As House Democrats gallop toward passing their reckless Inflation Expansion Act that will increase taxes on millions of Americans, Rep. Richard Neal, Chairman of the Ways and Means Committee, has assured the American people that if Democrats keep the House majority next year, they plan to raise both corporate AND individual taxes.
MAKE NO MISTAKE: Americans are already facing the highest inflation in 40 years and the Biden Recession. Now, House Democrats want to RAISE taxes on hard working Americans so they can continue funding their reckless spending and failed Far-Left agenda.
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
- Inflation is a tax on ALL Americans.
- As of July, the CPI has increased 8.5%, remaining at a 40-year high.
- Food prices have increased to their highest point since 1979, an over a 40 year high.
- Real average hourly earnings decreased 3.0%, seasonally adjusted, from July 2021 to July 2022.
- Americans are paying more for just about everything because of inflation:
- The real gross domestic product (GDP) decreased at an annual rate of 0.9% – the second quarter in a row – in the second quarter of 2022, according to the Bureau of Economic Analysis, showing we are in a recession.
- Biden’s inflation crisis has cost the average American worker OVER $3,000 in annual income.
- The skyrocketing cost of goods and services will cost the average American household nearly $6,000.
- A recent study found 61% of Americans are now living paycheck to paycheck in Joe Biden’s economy.
- America’s families will spend on average OVER $600 per student this year on back-to-school shopping – this is UP nearly 30% from 2019.
- As of August, 30% of our nation’s baby formula has been out of stock for six weeks in a row.
BOTTOM LINE: This is why it’s crucial that House Republicans continue successfully prosecuting the case against Joe Biden, House Democrats, and Lame Duck Speaker Pelosi – so we can take back the House in November and keep our Commitment to an Economy that is Strong.