ATR Senior Fellow Vance Ginn provided remarks at the Tax Day press conference at the House Triangle. Video of Ginn’s remarks can be viewed here.
Ginn said:
“It is often said that we don’t have a revenue problem, we have a spending problem. And that’s true. But also here on Tax Day, we have a tax problem.
What we really need is for free market capitalism, which is the best path to let people prosper, to be able to flourish again. For people to get jobs and higher wages so they could pay for the higher inflation that’s come out of the Biden administration.
And it’s just one thing after another. The latest account of this was the Inflation Reduction Act which does no such thing. It continues to raise inflation, raises the debt, and the latest estimates on this show that it will be about four times higher than what the CBO reported just last year.
And a lot of this has to do with the tax credits for electric vehicle batteries, which are going to cost nearly $200 billion plus over time. This is another way that they’re infiltrating the overall size of the government through our economy throughout our lives.
And fortunately, we have another way that we should go, that’s led by a lot of states that are leading the sustainable state budgets across the nation, that they should look at by spending less, and finding ways to provide tax relief and regulatory reform.“