GET THE FACTS: Taxes & Spending

As the President talks about his legislative proposals this evening, the biggest takeaway should be about how much damage they will do to hardworking taxpayers and to our economy.

Instead of following the track record that created the strongest economy and lowest unemployment rate in generations prior to the pandemic, the President has proposed more than $6,000,000,000,000 in new spending and wants to raise taxes that will destroy jobs, undermine economic growth, and force the middle class to foot the bill:

Spending:

  • Passed a $1,900,000,000,000 spending package that funded far-left priorities with only 9% of the bill going to COVID health
  • Proposed a more than $2,300,000,000,000 bill under the guise of “infrastructure,” even though just ~6% ($115B) of the bill goes to roads, bridges, and highways, while more money ($174B) goes to electric vehicles. 
  • Outlined a 1,800,000,000,000 plan this week that will dramatically expand the role and influence of the federal government in individual’s lives. 

Taxes:

  • Estimated to destroy up to 1,000,000 jobs over two years with plan to hike the corporate tax rate. 
  • Already signed into law $60,000,000,000 in new taxes since taking office.

With the economy continuing to come back from COVID-19, dramatically hiking spending levels and taxes will jeopardize the recovery. Unfortunately, the Biden Administration appears more focused on expanding the size and scope of the federal government to advance their far-left policies than pursuing the kind of responsible ideas that will help small businesses and American workers succeed.