U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks on the Senate floor regarding Democrats’ reckless tax and spending spree:
“President Biden makes two claims about the reckless taxing and spending spree that Democrats are writing behind closed doors. He is saying it costs zero dollars… and that he needs massive tax hikes to pay for it.
“Talk about magical Washington math! If they embark on a Washington spending binge, as long as they send the bill to the American people and not themselves, they consider the whole thing free of charge.
“Of course Democrats’ plans wouldn’t pay for themselves. That’s why their reckless spending spree needs to come paired with an historic redistribution of wealth from the American people to the federal government. With trillions of dollars in new spending comes the largest peacetime tax hike on record.
“Democrats’ reckless taxing and spending spree isn’t even fully developed, and it already contains more than 40 different tax increases that would hurt families and help China.
“Some of the tax hikes take aim at workers and families directly. Others target small businesses, pass-throughs, and family farms with extra burdens. Still others would make it much harder to invest, create, and sustain jobs here in America instead of overseas.
“Ivy League economists say the Democrats’ tax hikes would ‘increase the incentive’ for American companies to move investments and profits overseas.
“Under Democrats’ proposed expansion of the global minimum tax, more than a dozen of our most developed peers would have tax structures more favorable to U.S. companies than our own.
“If President Biden got his way on corporate taxes, even China would become more hospitable to job creators by comparison.
“Let me say that again: Democrats are planning to send America’s top tax rate for job creators higher than communist China’s.
“Needless to say, the biggest losers when Democrats make it harder to do business in America are American workers!
“Based on data from the Joint Committee on Taxation, two-thirds of the burden of the corporate tax hike Democrats are trying to ram through would end up falling on lower- and middle-income Americans. 98.4% of it would hit Americans with incomes under $500,000.
“Mr. President, it turns out that President Biden’s promise that taxes wouldn’t go up for the vast majority of American families wasn’t worth all that much.
“And not only are their taxes set to go up – so is the budget of the IRS!
“Democrats want to spend $80 billion so that federal tax authorities can expand their reach into the financial habits of average Americans, snooping on transactions as small as $600.
“They want to finance their spending spree by effectively treating every ordinary American as if they were under IRS audit. I must have forgotten when the President campaigned on giving everybody their own audit!
“It isn’t ordinary middle-class Americans who need a careful audit, Mr. President. It’s the Democrats’ reckless taxing and spending spree, with these historic tax hikes that would hurt families and help China.”