WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today after House Democrats passed their partisan, multi-trillion dollar tax and spending bill:
“Washington Democrats have spent months consumed by infighting and backroom dealmaking in pursuit of a partisan tax and spending agenda that bankrupts our economy, benefits the wealthy, and builds the Washington bureaucracy. At the same time, working families have been battling the highest spike in prices in nearly forty years, watching more and more of their wages get eaten up at the grocery store and the gas pump.
“Rather than address those issues that are front and center for Americans, Democrats are focused on giving a massive tax cut and federal subsidies to the wealthiest in this country. They are focused on using budget gimmicks to make their agenda – which includes over 150 new federal programs and policies – appear less expensive on paper. No matter how you slice it, this bill is not fully paid for, and the Congressional Budget Office has shown it will add $800 billion to the debt in just the first five years. Every hour spent on their plan to hike taxes and add to America’s debt is an hour not spent focused on the pressing concerns of the American people.”
Background on the Democrats’ Plan to Bankrupt the Economy, Benefit the Wealthy, and Build the Bureaucracy:
Bankrupts the economy by imposing historic borrowing, spending, and taxation while fueling the record high prices facing American families.
- $4.5+ trillion in new spending.
- $3 trillion in new debt.
- $1.5 trillion in new taxes.
Benefits the wealthy with a $250 billion tax break for the wealthiest one percent – one of the single most expensive items in the bill.
- $25,900 SALT tax cut for millionaires.
- $12,500 government subsidy for couples making $500,000 per year to purchase luxury electric vehicles.
- Taxpayer funded subsidies for the wealthy for homebuying, child care, Pre-K, Obamacare, paid leave, and more.
Builds the bureaucracy to provide Washington greater command and control over the lives of the American people.
- The largest expansion of the federal government in fifty years.
- Over 150 new government programs.
- Mentions “tax”, “fee”, “penalty” 637 times.
- $550 billion for the Green New Deal.
Learn more about how the Democrats’ reconciliation bill bankrupts the economy, benefits the wealthy, and builds the bureaucracy HERE.