Americans for Tax Reform opposes Democrats’ reckless tax and spend, the Senate Amendment to H.R. 5376, and urges all Members of Congress to vote “NO.”
This legislation is a clear violation of President Biden’s promise to not raise taxes on anyone earning less than $400,000.
As voters worry about runaway inflation and an economy in recession, Democrats are instead focused on raising taxes by roughly $750 billion to fund progressive priorities. Analysts ranging from the Penn Wharton Budget Model to Sen. Bernie Sanders (I-VT) agree that this legislation does nothing to help inflation. This bill will kill nearly 30,000 jobs, reduce GDP and lower wages for workers.
This partisan bill supersizes the IRS with 87,000 new IRS agents to perform 1.2 million new audits on taxpayers and small businesses. Rather than provide relief for small businesses in a recession, Democrats put Mainstreet in their crosshairs with new business tax increases, even going as far as targeting passthrough businesses declaring losses. The bill creates a new excise tax on stock buybacks that harms the retirement savings of any individual with a 401(k), IRA or union pension plan. Americans enduring high prices and expensive energy bills will be hit harder by the bill’s tax hikes on natural gas, crude oil and coal. The bill deals a serious blow to medical innovation and will reduce the supply of life-saving new medicines by creating government price controls and punitive tax increases on prescription drugs. The bill extends boosted Obamacare subsidies previously sold to the public as “temporary COVID-19 relief” at the expense of taxpayers while relying on budget gimmicks to claim savings that exist only on paper.
Democrats spent the country into inflation and are now taxing the U.S. economy into a recession.
Americans for Tax Reform urges all Members of Congress to reject this bill and vote “NO.”