Dad On Retire
  • About us
  • Contacts
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms and Conditions
  • Thank you
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Dad On Retire
No Result
View All Result
Home News

Tax hikes in Biden’s budget would be ‘devastating’ for Americans, says top House tax writer

DadOnRetire by DadOnRetire
March 11, 2023
in News
0
Tax hikes in Biden’s budget would be ‘devastating’ for Americans, says top House tax writer
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

EXCLUSIVE: The chairman of the House Ways and Means Committee is warning that the tax hikes in President Biden’s proposed budget would have a ‘devastating’ effect on Americans across the country.

‘It means a working-class (American) is going to have to pay more to put food on the table, clothes on their backs and gasoline in their cars, because this incredible spending will only fuel inflation. These Biden taxes will only reduce the take home pay for all Americans,’ Rep. Jason Smith, R-Mo., told Fox News Digital in an interview Friday.

‘Whether you make less than $400,000 a year or whether you make more than $400,000 a year, the policies within this proposal are going to be devastating.’

Smith was referring to one of the marquee points of Biden’s progressive fiscal 2024 agenda: an income tax hike from 37% to 39.6% on Americans whose earnings are in the top tax bracket. In total, the plan calls for more than $2 trillion in tax increases on the wealthy the White House claims will offset federal deficits by the same amount over 10 years.

Biden is also proposing to raise the corporate tax rate from 21%, where it was rolled back to during the Trump administration, to 28%.

Smith also pointed to the president’s proposal to roll back fossil fuel subsidies and other measures that House Republicans say would result in a $37 billion tax hike on the American energy industry. All told, these changes would trickle down to consumers, raising prices across the board.

‘That will affect every American,’ the chairman said, adding that Biden’s call to increase IRS funding by 15% after $80 billion was already granted by Biden’s Inflation Reduction Act last year would also make economic conditions tougher for Americans.

‘And what is that going for? Enforcement. Just for the sake of monitoring working-class Americans’ bank accounts,’ Smith said.

He argued that ‘everything in this budget harms middle-class Americans,’ citing calculations that project $4.7 billion in tax increases if Biden’s plan were to pass.

Smith also cited House GOP calculations that show Main Street businesses would pay $1.8 trillion more under Biden’s plan through an expansion of the small business surtax and other means.

‘The last thing this economy needs right now for working-class families is more spending and more increases in taxes. Right now, they lost … months of their salaries over the last two years just because of the cost of inflation. … That happened because of reckless government spending,’ Smith said.

Treasury Secretary Janet Yellen was on Capitol Hill earlier Friday for a hearing to defend Biden’s budget before Smith’s Ways and Means Committee.

Republicans have been calling on Biden to release his budget proposal since he missed the formal deadline to do so last month, urging him to consider spending cuts before they’ll agree to raise the $31.4 trillion debt ceiling.

But the GOP has ruled out supporting tax hikes as a way to help lower the deficit. And Smith said Friday that Yellen’s testimony and Biden’s plan show the administration is ‘clearly not’ not serious about getting government waste under control.

‘This is the largest tax increase that Biden has ever presented, and it is the largest spending he’s ever considered. So, if he’s really wanting to cut spending and control the fiscal crisis that we’re in, he would have presented a budget that would balance at some point. This budget will never balance,’ Smith said.

The congressman deferred to leaders of the House Budget Committee when asked about whether Republicans’ own fiscal blueprint was in the works but said that talks on how to proceed with the debt limit were ongoing.

‘There’s a lot of conversations going on right now among Ways and Means Committee members, among all members in Congress, also with senators. And there are multiple avenues of what’s necessary to raise the debt limit,’ Smith said.

He declined to go into specifics, explaining that Republicans ‘are not boxing themselves in.’

‘They just know that we have a tough task before us, and that is we need to address the fiscal insanity that’s happening,’ Smith said.

Elizabeth Elkind is a politics reporter for Fox News Digital. 

This post appeared first on FOX NEWS

EXCLUSIVE: The chairman of the House Ways and Means Committee is warning that the tax hikes in President Biden’s proposed budget would have a ‘devastating’ effect on Americans across the country.

‘It means a working-class (American) is going to have to pay more to put food on the table, clothes on their backs and gasoline in their cars, because this incredible spending will only fuel inflation. These Biden taxes will only reduce the take home pay for all Americans,’ Rep. Jason Smith, R-Mo., told Fox News Digital in an interview Friday.

‘Whether you make less than $400,000 a year or whether you make more than $400,000 a year, the policies within this proposal are going to be devastating.’

Smith was referring to one of the marquee points of Biden’s progressive fiscal 2024 agenda: an income tax hike from 37% to 39.6% on Americans whose earnings are in the top tax bracket. In total, the plan calls for more than $2 trillion in tax increases on the wealthy the White House claims will offset federal deficits by the same amount over 10 years.

Biden is also proposing to raise the corporate tax rate from 21%, where it was rolled back to during the Trump administration, to 28%.

Smith also pointed to the president’s proposal to roll back fossil fuel subsidies and other measures that House Republicans say would result in a $37 billion tax hike on the American energy industry. All told, these changes would trickle down to consumers, raising prices across the board.

‘That will affect every American,’ the chairman said, adding that Biden’s call to increase IRS funding by 15% after $80 billion was already granted by Biden’s Inflation Reduction Act last year would also make economic conditions tougher for Americans.

‘And what is that going for? Enforcement. Just for the sake of monitoring working-class Americans’ bank accounts,’ Smith said.

He argued that ‘everything in this budget harms middle-class Americans,’ citing calculations that project $4.7 billion in tax increases if Biden’s plan were to pass.

Smith also cited House GOP calculations that show Main Street businesses would pay $1.8 trillion more under Biden’s plan through an expansion of the small business surtax and other means.

‘The last thing this economy needs right now for working-class families is more spending and more increases in taxes. Right now, they lost … months of their salaries over the last two years just because of the cost of inflation. … That happened because of reckless government spending,’ Smith said.

Treasury Secretary Janet Yellen was on Capitol Hill earlier Friday for a hearing to defend Biden’s budget before Smith’s Ways and Means Committee.

Republicans have been calling on Biden to release his budget proposal since he missed the formal deadline to do so last month, urging him to consider spending cuts before they’ll agree to raise the $31.4 trillion debt ceiling.

But the GOP has ruled out supporting tax hikes as a way to help lower the deficit. And Smith said Friday that Yellen’s testimony and Biden’s plan show the administration is ‘clearly not’ not serious about getting government waste under control.

‘This is the largest tax increase that Biden has ever presented, and it is the largest spending he’s ever considered. So, if he’s really wanting to cut spending and control the fiscal crisis that we’re in, he would have presented a budget that would balance at some point. This budget will never balance,’ Smith said.

The congressman deferred to leaders of the House Budget Committee when asked about whether Republicans’ own fiscal blueprint was in the works but said that talks on how to proceed with the debt limit were ongoing.

‘There’s a lot of conversations going on right now among Ways and Means Committee members, among all members in Congress, also with senators. And there are multiple avenues of what’s necessary to raise the debt limit,’ Smith said.

He declined to go into specifics, explaining that Republicans ‘are not boxing themselves in.’

‘They just know that we have a tough task before us, and that is we need to address the fiscal insanity that’s happening,’ Smith said.

Elizabeth Elkind is a politics reporter for Fox News Digital. 

This post appeared first on FOX NEWS
Previous Post

Stacey Abrams’ Fair Fight Action fundraises off Alabama tornado aftermath

Next Post

Top GOP chairmen sound alarm on foreign threats report: Nation at a ‘tipping point’

DadOnRetire

DadOnRetire

Next Post
Top GOP chairmen sound alarm on foreign threats report: Nation at a ‘tipping point’

Top GOP chairmen sound alarm on foreign threats report: Nation at a 'tipping point'

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
  • Trending
  • Comments
  • Latest
AG threatens to sue nonprofit accused of going woke if taxpayer money isn’t returned: ‘Choice is yours’

AG threatens to sue nonprofit accused of going woke if taxpayer money isn’t returned: ‘Choice is yours’

February 10, 2023
Arkansas Democrat defends Gov. Sarah Huckabee Sanders amid attack from California’s Gavin Newsom

Arkansas Democrat defends Gov. Sarah Huckabee Sanders amid attack from California’s Gavin Newsom

February 9, 2023
Trump gears up for 2024 rally in Waco, Texas amid ongoing federal investigation, possible NY indictment

Trump gears up for 2024 rally in Waco, Texas amid ongoing federal investigation, possible NY indictment

March 19, 2023

Here’s why every American should be talking about politics and religion on Thanksgiving

November 23, 2023
US military bases that housed Afghan evacuees suffered $260 million in damage

US military bases that housed Afghan evacuees suffered $260 million in damage

0
George Santos scandal brings renewed attention to Biden’s fabrications

George Santos scandal brings renewed attention to Biden’s fabrications

0
Texas ranch owner near border catches men attempting to break into house

Texas ranch owner near border catches men attempting to break into house

0
Maryland Rep. Jamie Raskin diagnosed with ‘serious but curable’ cancer

Maryland Rep. Jamie Raskin diagnosed with ‘serious but curable’ cancer

0
Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

June 30, 2025
Rep. Steube slams Senate parliamentarian for gutting Trump’s legislative agenda

Rep. Steube slams Senate parliamentarian for gutting Trump’s legislative agenda

June 30, 2025
Iran’s nuclear capabilities crushed, but regime’s desire for the bomb may persist

Iran’s nuclear capabilities crushed, but regime’s desire for the bomb may persist

June 30, 2025
Trump’s 24th week set to focus on ‘big, beautiful bill’ passage ahead of Independence Day deadline

Trump’s 24th week set to focus on ‘big, beautiful bill’ passage ahead of Independence Day deadline

June 30, 2025

Recent News

Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

Apple reveals complex system of App Store fees to avoid E.U. fine of 500 million euros

June 30, 2025
Rep. Steube slams Senate parliamentarian for gutting Trump’s legislative agenda

Rep. Steube slams Senate parliamentarian for gutting Trump’s legislative agenda

June 30, 2025
Iran’s nuclear capabilities crushed, but regime’s desire for the bomb may persist

Iran’s nuclear capabilities crushed, but regime’s desire for the bomb may persist

June 30, 2025
Trump’s 24th week set to focus on ‘big, beautiful bill’ passage ahead of Independence Day deadline

Trump’s 24th week set to focus on ‘big, beautiful bill’ passage ahead of Independence Day deadline

June 30, 2025

Disclaimer: DadOnRetire.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • About us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Copyright © 2025 dadonretire.com | All Rights Reserved

No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 dadonretire.com | All Rights Reserved