After Biden unveiled his budget plan, Chairman of the House Ways and Means Committee, Rep. Jason Smith, R-Mo., is warning that the tax hikes in President Biden’s proposed budget would have a "devastating" effect on Americans across the country, according to an interview with Fox News Digital. Reportedly, Rep. Jason Smith said - “This is the “greatest theft” of taxpayer dollars in American history.
He added-
"It means a working-class (American) is going to have to pay more to put food on the table, clothes on their backs and gasoline in their cars, because this incredible spending will only fuel inflation. These Biden taxes will only reduce the take home pay for all Americans”…"Whether you make less than $400,000 a year or whether you make more than $400,000 a year, the policies within this proposal are going to be devastating."
-Rep. Jason Smith, R-Mo., Chairman of the House Ways and Means Committee
Referring to Biden’s progressive fiscal 2024 agenda, Smith explained that in one of the hallmark points, there is an income tax hike from 37% to 39.6% on Americans whose earnings are in the top tax bracket. Calling for more than $2 trillion in tax increases on the wealthy, this plan, White House claims will offset federal deficits by the same amount over 10 years. Biden is also proposing to raise the corporate tax rate from 21% to 28%.
Discussing the president’s proposal to roll back fossil fuel subsidies and other measures, Smith pointed out that House Republicans have already said, this would result in a $37 billion tax hike on the American energy industry. These changes would quickly trickle down to consumers, raising prices across the board.
Citing calculations that project $4.7 billion in tax increases if Biden’s plan were to pass, Smith emphasized -
"That will affect every American” arguing …"everything in this budget harms middle-class Americans,"
-Rep. Jason Smith, R-Mo., Chairman of the House Ways and Means Committee
Further, Smith cited House GOP calculations that show Main Street businesses would pay $1.8 trillion more under Biden’s plan, through an expansion of the small business surtax and other means. He added-
"The last thing this economy needs right now for working-class families is more spending and more increases in taxes. Right now, they lost … months of their salaries over the last two years just because of the cost of inflation. … That happened because of reckless government spending,"
-Rep. Jason Smith, R-Mo., Chairman of the House Ways and Means Committee
On Capitol Hill earlier Friday, for a hearing to defend Biden’s budget, Treasury Secretary Janet Yellen was before Smith’s Ways and Means Committee. As a result of Yellen’s testimony and Biden’s plan, Smith declared that the administration has demonstrated that, it is "clearly not" not serious about getting government waste under control.
Of Biden’s Budget he emphatically said-
"This is the largest tax increase that Biden has ever presented, and it is the largest spending he's ever considered. So, if he's really wanting to cut spending and control the fiscal crisis that we're in, he would have presented a budget that would balance at some point. This budget will never balance,"
-Rep. Jason Smith, R-Mo., Chairman of the House Ways and Means Committee
Calling on Biden to release his budget proposal, since he missed the formal deadline to do so last month, Republicans have been urging him to consider spending cuts before they’ll agree to raise the $31.4 trillion debt ceiling. Simply put, the GOP has ruled out supporting tax hikes as a way to help lower the deficit
When asked about whether Republicans’ own fiscal blueprint was in the works, Smith deferred to leaders of the House Budget Committee. He did indicate that talks, on how best to proceed with the debt limit were ongoing. He added-
"There's a lot of conversations going on right now among Ways and Means Committee members, among all members in Congress, also with senators. And there are multiple avenues of what’s necessary to raise the debt limit," [explaining that Republicans] "are not boxing themselves in."…."They just know that we have a tough task before us, and that is we need to address the fiscal insanity that's happening,"
-Rep. Jason Smith, R-Mo., Chairman of the House Ways and Means Committee
This spend and tax insanity needs to stop. Not every American is a millionaire or a billionaire. That Biden doesn’t understand the trickle-down-effect of his proposed budget is the stuff nightmares are made of. Americans continue to struggle economically.
As a nation, families are making choices regarding necessities they never thought they’d have to consider and small businesses continue to close across the nation. Further, retirees are now wondering how to survive with less in their portfolio, from the economic disaster of Biden’s soaring inflation. Fiscal insanity really does encapsulate what is going on in Washington.
Wasn’t there a tea party long ago related to the unfairness of taxation? America is still getting hosed, just supposedly now from the irresponsible “representation” that loves their power, rules with a pen and is dull of hearing, and vision as to what the average American is subject to.
"In levying taxes and in shearing sheep it is well to stop when you get down to the skin."
-Austin O’Malley