Democrats Planning Historic Tax Hikes That Would Hit the Middle Class
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding Democrats’ reckless tax and spending spree:
“Every day, American families are feeling real pain because of the reckless and inflationary policies that Democrats have already rammed through.
“The American people are facing the highest inflation in more than ten years. They’re paying an extra dollar a gallon at the pump and soaring prices at the grocery store.
“Real wages are down. Rising prices are wiping out raises and bonuses.
“Last month’s jobs report was another huge disappointment, showing less than half the hiring that had been expected.
“But amazingly, the Biden Administration and many of our colleagues seem to think the cure for this inflation hangover is the hair of the dog.
“They are trying to exploit the economic anxiety they’ve created by pitching yet another multi-trillion-dollar socialist spending spree. They want to try to inflate their way out of inflation!
“And get this: The Biden Administration is simultaneously saying that their latest spending spree will cost zero dollars — it will be totally free — and that it will come with massive, historic tax hikes in order to pay for it.
“All this socialism is going to be totally free of charge… but it also needs the biggest IRS cash grab in decades in order to pay for it! Go figure.
“The Democrats’ plan contains more than 40 separate tax hikes on the American people.
“The increases would impact taxpayers at every income level. Small business owners and family farmers would feel another pinch.
“Even the tax hikes that are ostensibly aimed at Washington Democrats’ favorite punching bag, American industry, would find their way back down working families.
“Democrats’ war on affordable American energy would hit pocketbooks just in time to spike winter heating bills and the prices on made-in-America goods.
“Their corporate tax hikes would leave American businesses paying a higher tax rate than businesses in Communist China.
“And as the Joint Committee on Taxation has shown, two-thirds of the burden of Democrats’ proposed new taxes on businesses would fall on lower- and middle-income Americans.
“But Washington Democrats aren’t just laying out massive new taxes in the light of day.
“They also want to hand the IRS new snooping powers to start digging through individual Americans’ bank accounts. They want to pay for their reckless taxing and spending spree by treating normal American households like everybody is under audit.
“So, to review, this has been the story of Democrats’ unified control of our government in 2021:
“First, they kneecapped our economic recovery with stifling spending, including to pay Americans more to stay on the sidelines than to rejoin the workforce.
“Then, as working families feel the pinch of runaway prices, they’re putting forward even more spending and massive tax hikes.
“And as icing on the cake, they’ve schemed for even greater access to Americans’ personal finances, so Washington bureaucrats can spy on citizens’ routine transactions.
“Mr. President, this is not what American voters signed up for. And it won’t earn a shred of support from this side of the aisle.”
Related Issues: Small Business, Tax Reform, Taxes, Inflation, Senate Democrats, IRS, China, Economy, Energy