Dear friend,
Inflation under President Joe Biden is outrageous and continues to hurt American families who struggle to afford basic needs such as food, energy costs and gas. Over the last four years, prices grew faster than wages, and Americans are worse off. Further, the 2017 Tax Cuts and Jobs Act (TCJA) will expire, allowing President Biden’s Fiscal Year 2025 budget to increase taxes by $7 trillion. Approximately 95 percent of Americans received a tax break in 2017, but those tax breaks will disappear if the TCJA is not extended.
Under President Biden’s proposed tax hikes, Nebraska farmers, ranchers and small businesses will see an increase on the top rate of 39.6 percent more in taxes and have an expansion on their Net Investment Income Tax. I am an original cosponsor of H.R. 4721, the Main Street Tax Certainly Act, which permanently extends Section 199A of the Internal Revenue Code (IRS) 20 percent pass-through income deduction for small businesses. Small businesses are the backbone of our country and increased taxes will increase their expenses, which in turn will get passed on to all Americans.
Additionally, American companies could struggle to keep and attract employees because of reduced wages or higher costs of benefits. Increasing the corporate tax rate to one of the highest in the world will put America at a disadvantage because companies will look to overseas vendors in order to save money. The Biden Administration continues to increase foreign businesses, while American families are struggling to keep food on the table. To this my colleague Rep. Adrian Smith (NE-03). This legislation will prevent the IRS from using $80 billion of American taxpayer dollars to push revenue to foreign countries.
Thank you for the opportunity to serve. I will continue to focus on expanding American industries and fight against President Biden’s progressive agenda which seeks to raise tax rates on hardworking Americans.
