Brady: Biden Tax Hikes Send U.S. Jobs Overseas, Negating Infrastructure Gains
April 6, 2021 - Blog - Coronavirus Bulletin - In Case You Missed It... - Press Releases - Select Revenue Measures
Under Democrats’ tax scheme, it’s better to be a foreign company than an American one.
President Biden’s tax hikes threaten to push Americans’ jobs overseas, and would negate any possible long-term economic benefit of infrastructure spending. They also reverse Americans’ historic gains in jobs, wages, and growth, achieved thanks to Republican tax reform. Rep. Kevin Brady (R-TX) joined CNBC’s “Squawk Box" on Tuesday to explain how increasing taxes puts the burden on Americans at exactly the wrong time.
Key Takeaways:
Americans had greater job opportunities and higher wages with Republican tax reform that put blue-collar workers first.
* Tax reform led to the largest jump in household income in almost half a century-larger in one year than all eight years of the Obama-Biden administration.
* Tax reform achieved the lowest poverty rate in a half century as well.
* Tax reform shrunk income inequality for the first time in years.
* We can lock in those gains by making it permanent. President Biden wants to reverse those gains.
Instead of helping Americans and protecting jobs, Biden is proposing a $2 trillion tax increase that would negate any long-term benefit of infrastructure:
* No president has ever raised taxes to rebuild an economy after such a crisis: At a time when people need to come back to work, President Biden is going to send that work elsewhere.
* President Biden will raise our taxes higher than China’s and on par with Syria: This is a bad economic neighborhood to be in.
* Jobs will move abroad: Similar to the last time President Biden was in the White House, we are likely to see a second wave of companies moving overseas-something Republican tax reform finally stopped.
President Biden’s tax hikes result in fewer jobs and less investment in the U.S. and push jobs and investment to OTHER countries.
* Biden’s tax proposals make it better to be a foreign company operating in the U.S. than an American company doing the same thing. By essentially double-taxing American companies, they are punished for doing research in advanced manufacturing here at home.
* Other countries aren’t just standing around: Since we lowered our tax rate and became competitive, 10 countries lowered theirs to attract investment overseas - President Biden’s tax hike makes it even more attractive for companies to move abroad and take Americans’ jobs with them.
SUBCOMMITTEE: Select Revenue Measures
