November 04, 2021

Smith: Biden’s Tax & Spending Bill Bankrupts the Economy, Benefits the Wealthy, Builds the Bureaucracy

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today alongside the release of a fact sheet from House Budget Committee Republicans laying out the various ways the agenda being pushed by the Biden Administration and Congressional Democrats will benefit the wealthy at the expense of working families. “Washington Democrats have produced a tax and spending bill that will bankrupt the economy, benefit the wealthy, and build the federal bureaucracy. It will impose historic levels of borrowing, spending, and taxation while only making it harder for Americans facing the highest spike in prices in forty years. Democrats are putting millionaires ahead of working families – providing a tax break and subsidies to wealthy families, handouts, and special interest carveouts. And they are doing all of this while giving Washington more command and control over the lives of the American people through the largest expansion of government in 50 years. “When you look past the budget gimmicks and shell games Democrats have deployed to make their agenda look less disastrous on paper, we see that the true cost is $4.5 trillion in new spending, $1.5 trillion in new taxes, and $3 trillion in new debt. It includes a $23,000 per couple tax break for millionaires, taxpayer-funded paid leave for millionaires, homebuying and child care subsidies for couples making over $200,000 per year, and electric vehicle purchasing subsidies for couples making $500,000 per year. The 150-plus new government programs and policies contained in this tax and spending plan – many of which are buried in the $550 billion down payment on the Green New Deal – will ensure Americans’ wallets only get smaller as the government bureaucracy gets bigger.” Click HERE or on the image below for additional information on how President Biden’s agenda bankrupts the economy, benefits the wealthy, and builds the bureaucracy.

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