United States Senator Mike Crapo - Idaho
As Republican Ranking Member
of the U.S. Senate Finance Committee, I have taken every opportunity
to push back against the Democrats' reckless tax-and-spend bill that
is front-loaded with inflationary spending and full of job-killing tax
hikes.
*Despite Raging Inflation, Democrats Want to Print, Borrow and
Spend Trillions More *
The Administration and Congressional Democrats
continue to push a massive new spending package that does nothing to
address supply chain issues, nor inflation in consumer and producer
prices.
Inflation is now at 6.8 percent, reaching a near 40-year
high.
The producer price index is up 9.6 percent, the fastest pace on
record.
Data from the Bureau of Labor Statistics [link 1] show grocery
prices have increased 6.4 percent, gasoline prices have increased a
whopping 58 percent, and real average hourly earnings have decreased
[link 2] 1.9 percent.
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A
recent analysis [link 3] from the University of Pennsylvania Penn
Wharton Budget Model shows *average U.S. households will spend $3,500
more in 2021 just to keep up with inflation, *with lower-income
households particularly feeling inflation's sting.
This analysis is
telling us that even without the Democrats' reckless tax-and-spend
legislation, lower-income households will experience a $3,500 stealth
tax.
If Democrats push forward with their bill, which is front-loaded
with inflationary spending and full of job-killing tax hikes,
Americans can expect to pay even more to keep up with rising costs
without getting ahead.
And, any Federal Reserve response to hike
interest rates in response to runaway inflation will mean higher
mortgage rates for homebuyers, and higher borrowing costs for workers
who want to buy a car or a small business that wants to borrow to buy
new equipment.
*$4.9 Trillion: Without Budget Gimmicks, True Cost of
Democrats' Reckless Taxing and Spending Spree Skyrockets*
The
Democrats' bill relies on a number of budget gimmicks in an attempt to
hide the true cost of its misguided policies.
On December 10,
Congress's nonpartisan scorekeeper confirmed what experts have been
saying for months: the policies in the Democrats' tax-and-spend
legislation will negatively impact the economy, with economic effects
severely worsened when intentions of permanence are taken into
account.
According to the Congressional Budget Office [link 4] (CBO),
if certain provisions in the Build Back Better Act were made
permanent, as Democrats truly intend, *the bill would cost $4.9
trillion, and increase deficits by $3 trillion*.
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As
I stressed in a news conference with Republican colleagues, *the true
cost of this bill should mean game over* for this social spending
spree.
Read more from a recent news conference I hosted on this topic
HERE [link 5].
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Caption:
Senator Crapo leads a news conference with Republican colleagues on
December 14, 2021
*A Supersized IRS: More Audits, Investigations and
Tax Enforcement for Americans*
The Democrats' latest version of their
social spending spree includes a whopping $80 billion of new Internal
Revenue Service funding.
This near doubling of the agency's budget
will inevitably lead to increased audits and investigations of every
American taxpayers.
No one knows exactly how the IRS will spend the
money on new audits and investigations, since the reckless Democrat
bill gives the $80 billion to the IRS first, and then asks for
spending plans to be provided later--that is, fund now, plan
later.
In October, I held an event [link 6] in Idaho with other
concerned leaders and constituents on a related proposal that would
have required financial institutions to report to the IRS on their
customers' deposits and withdrawals.
Thanks to an outcry of strong
opposition, it was left out of the House's version of "Build Back
Better."
However, there is still, hidden in the $80 billion funding
boost, a provision that
provides $145 million for the IRS to hire
regulation writers who could find ways to write similar rules from the
IRS.
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Senator
Crapo leads news conference with Republican members on IRS funding,
December 14, 2021
There is a long list of reasons the IRS should not
be given this massive funding boost, from its history of leaks, data
security failures and political discrimination, to its
heavy-handedness with taxpayers.
Click HERE [link 7] to learn more
about the long list of concerns with the IRS funding proposal.
READ:
The IRS needs reform, not more power (Post Register) [link 8]
Before
the pandemic, we were experiencing one of the strongest economies in a
lifetime.
Now, the United States is experiencing unprecedented
economic pressures, including significant inflation and record price
increases, significant friction in labor markets, ships backed up in
our ports, and intense international competition.
It is unfathomable
how anyone could want to move forward with a nearly $5 trillion [link
9] social spending package experts say will stunt our economic
recovery, further impede labor markets, and punish low- and
middle-income workers with higher prices for everyday goods and
services.
As Ranking Member of the Senate Finance Committee, I am
fighting on behalf of Idahoans to build on time-proven, pro-growth
policies, and against reversing them to fund a reckless spending
spree.
*Learn more about Senator Crapo's efforts by visiting his
website at **www.crapo.senate.gov* [link 10]*, or at
**www.finance.senate.gov/ranking-members-news* [link 11]*. *
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Contact
Information:
Website:
Offices:
239 Dirksen Senate
Building
Washington D.C., 20510
Phone: (202) 224-6142
Idaho Falls
410 Memorial Drive
Suite 205
Idaho Falls, ID 83402
Phone: (208)
522-9779
Boise
251 East Front Street
Suite 205
Boise, ID 83702
Phone: (208) 334-1776
Lewiston
313 'D' Street
Suite 105
Lewiston,
ID 83501
Phone: (208) 743-1492
Caldwell
524 East Cleveland
Blvd.
Suite 220
Caldwell, ID 83605
Phone: (208) 455-0360
Pocatello
275 South 5th Avenue
Suite 100
Pocatello, ID 83201
Phone: (208)
236-6775
Coeur d' Alene
610 Hubbard Street
Suite 209
Coeur d'
Alene, ID 83814
Phone: (208) 664-5490
Twin Falls
202 Falls
Avenue
Suite 2
Twin Falls, ID 83301
Phone: (208) 734-2515
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