Government Watch / Politics

Tax and Spend Nightmare: How Build Back Better Will Wreck the Economy

tax

The Democrats’ radical tax-and-spend package is over 2,000 pages long and contains billions of dollars in tax increases that will harm working families in the form of higher prices, lower wages, and fewer jobs. While President Joe Biden’s “Build Back Better” (BBB) program, more aptly described as “Broke Bankrupt Begging,” the House-passed measure includes a slew of reckless, socialist spending proposals that will cost taxpayers billions of dollars over the next ten years and will wreck the U.S. economy just as we are finally coming out of the COVID-19 pandemic. Here’s how.

First, the President’s vow that his social spending and climate plan “costs zero” and “will add zero dollars to the national debt” is, well, a bunch of malarkey. This week, the Congressional Budget Office (CBO) released their analysis stating that “enacting this legislation would result in a net increase in the deficit totaling $367 billion over the 2022-2031 period, not counting any additional revenue that may be generated by additional funding for tax enforcement.” The BBB seeks to increase Internal Revenue Service (IRS) enforcement measures that it estimates will generate $127 billion more in net revenue, which would leave the bill’s spending roughly $250 billion short of being fully offset, at best. With a national debt approaching $30 trillion and socialist Democrats already having spent over $5 trillion this year alone, another $5 trillion spending package is bad news for America, American workers, and American families.

House Minority Leader Kevin McCarthy (R-CA) took to the floor Thursday night in a marathon 8 hour and 32-minute speech, now the longest floor speech in U.S. House history, to delay and fight back against the radical spending package. He outlined several proposals on why he and the Republican Caucus oppose more reckless spending.

“This bill massively raises prices on all products made and manufactured in the United States — placing a massive burden on American workers and consumers at the very moment we are under attack by the Chinese Communist Party and the companies they support. This Made in America Tax will send our jobs overseas, send the rest of our supply chains to China, and make us dependent on foreign producers, foreign countries, and foreign dictators. And every single American will pay for it every single day in every single purchase made. That alone is reason enough to defeat the bill,” McCarthy argued in a marathon floor speech that delayed the vote.

Next, curtailing record-high inflation should be the focus of Congress, not more spending proposals. In the last twelve months, the cost of gasoline has increased 49.6%; used cars and trucks 26.4%; meats, poultry, and eggs 11.9%; beef 20.1%; bacon 20.2%; fresh fish and seafood 11.0%; furniture and bedding have increased 12.0%; bread and crackers 7.5%; and TVs 10.4%.

According to the Americans for Tax Reform, the BBB “bill also includes massive tax hikes on businesses, like the 15 percent global minimum tax, 15 percent domestic minimum tax, and a new surtax on adjusted gross income (AGI) that will hit pass-through businesses. This, similarly, will be passed on to consumers through higher prices.”

In addition to Americans being penalized for routine daily spending, under the BBB, they will also be taxed heavily for saving their hard-earned money. The BBB will make dramatic changes to American retirement accounts in several ways. According to ATR, it “prohibits contributions to a traditional or Roth IRA if the total value of an individual’s IRA plus defined contribution accounts exceed $10 million,” it creates a “new required minimum distribution (RMD) for taxpayers with more than $10 million in their account,” it prohibits taxpayers “from converting any portion of a non-Roth account to a

Roth IRA if the account has any after-tax contributions, and starting in 2032, “taxpayers earning more than $400,000 would be prohibited from converting funds from non-Roth accounts to Roth IRAs.” Those are just a few ways Biden’s policies could hurt everyday Americans.

So Democrats want to tax you if you spend money, tax you if you save money, and tax you when you die. This disastrous bill must be stopped in the Senate, otherwise millions of Americans will find themselves broke, businesses bankrupt, and our country begging for relief.

Bob Carlstrom is President of AMAC Action


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Marie Langley
11 months ago

When is Biden going to stop blaming Trump for his incompetence? Everything is Trump’s fault, it’s never their fault. I am sick to death of paying tax after tax after tax. Even Jen Psaki blames Trump for everything, even the border crisis. Get a grip!!!!! She is the queen of propaganda. How do these people sleep at night knowing that the American people are suffering because of their tax increases?

Max
11 months ago
Reply to  Marie Langley

He’s only following his master’s desires.

Bill Scanlon
11 months ago

You talk about every day Americans. Then you talk about IRAs with ten million dollars. What percentage of Americans have 10 million dollars socked away. If you’re not to busy look it up. I would be very interested in that number. Am I out of touch or are you?

Kat
1 year ago

This is their plan to wreck the economy so they can do their RESET. It has to be stopped!!

HocasPocas
1 year ago

I think the American citizens need to distance themselves from the federal government. It’s time that we start getting representation for the taxes that they are taking from us. Let’s get back to the constitution and bill of rights. If government officials cannot adhere to this, they should not be in office. Let’s go Brandon!!!!!

Eddie Van Halen
11 months ago
Reply to  HocasPocas

I say BUCK FIDEN ! ! ! !

Tim Toroian
1 year ago

I can’t believe Republicans voted for the crap and heard tell how much it would for the country and he sounded like a little kid who understands SQUAT.

anna hubert
1 year ago

He builds back better as he stumbles from disaster to the next

Joanne 4 justice
1 year ago

Thx 4 the info; I, personally, can not support this bogus HUGELY EXPENSIVE bill at -all !!!! In VIEW , of all the damage this evil Socialist led administration, has caused in less than 1 year!!!! THIS inappropriate legislation (? ) is ” THE ICING ON THE CAKE ” THE WORST DISASTER IN THIS ENTIRE MESSY SITUATION ! THE GOAL ; DESTROY ALL THAT REMAINS OF AMERICAN DEMOCRACY !!!…………….
FOLKS, WE ALL NEED TO UNITE /;TO WRITE, CALL EMAIL AND TEXT YOUR REPRESENTATIVES and SENATORS TO KILL this BILL THAT IS BEING FALSELY REPRESENTED AS A ” FIX ALL SOLUTION!!!!I ” DO THIS NOW !!!! DO .IT BEFORE WE ALL LOSE OUR DEMOCRACY AND OUR FREEDOMS!!!!!!!!!!

Paul W
1 year ago

Yet plenty of ignorant, lemming fools continue to buy into this disaster of a regime’s plan. This is all a 100% intentional plan to destroy the country’s economy. The fools that believe the left has their best interests at heart are living in a world SO FAR from reality that the Hubble Telescope couldn’t even see them. I’m continuously disgusted that people living nearly a quarter of the way through the 21st century can be so utterly and naively stupid. Even if the elections of 2022 are free and fair (which I highly doubt) it will, most probably, be far too late to affect enough change to stop the sinking of this country. The bills that the dims are passing is assuring that. A point is reached when a ship has simply taken on too much water to stop its inevitable sinking. I have little doubt that point will be reached before the 2022 elections. Yuri Bezmenov was oh so right.
Pray for a miracle, because a miracle is what it’s going to take to right this intentionally scuttled ship.

BAE
1 year ago

Biden and his out of touch administration could not build back anything. And anything
that goes wrong, they will make up an excuse. Not their fault. It’s ALL THEIR FAULT.
Hopeless democrat administration ! ! !

Gen. Patton
1 year ago

Wake up America——-these Marxist Moron Democrats will turn America into a 3rd world country

Stephen Russell
1 year ago

Build Back Better to Depression 2 ahead

Hal
1 year ago

Yep, the News Media and the Dumbocraps skewered Hoover for being responsible for the 30’s Depression. The same double whammy by the News Media and the Democraps made it worse and near impossible to snap back quickly. But FDR was fortunate enough that Japan grossly overstepped their bounds and allowed a military buildup that produced jobs and lot of casualties in the ranks of the Nation’s soldiers. The Nation will be lucky if Joe Hidin’ Biden and his DemocRats don’t repeat that strategy. Since Biden is a silent partner to the Chinese Commies, he will have to struggle to find a Nation he can antagonize and start a war with … thus distracting from his dismal, ineffective measures to rev up the economy. I hope and pray that the majority of this Nation’s citizens become aware of how incompetent and dangerous the leadership of the Democrap Party is when it is trying to manage and cover up its ineptitude.

Eddie Van Halen
1 year ago

B B B – sounds like some Madison Ave. advertising trash. Then again, those ( D ) communists are nothing but Constitution hating trash themselves. BOTH ‘parties’ full well know that ALL social ‘programs’ need to be stopped, like NOW. Take the Nat’l Endowment of the Arts first and foremost. Then the Dept. of Energ., Dept. of Education, ALL foreign aid, payments to the Un-tied Nations. About 70% of DC needs to be closed. If not that, then we will be eating roast mongrel and each other when the bottom falls out. Remember what happened to the Roman “Empire” ?

PaulE
1 year ago

Yes, 70 percent of what Washington spends money on today has nothing to do with what is defined as the roll of government under the original parameters of the Constitution. Most of what our taxpayer dollars simply fund are a myriad of social welfare programs (use mainly for buying votes by another name) and political pork to reward the mega donor class to keep those already elected in office.

Good luck getting anyone in Washington to agree to actually a cut a dollar of federal spending though. I have yet to meet any career politician, of either party, who is really willing to scale back federal spending in any way, which would of course lessen their chances to get fat campaign donations. They’ve all feathered their own bank accounts, to one degree or another. Show me a poor member of Congress and I’ll show you someone that was just recently elected for the first time. After a few years, they all morph into multi-millionaires. So when the bottom does drop out, they can ride out the collapse in style and comfort.

PaulE
1 year ago

Well I answered this post too and was censored yet again by AMAC. Seems the AMAC censor doesn’t like honest answers.

Eddie Van Halen
11 months ago
Reply to  PaulE

PaulE – the trouble with YOU is that you are a Constitutionalist.

Editor
Alyssa Burke
11 months ago
Reply to  PaulE

Dear Reader,

We regret that your comment was temporarily placed in pending status. This was due to a software malfunction and was not intentional.

AMAC is a firm defender of our First Amendment rights, which are increasingly under fire from those aiming to prevent, cancel, punish, and intimidate the individual American from exercising freedoms of speech, assembly, and worship. AMAC works tirelessly to defend these foundational rights – on which so much else depends.

Again, our sincere apologies. We and appreciate your understanding as we work to improve our software systems.

DonS
1 year ago

Why do we read and hear about more bad news and not one thing is being done (action!) to counter it? Such as arrests for treason, hauled off in handcuffs at gunpoint, a firing squad being organized to administer justice to these tyrants??!!

No good news does not appear to be available, so why continue reading AMAC’s site when no action is being taken?

PaulE
1 year ago
Reply to  DonS

Who do you think is going to make these arrests and prosecutions? DOJ? FBI? Lol! They’ve all been completely politicized and are now just the enforcement arm of the Democrat Party. Haven’t you been paying attention to anything that has been going on in Washington for the last 30 years.

DonS
11 months ago
Reply to  PaulE

That maybe, but at least I can hope for the best. Without hope, what do you do to keep up your thinking, be positive and posting on AMAC? You must have hope! I do enjoy and read your posts. Do you think that your post claiming I have not been paying attention will do any good even though I expressed what really should be taking place regardless? Therefore, I am not perfect, are you claiming you are perfect? Where were you 30 years ago then?

nick patriot
1 year ago
Reply to  DonS

Because most repubs are in on it. The fix is in for socialism/communism and they know it. Most repubs are worthless and just as evil and guilty as the commiecrats. There’s no fight in them.

Frank
1 year ago

Come on after past bills passed during Obama’s 8 years do you really think the money in this one will go to what it’s supposed to? Obama and the democrats ran billions into their infrastructure and green bills and it was proven a lot of that money ended up in the democrat’s pockets. If I remember right none of the Green Companies they claimed to have created are even in business. Well, to me it looks like Biden is using Obama’s playbook which to me means yet another scam. This bill is intentionally created solely to crash America in the name of Socialism. To build up their bank accounts before the crash. We suffer and they don’t.

PaulE
1 year ago
Reply to  Frank

See you understand things quite well. Except now we’re talking trillions instead of billions and there won’t be any coming back.

johnh
1 year ago

Kevin McCarthy +8-hour speech to delay a vote on bill is a waste of time as far as I am concerned. And it just shows that both sides will not work together. What about this country and not just your party.

PaulE
1 year ago
Reply to  johnh

I’m sure you fully support all the spending the Democrats have laid out since you voted for these folks. So why aren’t you on AARP cheering them on with the other Dems, instead of being here?

Eddie Van Halen
11 months ago
Reply to  PaulE

PaulE — I remember ( a long time ago ) when I ‘hit’ 50 ? Ah-Ah-oo-ee ( AARP ) send me my ‘sign up’ info / paperwork for membership. Don’t know how they figger’ I was one of dem.’ Some years later I saw that they had a cover photo of Springsteen. At that point ? Game over. Just like Hitler was “man of the Year” in 1938 for Time mag.

Garye
1 year ago
Reply to  johnh

John the democrats are ONLY the party of self-serving, anti American policies.
Why would ANYONE support them???

George Dahlke
1 year ago

When it comes to the BBB, I prefer the Biden BS Buffet! :)

Myrna
1 year ago

In today’s hearings, Elizabeth Warren made the statement that this BBB will prevent $23 trillion in environmental damage. She has no knowledge of the future that would justify such an assertion.
All of the costs we can imagine are just that: imagination = fiction.
Janet Yellen also stated that BBB will not cost anything, implying that the President can say that and she will say that and the more times we hear it the better the chances that dummies will believe it.
I hope what we can guess about the future is that it will become abundantly clear that the tax payers from whom these politicians plan to squeeze all this money will refuse. This guess is also imaginary but much more reasonable. When will the rich and powerful develop just a little humility????????

Eddie Van Halen
1 year ago
Reply to  Myrna

I ‘thought’ Liz girl died. Oh that was just her “brain.”

Boz
1 year ago

THAT is the plan.

Tim Thompson
1 year ago

Janet Yellen was asked this morning how the build back better agenda will help Americans. She then went into a grocery list of freebees that are intended to make America work better from day care, to just about 10 programs that will be available in new programs. Unfortunately these programs cost money and she must figure that the Trillions of dollars will simply be printed to pay for it. Unfortunately not true, they are going to bankrupt Americans with higher taxes through the nose and along with inflation, everything costing more through the roof it’s the final straw that more than likely will break the camels back and bankrupt America to it’s knees. These people are sick, throwing the baby out with the bath water more likely.

Eddie Van Halen
1 year ago
Reply to  Tim Thompson

I hope the printing machine runs OUT of INK and soon.
And that smellin’ Yellin in run out on a rail.

Bill T
1 year ago

It’s a destroy our country in every way possible package and as usual with these horrible and destructive socialist democrats there sliding and sneaking everything possible in this to put the final nail into their evil and twisted ideas of how our country should actually work, mainly by paying everyone not to work and become completely dependent on the corrupt government to support everything and everyone. It’s all too obvious what there going for and with the PLANDEMIC probably working beyond there wildest expectations there basically stealing our way of life and trying to destroy our foundation. If this wasn’t totally strategized then the odds of everything that’s happening and has occurred over the last few years are about the same as our present commander and chief winning the last presidential election. Slim to none but with just a little bit of last minute maneuvering look what we now have.

Hal
1 year ago
Reply to  Bill T

Leave it to the Democraps to turn a Pandemic in to a Plandemic. That’s their nature politically.

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