Rep. Brady warns President Biden’s $5 trillion bill raises taxes on the middle class, fuels inflation, worsens labor shortage. “Most Americans spend their time hoping to get ahead, and because of inflation under President Biden, they’ve given back three years of their real wage growth,” Republican Leader on the House Ways and Means Committee Rep. Kevin Brady (R-TX) said today on “Mornings with Maria” on Fox Business.
Rep. Brady emphasized that Democrats will pay for their bill by raising taxes on the middle class:
“There’s no question the President violates his pledge not to tax Americans making under $400,000.
“Ironically, as he’s giving two out of three millionaires a tax break, he’s raising taxes immediately on about a third of middle class families in a number of ways.”
Rep. Brady continued:
“The President and the Speaker insist this costs zero, but there’s only two ways to pay for this in the future.
“One, raise taxes on working families and middle class families, or they need to cut back on Medicare, Social Security, and other entitlements because they make up two-thirds of the federal budget. So which is it? Are they going to raise taxes on working families, or are they going to cut Medicare and Social Security?”
On Democrats’ bill fueling 40-year high inflation, Rep. Brady said:
“Spending another $5 trillion, heaping that fuel onto the inflation fire won’t help, but really it’s the policies within this bill.
“They make the labor shortage worse, which will drive inflation. They do that by no longer requiring earnings or work in the Child Tax Credit. And they exploded the subsidies in Obamacare – so much so that between the two policies, experts predict two million fewer workers will be available.
“So here you are shoving more money into the economy, with fewer workers and supply chain problems. That means inflation is going to go higher, and it’s going to last longer.”