John Barrasso

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Barrasso: Republicans Want to Cut Your Taxes, Democrats Want to Raise Them

WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.), Senate Majority Whip, today spoke on the Senate Floor in support of the Republican plan to stop the Democrats’ $4 trillion tax increase. Senator Barrasso also shared new data from the Council of Economic Advisors on how the Republican plan will strengthen the U.S. economy.

Click HERE to watch Senator Barrasso’s remarks.

Sen. Barrasso’s remarks as prepared:

“The Republican plan for American prosperity is simple and popular. Republicans want to cut your taxes. Democrats want to raise them. Republicans want to grow the economy. Democrats want to grow the government. Republicans put working families first. Democrats would leave them behind.

“Our Republican bill stops the largest tax increase in American history. It means permanent tax relief. That means Americans can plan their future with certainty. It means higher wages and more jobs. That means Americans have more money in their pockets, purses, and paychecks.

“The Council of Economic Advisors released new data this week. Here’s what it shows. Our plan for American prosperity raises wages, lowers taxes, and grows the economy. Let me break down the benefits:

  • $10,000 more in take-home pay for American families.
  • An extra tax cut for tipped and overtime workers.
  • $6,000 bonus deductions for seniors on Social Security.
  • 7 million more jobs right here in America.
  • $100 billion in business investments in Opportunity Zones, including in rural America.
  • An additional 4 percent economic growth.
  • More than $2 trillion in deficit reduction – so the next generation isn’t buried by debt.

“Our plan for American prosperity will also create new savings accounts for every child. These tax-deferred investment accounts start with a $1,000 contribution. These early savings grow over time. By the time the child becomes an adult, they can use the money to pay for college, to put a down payment on a home, or start a small business. We call them Trump Accounts. Trump Accounts are an investment in our future generation. They are financial launchpads for the American Dream.

“Additionally, our plan for prosperity unleashes American energy. This will help working families who paid for high energy costs under Joe Biden.

“Now, let’s talk about what happens if Democrats are successful in defeating our bold Republican agenda. If Democrats block this bill, taxes will soar, paychecks will shrink, and small businesses will get strangled. Every Democrat in this chamber has vowed to vote against this bill. The vote of every Democrat in this chamber will raise your taxes.

“If Democrats get their way, middle-class families will pay $1,700 more in taxes next year. Small businesses will see their taxes go up by 43 percent. The standard deduction – which 90 percent of taxpayers use – will get cut in half. So will the Child Tax Credit. Yet this is what Democrats are fighting for. Higher taxes, fewer jobs, and heavier costs on working families. And let’s not forget why Democrats want to raise taxes. They want to continue to give free healthcare to millions of illegal immigrants.

“Republicans are fighting so that waiters, nurses, police officers, seniors, and families keep more of what they earn. Our comprehensive plan for prosperity will get America back on track.”

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