Republicans and business owners are sounding the alarm about President Joe Biden’s planned tax increases in order to pay for huge spending bills that claim to be for infrastructure and COVID relief but really devote most of the money to Democrat spending priorities.
Ranking member on the House Ways and Means Committee Kevin Brady (R-TX) said at a hearing Thursday that only seven percent of the Biden-proposed infrastructure bill was actually devoted to infrastructure, and that more employers would likely take their jobs overseas if taxes were raised.
“As bad as the wasteful spending is, worse yet, it’s poisoned with crippling tax increases that sabotage America’s jobs recovery, hurts working families and Main Street businesses, and drives U.S. jobs overseas,” Brady said. “We cannot fund infrastructure on the backs of American workers.”
Small business owners also worry they will be hurt by tax increases even though Biden said they would only affect those making over $400,000.
“Biden claims his spending plan makes large corporations pay their ‘fair share,’” Americans for Tax Reform said in a statement. “However, the plan will raise taxes on many small businesses that are structured as corporations.”
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