A GOP representative who played a pivotal role in the 2017 Trump tax cuts is warning that Biden’s multitrillion-dollar tax and spending package is the “most dangerous” he has seen during his more than two decades in Congress.
According to the Washington Examiner, Rep. Kevin Brady, the ranking member of the powerful House Ways and Means Committee, said that he has been working tooth and nail to fight the proposed $3.5 trillion legislative behemoth, which he said dwarfs spending battles of the past.
He blasted the radical proposal as “tragic.”
“Boy, I think it’s the most dangerous tax and spending package I have experienced in 25 years in Congress,” Brady said. “This is Godzilla, every other spending package was a horse. This just swamps anything that’s ever been done.”
Brady said he fears the spending package is going to “hook a lot of Americans into government dependency,” and that may be the Democrats exact reasoning for pushing the plan so hard.
The package includes a wide menu of tax hikes. The proposed legislation would raise the top marginal tax rate, expand the capital gains tax, raise the corporate tax rate, and impose a 3% surtax on high-earning individuals, among other changes.
The tax hikes are intended to pay for an absurd amount of social, climate, and infrastructure programs that are anticipated to be rammed through Congress – all of this would force Americans to become increasingly reliant on the government.
“Never has our government wasted so much money to kill so many American jobs,” Brady said.
The package, known as the ‘Build Back Better Act,’ is a key piece of legislation for President Biden which he desperately needs to pass to avoid yet another failure.
Brady balked at the scope of the new hikes. He said that the new corporate tax rate coupled with other changes to international tax structure makes the U.S. less competitive on the global stage.
“It’s an economic surrender to China, Russia, Europe, and Japan and will no doubt cause American jobs to be driven … overseas,” Brady remarked.
Brady also knocked changes to the capital gains rate. While the White House’s first proposal sought to nearly double the rate for those making over $1 million, the level that was approved by Democrats is lower but now applies to those who make more than $400,000. Brady pointed out that while the tax rate is lower it exposes more earners to higher taxes.
“They captured many more Americans in this higher tax rate. That’s going to discourage investment in the local economy all throughout the country,” the congressman said.
Brady predicts there might be further tax changes coming down the pipeline before the multitrillion tax plan is voted on.
Republicans, who have limited power when it comes to stopping the legislation from passing, have been targeting constituents of centrist Democrats in hopes that they will ratchet up pressure on their lawmakers according to Brady.
“At the end of the day, Democrats and Democrats alone are the only ones who can stop or mitigate these damaging tax increases,” Brady said.
Author: Justin Wexler