Government Watch / Politics

Biden’s Crippling Tax Hikes on Middle Class and Main Street Will Reverse America’s Economic Strength After Tax Reform

tax

WASHINGTON, D.C. – President Biden’s crippling tax hikes on America’s middle class and Main Street will reverse the gains from the Tax Cuts and Jobs Act, according to key witnesses at a Ways and Means Republican Meeting hosted by Ways and Means Leader Rep. Kevin Brady (R-TX) and Select Revenue Measures Subcommittee Republican Leader Rep. Adrian Smith (R-NE).

Ways and Means Republicans were joined by witnesses former Senator Phil Gramm (R-TX) and Larry Kudlow, former Chairman of the White House Council of Economic Advisers.

Rep. Brady said:

“The Tax Cuts and Jobs Act lifted millions of Americans out of poverty and gave hope to so many the old tax code had left behind.

[…]

“Democrats’ socialist agenda pushes companies to countries with lower tax rates—including Communist China. President Biden’s global minimum tax will make it better to be a foreign company and a foreign worker than an American one.

[…]

“Repealing the Tax Cuts and Jobs Act is a tax increase on the middle class. Even liberals agree that under the President’s tax plan, working families will see their taxes go up.”

Rep. Smith said:

“(TCJA) led to good, solid economic growth. Not a sugar high for our economy, but steady growth that added to wages, added to economic growth, and added to a prosperous future for so many Americans.

[…]

“I am seriously concerned about what Democrats’ proposed tax increases would do to state economies across the country, and particularly about the harm faced by our farmers, ranchers, and small businesses.”

Former Senator Phil Gramm (R-TX) said:

  • “If you want to destroy the American economy, destroy small business, destroy family business. There are very few family businesses that can survive these kinds of taxes [that the Democrats want]… Up to 80 or 90 percent of all family businesses would be destroyed in one generation under that tax. And under two generations, there’d be none left. What kind of family farm or ranch of any size or magnitude can survive that kind of tax at a generation change?”
  • “When we cut corporate taxes, workers were huge beneficiaries. When we raise [corporate taxes] we’re raising [workers’] taxes, and you’re paying for it through your 401K.”

Larry Kudlow, former Chairman of the White House Council of Economic Advisers, said:

  • “Six trillion dollars in additional spending is tightly bound to inflation and the public is opposed to it… The Tax Foundation, the University of Pennsylvania at Wharton, and the National Association of Manufacturers/Rice University all say about the same thing—over time, we will lose 1 to 1.5 percent of civilian employment… we will lose 1 to 1.5 percent of GDP, and we will lose 1-1.5 percent of capital stock.”
  • “Seventy percent of the burden of the corporate tax is borne by the blue-collar middle class.”
  • “All these taxes leave no room for wage increases or advanced machinery or equipment, technology that increases productivity and leads to higher real wages.”

ADDITIONAL TAKEAWAYS: 

Tax reform worked for America’s workers and made America competitive again.

  • Republican tax reform led to the lowest unemployment rate in 50 years.
  • Unemployment reached all-time lows for African-American workers, Hispanic workers, and workers without a high school degree.
  • American workers also enjoyed the fastest wage growth in a decade.

President Biden’s tax hikes reverse these gains and send jobs and investment back overseas.

READ: Explainer: The Last Thing American Families and Small Businesses Need is Democrats’ Crippling Tax Increase

Coming out of a pandemic, the last thing Americans need are Democrats’ tax hikes on Main Street and family businesses.

  • Democrats’ supercharged second death tax on small family farms and businesses will cost one million jobs over the next 12 years.
  • The left-leaning Tax Policy Center found that Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031.
  • More than 21 million Main Street job creators will be left shouldering the burden of Democrats’ small business tax hike, which will result in less opportunities for workers and higher prices for consumers.

READ: Democrat Tax Hikes Hit Millions of American Small Businesses, Kill Jobs, Slash American Wages

CLICK HERE to watch this event.

Reprinted with Permission from - US Committee on Ways and Means by - J.P. Freire, Jessica Henrichs, & Leo Lutz

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Janes
2 months ago

Biden is a POS, enough said. I hate the SOB

Bill on the Hill
2 months ago

What’s missing from this particular article but is talked about in AMAC’s Aug 2021 magazine under the ” Seven Patterns Now Shaping the 2022 Midterms ” i.e. ” Biden is No Moderate, ” ” The Border Disaster, ” ” Biden Weakness on the World Stage, ” ” The Alarming Crime Wave, ” ” Democrats Have Become the Party of CRT, ” ” Donald J. Trump is Back and Getting Stronger, ” ” The Year Ahead. ”
by Seamus Brennan is a solid read for sure folks!
In the article it states that INFLATION has now reached it’s highest level in ( 13 ) years and Americans are noticing…Should it come as a surprise to anyone this goes back to Obama’s 1st term & spelled the beginning of the now infamous ( 16 ) year plan? In addition to the 1.9 trillion Biden signed into law on the FAUX ” infrastructure bill ” which is 3000 pages long nobody has read completely I might add & which has hidden away in it, their quote, ” election integrity ” fiasco well hidden within it, well it doesn’t stop there for after this boondoggle spending spree is signed by both RINO’s & Democrats into law, another 3.5 trillion of taxpayer funded spending is already in the works…Quite frankly, I don’t believe Biden himself has a clue to all the damage he is inflicting on the American people up to this point. 1.5 million illegal immigrants have already crossed the border with DHS now bussing them all over the country, mask less & 20% of them testing positive for the Delta variant of the CCP virus allowed into this country & completely unprotected. We The People are being threatened with more SHUTDOWNS & mandatory mask wearing, even in the privacy of our own homes & between the DHS & the US military now flying these infected illegal immigrants throughout this nation as I type this… It is predicted by the end of this year, 2 million illegal immigrants will be inside our nation as they come from all points around the globe now, i.e. middle east terrorist, MS-13 gang members, military aged men ” only ” making the trek northward from Central America, heading for Del Rio Texas & then flown into Laughlin Air Force base just east of the city & other bases as well, Covid infected mothers, fathers & children walking right into America, unopposed…
It is time to SHUTDOWN THE BORDER & COMPLETE THE WALL…
Bill on the Hill… :~)

Chris
2 months ago

Where are our Republican representatives, shouldn’t they be fighting for us ? Rinos like Lindsey Graham and Mitch McConnell have got to be voted out of office. We need Republicans that will fight for us.

Flatwoods
2 months ago
Reply to  Chris

i suspect Trump will remind republican voters during the up-coming primaries who the RINOs were that supported this kind of nonsense and up for re-election next cycle.

Like the other article says, he is indeed the GOP king maker :-)

PaulE
2 months ago

Well if AMAC is truly interested in this topic, then they should be running a series of detailed articles on the currently $6 trillion dollar (it’s not the $3.5 trillion number being reported) “human infrastructure” bill being quickly and quietly assembled in the House by Pelosi, Sanders and AOC. While it is being pitched as only hitting only “the rich” (a definition that is a constantly moving target and also another Democrat lie), if it is passed via reconciliation and is signed into law, every American will be hit in one form or another with higher costs and increased taxes. I’ve looked into a number of items already part of the bill and it will create at least 5 new permanent social welfare programs that will be impossible to remove in the future. Thus locking in multi-trillion dollar annual budget deficits and crushing whole sectors of our economy. It also creates whole new categories of government intrusion, that will ripple through the entire economy at all levels and change daily life as most Americans now know it. Anyway, that is my suggestion if AMAC is truly interested in keeping seniors informed of what is heading their way.

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