{"id":798057,"date":"2021-09-21T10:28:30","date_gmt":"2021-09-21T14:28:30","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=798057"},"modified":"2021-09-21T10:28:38","modified_gmt":"2021-09-21T14:28:38","slug":"exclusive-top-republican-explains-how-bidens-budget-package-raises-taxes-hurts-working-class","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-top-republican-explains-how-bidens-budget-package-raises-taxes-hurts-working-class\/","title":{"rendered":"EXCLUSIVE: Top Republican Explains How Biden\u2019s Budget Package Raises Taxes, Hurts Working Class"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexclusive-top-republican-explains-how-bidens-budget-package-raises-taxes-hurts-working-class%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=798057&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><ul>\n<li><strong>The highest-ranking Republican on the powerful House Ways and Means Committee slammed Democrats\u2019 massive trillion-dollar budget reconciliation package, arguing it raises taxes on working class Americans.<\/strong><\/li>\n<li><strong>Ways and Means Ranking Member Kevin Brady said the $3.5 trillion legislation, titled the Build Back Better Act, would fuel inflation, devastate small business and set the U.S. back economically relative to competing nations.<\/strong><\/li>\n<li><strong>\u201cThere is a steep price that Americans will pay for this bill,\u201d Brady told the Daily Caller News Foundation in an interview. \u201cOur government has never wasted so much money that kills so many American jobs, drives prices even higher and hooks a whole new generation of the poor on government dependency.\u201d<\/strong><\/li>\n<\/ul>\n<p>The highest-ranking Republican on the powerful House Ways and Means Committee slammed Democrats\u2019 massive trillion-dollar budget reconciliation package, arguing it raises taxes on working class Americans.<\/p>\n<p>Ways and Means Ranking Member Kevin Brady said the $3.5 trillion legislation, titled the Build Back Better Act, would fuel inflation, devastate small business and set the U.S. back economically relative to competing nations. Brady, who wrote the 2017 Tax Cuts and Jobs Act, said Democrats are attempting to reverse Republicans\u2019 progress on tax reform through the budget bill.<\/p>\n<p>\u201cThere is a steep price that Americans will pay for this bill,\u201d Brady told the Daily Caller News Foundation in an interview. \u201cOur government has never wasted so much money that kills so many American jobs, drives prices even higher and hooks a whole new generation of the poor on government dependency.\u201d<\/p>\n<p>\u201cThis is an economic surrender to China, Russia, Europe and Japan,\u201d he added. \u201cIt\u2019s trillions of wasteful government spending to fuel inflation further.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2021\/09\/15\/democrats-republicans-tax-increases-budget-reconciliation-inflation-unemployment-rate-economy\/\">(RELATED: Democrats Block Bills Prohibiting Tax Increases Until Unemployment Rate, Inflation Return To Pre-Pandemic Levels)<\/a><\/strong><\/p>\n<div id=\"attachment_7286498\" class=\"wp-caption alignnone\" readability=\"33\">\n<p id=\"caption-attachment-7286498\" class=\"wp-caption-text\">Ways and Means Chair Richard Neal and Ranking Member Kevin Brady speak during the markup hearing of the Build Back Better Act on Sept. 10. (Drew Angerer\/Getty Images)<\/p>\n<\/div>\n<p>Senate Democrats <a href=\"https:\/\/www.democrats.senate.gov\/imo\/media\/doc\/MEMORANDUM%20for%20Democratic%20Senators%20-%20FY2022%20Budget%20Resolution.pdf\">unveiled<\/a> the Build Back Better Act in early August, months after President Joe Biden <a href=\"https:\/\/www.whitehouse.gov\/wp-content\/uploads\/2021\/05\/FINAL-FY22-Budget-Overview-Fact-Sheet.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">announced<\/a> his budget priorities. Different parts of the proposal received approval from the House <a href=\"https:\/\/waysandmeans.house.gov\/media-center\/press-releases\/neal-applauds-committee-advancement-build-back-better-act\">Ways and Means<\/a>, <a href=\"https:\/\/energycommerce.house.gov\/newsroom\/press-releases\/pallone-on-committee-passage-of-build-back-better-act\" target=\"_blank\" rel=\"noopener noreferrer\">Energy and Commerce<\/a>, <a href=\"https:\/\/veterans.house.gov\/news\/press-releases\/chairs-takano-tester-wasserman-schultz-and-heinrich-applaud-successful-committee-passage-of-the-build-back-better-agenda\" target=\"_blank\" rel=\"noopener noreferrer\">Veterans\u2019 Affairs<\/a> and <a href=\"https:\/\/judiciary.house.gov\/news\/documentsingle.aspx?DocumentID=4708\" target=\"_blank\" rel=\"noopener noreferrer\">Judiciary<\/a> committees on Sept. 15.<\/p>\n<p>The legislation includes trillions of dollars in new government spending, which will be aimed at bolstering existing and creating new welfare programs, investing in clean energy technology, improving U.S. cybersecurity and modernizing American infrastructure. The introduction of a permanent child tax credit program, universal Pre-K for 3 and 4-year olds, national paid family leave and an expansion of Medicare benefits are among the bill\u2019s most expensive initiatives.<\/p>\n<p>The legislation also includes various new taxes in an attempt to raise revenue to offset the heightened spending. <strong><a href=\"https:\/\/dailycaller.com\/2021\/09\/20\/senate-parliamentarian-blocks-pathway-citizenship-democrats-budget\/\">(RELATED: Senate Parliamentarian Blocks Pathway To Citizenship From Democrats\u2019 Budget)<\/a><\/strong><\/p>\n<p>\u201cWe need a tax code that rewards individuals and businesses for investing back into the American economy,\u201d Brady told the DCNF. \u201cOne of the reasons we\u2019ve grown so fast and raised wages has been that our Republican tax reform rewards investment in America.\u201d<\/p>\n<p>\u201c(Democrats) reverse all that with about five different taxes that punish Americans for investing in America,\u201d he said.<\/p>\n<div id=\"attachment_7286495\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7286495\" loading=\"lazy\" class=\"size-full wp-image-7286495\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-scaled-1.jpg\" alt=\"Senate Majority Leader Chuck Schumer speaks to the press on Aug. 11. (Olivier Douliery\/AFP via Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-180x120.jpg 180w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-620x414.jpg 620w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-768x513.jpg 768w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-1536x1025.jpg 1536w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1234621749-2048x1367.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7286495\" class=\"wp-caption-text\">Senate Majority Leader Chuck Schumer speaks to the press on Aug. 11. (Olivier Douliery\/AFP via Getty Images)<\/p>\n<\/div>\n<h3><strong>\u2018It will return us to the days of stagnant paychecks\u2019<\/strong><\/h3>\n<p>Overall, the plan would reduce 80% of Americans\u2019 after-tax income, <a href=\"https:\/\/taxfoundation.org\/build-back-better-plan-reconciliation-bill-tax\/\">according<\/a> to a report from the Tax Foundation. It would also lead to the net loss of more than 300,000 jobs.<\/p>\n<p>Brady noted that the legislation would raise the capital gains tax for top earners from 20% to 25%. Such a tax increase would slow the \u201clifeblood of investment\u201d in the U.S., he said.<\/p>\n<p>\u201cTheir goal, in my view, is to take investment decisions out of the hands of Americans and send those dollars to Washington so that Joe Biden and Nancy Pelosi can decide which communities are worthy of being invested in,\u201d he said.<\/p>\n<p>The Build Back Better Act also returns the U.S. to a progressive international tax structure, according to the Tax Foundation. <strong><a href=\"https:\/\/dailycaller.com\/2021\/04\/28\/small-business-advocates-joe-biden-100-days-tax-reform-minimum-wage\/\">(RELATED: \u2018Disastrous Impact\u2019: Small Business Advocates Criticize Biden\u2019s First 100 Days)<\/a><\/strong><\/p>\n<p>\u201cThe international tax changes, while complex, make it better to be a foreign company and a foreign worker than American ones,\u201d Brady told the DCNF. \u201cThere\u2019s no doubt those international taxes work against the U.S.\u201d<\/p>\n<p>In addition, Democrats\u2019 proposed a tax hike \u2014 from 21% to 26.5% \u2014 on corporations making more than $5 million in revenue.<\/p>\n<div id=\"attachment_7286494\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7286494\" loading=\"lazy\" class=\"size-full wp-image-7286494\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-scaled-1.jpg\" alt=\"President Joe Biden speaks with Senate Majority Leader Chuck Schumer on July 13 at the Capitol. (Saul Loeb\/AFP via Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-186x120.jpg 186w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-620x400.jpg 620w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-768x496.jpg 768w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-1536x991.jpg 1536w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/09\/GettyImages-1233977828-2048x1322.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p id=\"caption-attachment-7286494\" class=\"wp-caption-text\">President Joe Biden speaks with Senate Majority Leader Chuck Schumer on July 13 at the Capitol. (Saul Loeb\/AFP via Getty Images)<\/p>\n<\/div>\n<p>But small businesses stand to lose the most under the tax regime proposed in the budget bill, according to Brady. The legislation would eliminate a key tax deduction for small businesses, which are taxed as individuals, not corporations, effectively increasing their&nbsp;tax rate from 29.6% to 37%.<\/p>\n<p>\u201cIt will make it very difficult for (small business owners) to have the cash to survive, grow, hire more workers in a serious way,\u201d Brady said. \u201cSo we expect a lot of job loss among small businesses.\u201d <strong><a href=\"https:\/\/dailycaller.com\/2021\/07\/20\/job-creators-network-national-federation-of-independent-businesses-ron-wyden\/\">(RELATED: \u2018War On Small Business\u2019: Top Advocacy Groups Rip Democrats\u2019 Proposal To Strip Tax Deduction)<\/a><\/strong><\/p>\n<p>Meanwhile, multiple estimates have concluded that the Build Back Better Act wouldn\u2019t raise enough tax revenue to pay for all the programs introduced in the bill. The&nbsp;Penn Wharton Budget Model <a href=\"https:\/\/budgetmodel.wharton.upenn.edu\/issues\/2021\/9\/20\/house-ways-and-means-reconciliation-bill-revenue-budgetary-effects\">estimated<\/a> the new taxes would lead to $2.4 trillion in revenue while the Committee for a Responsible Federal Budget <a href=\"https:\/\/www.crfb.org\/blogs\/ways-and-means-proposes-13-trillion-tax-breaks-23-trillion-tax-hikes\">projected<\/a> they would generate $2.3 trillion in additional revenue.<\/p>\n<p>When the bill was introduced, Senate Democrats <a href=\"https:\/\/www.democrats.senate.gov\/imo\/media\/doc\/MEMORANDUM%20for%20Democratic%20Senators%20-%20FY2022%20Budget%20Resolution.pdf\">said<\/a> the $3.5 trillion price tag would be completely paid for by a \u201ccombination of new tax revenues, health care savings, and long-term economic growth.\u201d White House Chief of Staff Ron Klain promised that the bill would \u201ccost zero\u201d in private remarks to Wall Street executives, the New York Post <a href=\"https:\/\/nypost.com\/2021\/09\/15\/white-house-chief-of-staff-tells-wall-street-titans-3-5-trillion-spending-plan-will-cost-zero\/\">reported<\/a>.<\/p>\n<p>Brady, though, said he expects more \u201cbudget gimmicks\u201d or additional taxes to be added as the bill makes its way through Senate committees. He also called Klain\u2019s comments \u201cnonsense,\u201d pointing to the harm that would be inflicted by the trillion-dollar tax hikes.<\/p>\n<p>\u201cI worry about how many Americans will be hurt by this including the poor, especially the middle class, and I know this will drive U.S. jobs overseas, slow economic growth,\u201d Brady told the DCNF. \u201cIt will return us to the days of stagnant paychecks. That\u2019s what worries me the most.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The highest-ranking Republican on the powerful House Ways and Means Committee slammed Democrats\u2019 massive trillion-dollar budget reconciliation package, arguing it raises taxes on working class Americans. Ways and Means Ranking &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2315279,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-798057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/798057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=798057"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/798057\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=798057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=798057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=798057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}