Reckless Tax-and-Spending Bill No Different Than ‘Build Back Better’
On the House floor, I discussed Senate Democrats’ reckless tax-and-spending bill that will be voted on later this weekend. Excerpts of my remarks are below:
It sprung to life unbeknownst, I believe, to virtually all the Democratic senators except for Senator Manchin and Senator Schumer.
Privately his Democratic colleagues assured me this was not happening, but then the Senator from West Virginia has engaged in a gigantic, Olympic-worthy flip-flop.
Senator Manchin will tell you this bill is completely different from ‘Build Back Broke’, but it's not. Job-killing tax hikes. Green New Deal climate policies. Taxpayer subsidies for wealthy people buying expensive cars and SUVs.
And again, we haven't even seen the final product yet.
Working families aren't the only ones going to face a higher tax bill. The Manchin tax hike also hits businesses, and it's sure to have a devastating impact on -- guess where -- West Virginia.
According to the tax foundation, the industry that will be hit hardest is the coal industry.
I guess ultimately that's what this exercise will be about - it will be about political accountability.
Despite what our colleagues are saying today, this bill will increase taxes on families earning less than $400,000 a year. It will stifle medical and pharmaceutical innovation and prevent new lifesaving cures from being discovered.
I don't know how our Democratic colleagues are going to explain this one in November.