Democrats’ Tax Hikes on American Families Undo Bipartisan COVID Tax Relief
April 28, 2021 - Blog - Press Releases - Select Revenue Measures - Worker and Family Support
At the height of the pandemic, Democrats and Republicans worked together on a bipartisan basis to slash taxes for middle-class families in the form of direct payments and tax credits.
But Democrats are going back to their roots, as the liberal-leaning Tax Policy Center put it: “Democrats are not supposed to cut taxes, Democrats are supposed to raise taxes."
And raise them, they will: every American will shoulder the burden of Democrats’ recovery-stifling and job-killing tax hike.
KEY TAKEAWAYS:
The pre-pandemic and post-tax reform economy worked for the American people.
* Americans enjoyed the fastest wage growth in a decade, with low-income workers averaging 4.5 percent wage-growth in 2018-2019.
By working together on a bipartisan basis, Congress provided real tax relief for middle-class families during the pandemic.
* An average family of four with a jobless parent received more than $20,000 in tax relief during the pandemic.
President Biden’s $2.7 trillion tax hikes will reverse these gains.
* One study estimates Democrats’ tax hikes will eliminate one million jobs in its first two years, and six million jobs during the next 10 years.
Bottom Line: By raising taxes, Democrats are slashing Americans’ paychecks, hiking consumer prices, and shipping American jobs overseas.
SUBCOMMITTEE: Select Revenue Measures SUBCOMMITTEE: Worker and Family Support
