Connect with us

Economy

Biden’s plan will worsen inflation, ‘disproportionately harm minority families and small businesses’

Published

on

16687016624 46261174d3 b

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.”

“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.”

You may like

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

Biden spends $1.65 trillion taxpayer dollars while vacationing in St. Croix

Published

on

Joe Biden

While vacationing in the island of St. Croix for the holidays, President Joe Biden on Thursday signed into law the massive $1.65 omnibus spending package.

The whopping 4,155 pages was supported by only nine House Republicans and 13 Senate Republicans. Majority of criticism from the GOP includes concerns that the bill was rushed and crammed with wasteful spending by a lame-duck Democratic-dominated Congress. The recourse will punish American families by adding to the national debt and exacerbate inflation.

“Today, I signed the bipartisan omnibus bill, ending a year of historic progress. It’ll invest in medical research, safety, veteran health care, disaster recovery, VAWA funding — and gets crucial assistance to Ukraine,” Biden tweeted. “Looking forward to more in 2023.”

Senate minority leader Mitch McConnell “praised the bill on the grounds that it represents a real decrease in discretionary spending. He presented it as a positive that nondefense spending jumped by only 5.5 percent, from $730 billion to $772.5 billion, amid an inflation rate of 7.1 percent” writes National Review.

“The bipartisan government-funding bill that Senators Shelby and Leahy have finished negotiating does exactly the opposite of what the Biden administration first proposed,” he said. “This bill provides a substantial real-dollar increase to the defense baseline . . . and a substantial real-dollar cut to the non-defense, non-veterans baseline,” McConnell insisted as negotiations were wrapping up.

House minority leader Kevin McCarthy, however, stated his strong disapproval of the bill before it even advanced. Affirming a letter from 13 House Republicans, McCarthy demanded the bill is reckless, irresponsible, and a “purposeful refusal to secure and defend our borders.”

For example, it failed to incorporate protections for Title 42, the pandemic policy that allows illegal immigrants to be expelled on a public-health basis, which currently hangs in the balance at the Supreme Court.

National Review adds, “The funding in the bill, which averted a federal government shutdown before the new year, includes an allocation of $45 billion in defense assistance to Ukraine. Some Republican priorities, such as Electoral Count Act reform and a bigger military budget, were nested in with Democratic appropriations, such as increased funding for Medicaid and food stamps.”

You may like

Continue Reading
Advertisement
-->

Trending Now

Advertisement
-->

Trending

Proudly Made In America | © 2022 M3 Media Management, LLC