Congressional Democrats Push to Raise Taxes Amid a Recession

In the midst of a recession, Congressional Democrats are planning to raise taxes on America’s job creators, throw money at their Green New Deal agenda, and worsen America’s inflation crisis with their Far-Left Socialist reconciliation package.

THE FACTS ON DEMOCRATS’ SOCIALIST RECONCILIATION PACKAGE:

  • Raises taxes on businesses when Americans are already paying more for just about everything.
    • These tax increases will be passed on to the consumer, stifle reinvestment in infrastructure, R&D, and workers, and only exacerbate the current supply chain crisis.
  • Allows the IRS to hire 87,000 new agents to target American families and businesses.
  • Implements socialist price control schemes for prescription drugs that will negatively impact seniors, patients, those with rare diseases, and their families.
  • Extends Obamacare subsidies—enacted under the American Rescue Plan and set to expire after 2022—for 3 more years, through 2025, benefiting the wealthy and subsidizing people who already have insurance.
    • This expands federal spending without enacting any meaningful reform to a broken system.
    • Incites inflationary pressure when inflation is already at a 40- year high.
  • Spends $369 billion in “Green New Deal” initiatives. Americans deserve efficient, affordable, and American-made energy, yet Democrats continue to pursue policies that have doubled gas prices since Joe Biden took office and destroyed U.S. energy independence.

BIDEN’S ECONOMIC CRISIS BY THE NUMBERS: 

  • Inflation is a tax on ALL Americans.
  • Click HERE to see how much Biden-flation has impacted your home state.
  • A new report yesterday shows the real gross domestic product (GDP) decreased at an annual rate of 0.9% in the second quarter of 2022, according to an advanced estimate released by the Bureau of Economic Analysis.
    • This follows a GDP decline of 1.6% within the first quarter, meaning that we have hit the rule-of-thumbrecession definition: two consecutive quarters with negative GDP readings.
  • In June, the CPI soared 9.1% for the 12 months ending June, the largest 12-month increase since the period ending December 1981.
  • Biden’s inflation crisis has cost the average American workerOVER $3,000 in annual income.
  • The skyrocketing cost of goods and services will cost the average American household nearly $6,000.
  • Real average hourly earnings decreased 3.6%, seasonally adjusted, from June 2021 to June 2022 because of Biden’s inflation crisis.

IT’S SIMPLE: Instead of addressing the root cause of inflation – out-of-control government spending – Joe Biden and Congressional Democrats are now doubling down to ‘Build Back Broke.’