Economy
Biden’s plan will worsen inflation, ‘disproportionately harm minority families and small businesses’
Republicans on the House of Ways and Means Committee put out a press release detailing how “Biden tax hikes increase burdens for taxpayers” and how the Democrat policies “disproportionately harm minority families and small businesses.”
The United States is suffering a 40-year high inflation, and Biden’s budget includes further tax hikes on Americans and over one million small businesses. His plans reverse “the gains made under the Republican-led Tax cuts and Jobs Act (TCJA)” the release states.
The press release quotes President and CEO of the Job Creators Network, Alfredo Ortiz, who testified during a Ways and Means hearing in April. Ortiz wrote an op-ed for Breitbart News, in which he wrote:
“President Biden’s recently announced budget proposes raising taxes by $2.5 trillion. He plans to hike taxes by one-third on the approximately one million small businesses structured as corporations. He also wants to raise tax rates on successful Americans and small businesses structured as pass-throughs.”
“Small businesses depend on tax certainty to bring the economy and labor market back to pre-pandemic levels. Small businesses and ordinary Americans also need these tax savings to help blunt the impact of historic inflation caused by Democrats’ reckless spending that’s devalued the dollar. This week, the Bureau of Labor Statistics announced that consumer prices have risen by 8.5 percent and wholesale prices by 11.2 percent over the previous year. Eliminating the TCJA would compound the pain of this inflation tax.”
During Ortiz’s testimony, he warned that Democrats’ threat of crippling tax hikes, inflationary spending, and persistent worker shortage disproportionately harm minority families and small businesses. “President Biden’s proposed tax increases and labor regulations would disproportionately impact small businesses, reducing their ability to expand, hire, and raise wages for minority employees.”
- The threat of these tax hikes has throttled small business optimism to record lows, according to the recent National Federation of Independent Business (NFIB) survey.
- Economists, experts, and Ways and Means Republican Leader Rep. Kevin Brady (R-TX) are warning that worsening inflation and a wage-price spiral have the economy headed towards a recession. Rep. Brady said:
“Prices right now are growing three times faster than paychecks. For an average family in America, it means you’ve lost ground by about $5,700 over the last year, which is why most Americans feel like they’re financially worse off now than they were during the height of the COVID pandemic. Not a good sign. We also got bad news from small businesses yesterday. Their optimism is at the lowest ever recorded. And for maybe the same reason – inflation is just hammering them and they can’t find workers.”
More Democrat leaders from non-border states are wising up to the immigration crisis our nation faces. Woburn mayor Scott Galvin, of the progressive state of Massachusetts, is hoping that lawmakers will overturn a 40-year-old law because the reality of being “bleeding heart liberals” is resulting in the demise of his town.
The 40-year-old “right-to-shelter” law has got to go, says mayor Galvin, because of the immense strain the thousands of migrant families are putting on the area’s residents. By Friday, there were about 150 families living in the city’s hotels, an “unsustainable” arrangement for his 40,000 constituents.
Galvin told the New York Times the right-to-shelter law, which only exists in Massachusetts, was “passed at a different time, and was not meant to cover what we’re seeing now.”
National Review reports:
Under the 1983 right-to-shelter law, Massachusetts officials are legally required to offer housing to any homeless families seeking shelter in the state. The law now covers a rising influx of migrant families, although individuals are not covered under its provisions.
“We’re going above and beyond, while some communities around us are not being impacted, and we don’t have endless capacity in our schools,” said Galvin. “The benefits that are bestowed on migrants make the state a very attractive destination, and without some changes, this challenge is not going to abate.”
Massachusetts Democrat Governor Maura Healey already declared a state of emergency on August 8th, requesting help from the federal government. On August 31, Healey activated up to 250 Massachusetts National Guard members to assist the more than 6,000 migrant families already in the state’s shelter system.
Approximately 6,300 families are living in emergency shelters and hotels across the state, up roughly 50 percent from the year prior. The cost for such accommodations for all the migrants is approximately $45 million per month, National Review reports.
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