President Biden and House Democrats’ Far-Left Socialist reconciliation package is the most radical piece of legislation in American history. This piece of legislation would decimate America’s small businesses while exacerbating America’s current labor shortage by incentivizing Americans to stay out of the workforce. It will also make America less competitive by driving investment, intellectual property, and manufacturing overseas.
BIDEN’S LABOR CRISIS BY THE NUMBERS:
- The Democrats’ Far-Left Socialist reconciliation package increases the individual tax rates for many small business owners while reducing the pass-through deduction.
- This package would destroy at least 131,000 jobs. This bill increases OSHA penalties by 512% across the board and Fair Labor Standards Act penalties by 900%.
- The labor force participation rate fell to 61.6% in September.
- The Democrats want to eliminate the minimum income threshold from the Child Tax Credit and make it fully refundable.
- Meaning it will pay the same whether you are working or not, exacerbating our current labor shortage.
IT’S SIMPLE: America’s labor shortage is fueling our economic and supply chain crisis. Instead of addressing these problems Biden and House Democrats’ Far-Left Socialist reconciliation package will only exacerbate these crises.