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Rep. Elise Stefanik, Chairwoman
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Press Releases

The Democrats’ Far-Left Agenda Would Create Crippling Tax Hikes

Washington, DC, July 8, 2021
Study after study has found that the Democrats’ Far-Left policy proposals attack every part of our economy by embracing crippling tax increases on workers and small businesses.   THE FACTS ABOUT THE DEMOCRATS’ CRIPPLING TAX HIKES:
  • An analysis from the left-leaning Tax Policy Center found that President Biden’s tax plan would raise taxes on 75% of middle-class families next year and 95% by 2031.
  • A Tax Foundation analysis found the Democrats’ radical tax plan would halt small business growth by doubling tax on investment.
    • The same analysis found the Democrats’ plan would give America the highest business tax rates in the developed world.
  • A Rice University analysis found that increasing our corporate tax rate would result in less economic activity and 1 MILLION jobs lost in the first two years.
    • The study also found: 
      • The average annual reduction in employment would be equivalent to a loss of 600,000 jobs each year over 10 years
      • Real wages would fall by 0.6% in the long run
  • An analysis by the Wharton School of the University of Pennsylvania found President Biden’s $6 trillion budget would SHRINK the economy and CUT workers’ wages and hours.
It's simple. The Democrats’ Far-Left proposals will lead to higher taxes on middle-class Americans, while simultaneously hurting growth.