President Biden’s tax hikes have been looming over small businesses for over a year now, and will drive inflation further – ultimately landing on Main Street job creators and their workers, Republican Leader on the Ways and Means Committee Rep. Kevin Brady (R-TX) warned on “Mornings with Maria” on Fox Business and Bloomberg’s “Balance of Power.”
The threat of President Biden’s tax hikes is causing damage to the economy as Main Street businesses brace for higher costs, Rep. Brady said:
“Tax hikes have never really been off the table. They’ve been looming over our job creators and investors since President Biden misguidedly proposed them more than a year ago.
“It’s already had an effect on American businesses and American investors, chilling decisions on investing and locating in the U.S., especially if we’re raising taxes while the rest of the world is lowering theirs. It has always been there and I think it’s still creating damage.”
READ: Dems Want to Revive Crippling Tax Hikes on Main Street and Workers
Rep. Brady debunked Speaker Pelosi’s false claim that inflation was caused by the economy doing well:
“Inflation took off after the nearly $2 trillion COVID stimulus. It took off after that and has run unabated. My big worry is: we are on the verge of – or already in – a wage-price spiral, which no country wants to get in because they are terrifically damaging. Congress needs to stop the spending and the tax hikes, and the Fed needs to get serious about reining in inflation.”
“Raising taxes will drive inflation further. As you raise the cost of doing business, ultimately that gets passed on down to customers, and ultimately to the workers of these companies who bear the burden.”
