer than an American one. It hits American manufacturing, energy, and technology businesses the hardest, along with American consumers. The new corporate minimum tax is really a Made-in-America tax. This constitutes an economic surrender to China, Russia, Japan, and Europe – driving American jobs, investment, and manufacturing overseas. There are $800 billion in tax increases on American businesses who compete both here and around the world. This bill imposes over $400 billion in taxes on America’s small businesses. Two out of three millionaires will get a tax cut, while the middle class get a tax hike.īoth the liberal Tax Policy Center and Congress’s own scorekeeper, the Joint Committee on Taxation, confirm this. But that’s exactly what this $4 trillion socialist tax and spending binge does.īuild 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.Īnd yes, President Biden is breaking his pledge not to raise taxes on America’s lower and middle income earners. Given all that you’d think the President and Congressional Democrats would avoid sabotaging America’s economy further. This is all proof that President Biden is bungling the recovery – and leaves many Americans questioning his competence to heal the economy. 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. We meet in the shadow of an awful GDP report that shows America’s economy effectively stopped growing last quarter. 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.
Shadow president shrinking economny full#
Brady’s full remarks as prepared for delivery appear below. “Making the worker shortage worse and driving prices higher. Inflation is a tax, and Democrats are raising it. “Inflation is killing families, forcing them to effectively pay a second utility, cell phone, or cable bill a month. “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. And while Democrats will say they’ve abandoned their bank surveillance plans, the White House is ‘hopeful’ Senators will sneak it back in. “Another budget gimmick is supercharging the IRS with 80,000 new agents. “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. The middle class and the 90 percent of taxpayers who don’t itemize their taxes….get nothing. “The penthouse gets an obscene $125,000 tax break – but the building janitor gets nothing. “The international tax increases make it better to be a foreign company or consumer than an American one. “It hits American manufacturing, energy, and technology businesses the hardest, along with American consumers. “The new corporate minimum tax is really a Made-in-America tax. Two out of three millionaires will get a tax cut, while the middle class get a tax hike. “And yes, President Biden is breaking his pledge not to raise taxes on America’s lower and middle income earners. “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.” “This is all proof that President Biden is bungling the recovery – and leaves many Americans questioning his competence to heal the economy. “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. 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.ĬLICK HERE to watch Rep. Noting that inflation will only worsen as a result of Democrats’ tax-and-spend bill, Republican Leader of the Ways and Means Committee Rep.