Eight months after triggering inflation with his $1.9 trillion stimulus bill, President Biden is now ordering up round two with his reckless tax-and-spending proposal. The 2,135-page proposal would raise taxes on millions of Americans, inject our economy with $200 billion of inflationary spending next year, and add $800 billion to the national debt by 2026. Although it is being advertised as costing $1.7 trillion, more honest estimates put the price tag near $4 trillion – two-thirds the size of the entire federal budget.
With inflation already at a 31-year high, more overspending is the last thing Congress should consider. Even prominent liberals are sounding the alarm. Moody’s Analytics, a group often cited by the President, predicts this bill would further drive up inflation next year. Steve Rattner, a former advisor to President Obama, recently said the Biden Administration “should come clean with voters about the impact of its spending plans on inflation.” Despite all this, Mr. Biden is insisting with a straight face that his bill would actually reduce inflation. Moderate Democrat Senator Joe Manchin gave a fitting response: “I’ll have to check on that one.”
Biden Soaks the Middle Class
President Biden has pledged not to raise taxes on the middle class, but that is exactly what his bill would do. Under his plan, nearly one-third of middle-class families would see a tax increase while most millionaires would actually get a tax cut. Meanwhile, the President’s bill would slap $1.2 trillion in new taxes on job creators. U.S. small business owners would pay the highest taxes in the developed world at over 57 percent. Some companies have already signaled that passage of this legislation would force them to cut investments in innovation, leading to fewer jobs and lower wages. No wonder small business groups are coming out in droves against this bill.
Biden Escalates War on Energy, Discourages Work
At a time when energy costs are already soaring, the President’s bill would drive up prices even further. His proposal would tax natural gas production while banning new oil and gas drilling off most of the U.S. coast – a recipe for higher gasoline and home heating costs. At the same time, the bill would use tax dollars to fund green energy companies to the tune of $320 billion. And it would subsidize the cost of high-end electric vehicles, which most middle-class families cannot afford.
It gets worse. The Biden proposal would strip away work requirements for welfare and the Child Tax Credit, upending 25 years of bipartisan consensus. This would discourage many Americans from finding work at a time when there are a record number of unfilled jobs. The Democrats have also included a paid leave mandate, which would put the federal government in charge of when and why employees can take leave. And their proposed federal takeover of child care would leave parents with less control over their own family decisions.
Not Mississippi Values
Speaker Nancy Pelosi once said, “Show me your budget, show me your values.” From top to bottom, the President’s reckless, big government bill does not reflect the values of America or Mississippi. It is hard to imagine a more harmful bill at a time when our economy is still recovering and inflation is through the roof. I am committed to seeing this bill defeated.