May 12, 2021
Barrasso: Biden Tax Hikes Will Hit Americans in the Wallet
“We don’t have a revenue problem, we have a spending problem. Yet President Biden wants to take more money out of the wallets of America’s working men and women.”
Click here to watch Sen. Barrasso’s remarks.
WASHINGTON, D.C. – Today, U.S. Senator John Barrasso (R-WY) spoke on the Senate floor about how the tax hikes proposed by President Biden will take more money out of the wallets of America’s working men and women.
Excerpts of Senator Barrasso’s remarks:
“Tax Day is just a few days away. I come to the floor to oppose the tax hikes proposed by President Biden.
“Today, tax revenues in America are near record-highs.
“We don’t have a revenue problem, we have a spending problem.
“Yet President Biden wants to take more money out of the wallets of America’s working men and women.
“How much is he calling for?
“Astonishingly, $3 trillion in additional taxes.
“This is on top of the taxes already being paid.
“It’s the biggest tax increase in over half a century.
“It’s supposed to pay for a lot of liberal spending ideas.
“It’s a big liberal agenda that this president is promoting.
“Yet even with these historic tax increases being proposed, our nation will still need to keep borrowing money from China.
“In just over 100 days, President Biden has already put $1.9 trillion on our nation’s credit card.
“Now he wants more.
“In total, President Biden’s agenda would cost more than America’s total commitment to World War Two.
“Are these liberal spending proposals as important to our nation as was our victory in World War Two?
“Of course not.
“As I’ve said before, our economy was already on track to be back to normal this summer.
“That was before President Biden passed his spending bill on a party-line vote, crammed through the Senate after a middle of the night debate, using budget reconciliation
“President Biden has said it’s only the rich that will have to pay these taxes.
“The American people have seen this movie before.
“When we hear politicians say ‘only the rich will pay’ it is time to hold onto your wallet because they’re coming for you.
“Working families are going to pay in the form of higher prices, lower wages, and fewer job opportunities.
“We’re already seeing higher prices. We’re seeing significant inflation since the day President Biden has taken office. We see it today in the newest economic statistics that have come out.
“And we hear about it at home and on the weekends when we talk to folks at home about what’s happening with their day to day lives and their expenses.
“Experts tell us that President Biden’s tax hikes could destroy a million jobs.
“When Republicans cut taxes in 2017, revenue at the federal government actually went up.
“It’s the same thing that happened when taxes were cut under Presidents Coolidge, Kennedy, Reagan, and George W. Bush.
“If you cut taxes it’s more money in people’s hands and they can do what they want to do with that money and make better decisions than the government.
“I think it’s better to let people keep more of their hard-earned money. They make better decisions than Washington, D.C.
“People can decide what they want to spend, what they want to save, what they want to invest, how much they want to donate. And all four of these are very good for our nation.
“That means more jobs, more growth, and ultimately more tax revenue with more people working even though each is paying less in taxes individually.
“I have much more confidence when money is in the hands of the American people than I do when it is in the hands of politicians in Washington, D.C.
“And so I would urge all of my colleagues to say: Stop these tax hikes. Stop this reckless spending. Let people keep more of their hard-earned money and make decisions for themselves.”
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