Right now, the price of gas, groceries, and just about everything else we buy is rising exponentially and the GDP has decreased for the second quarter in a row, officially entering our economy into a recession. Weekly Column - August 9, 2022 Why is the Biden Administration Raising Taxes... Again? By Congressman Dan Newhouse Right now, the price of gas, groceries, and just about everything else we buy is rising exponentially and the GDP has decreased for the second quarter in a row, officially entering our economy into a recession. Yet, instead of addressing these issues head-on, Democrats and the Biden Administration are rushing to sign a 2,140-page, half-a-trillion-dollar spending spree into law that would raise taxes, punish small businesses, hire 87,000 IRS bureaucrats to harass the middle class, and increase inflation. To say this is inconceivable is an understatement. As of May, 58% of American adults—roughly 150 million people—live paycheck to paycheck, according to a new LendingClub report. Now, despite President Biden’s promise not to raise taxes on Americans making less than $400,000 a year, he’s done just that. In addition to raising taxes, this bill would give $80 billion to the IRS for additional audits and 87,000 new IRS agents. Americans are struggling, and what is the Biden Administration’s plan? Increasing taxes again. And it doesn’t just increase taxes on American families, it raises taxes on American businesses as well, which experts say will result in higher prices, fewer jobs, and lower wages. According to the National Association of Manufacturers, the business tax hike would eliminate more than 218,000 jobs. And a recent study by the Joint Committee on Taxation found that nearly half of this legislation’s tax burden would fall on manufacturers. When our supply chain is already disrupted, it is unconscionable for the Biden Administration to make it even harder for families to make ends meet and find the goods and products they need. As if that wasn’t reason enough not to support this legislation, it also will do nothing to stop our skyrocketing inflation. Contrary to claims made by the President Biden, a myriad of firms and organizations conducted analyses on this bill and found that it would not reduce inflation. And when it comes to believing the Penn Wharton Budget Model, Moody’s Analytics, the Tax Foundation, the National Taxpayers Union, and the Center for a Free Economy or the Biden Administration, I’m putting my money on what the economists are saying. And the cherry on top as we’re facing a national energy crisis, this bill would make it more expensive to domestically produce oil and gas—all in the name of addressing climate change. The legislation imposes a new natural gas tax, which could jeopardize 100,000 jobs and lead to a 17 percent increase in monthly natural gas bills, costing the average American family roughly $100 per year. Not to mention the inclusion of a $7,500 handout to purchase electric vehicles, which have an average cost of nearly $67,000 according to Kelly Blue Book. It’s safe to say that when inflation is at a 40-year-high, most Americans don’t have $59,500 to throw on an electric vehicle—especially when they live in rural communities and have to drive much further just to get to the grocery store or their doctor’s office. If the Biden Administration truly wanted to combat climate change, then it would focus on solutions that work—like supporting effective, clean, renewable hydropower or locally-led conservation efforts—not throwing more money to special interest groups to make themselves look good. It is clear this administration has failed to listen to the American people and has no plan to fix the problems it’s caused. We owe our children, grandchildren, and future generations a return to fiscal responsibility, and I am committed to reining in out-of-control federal spending and utilizing taxpayer dollars in a prudent and responsible manner. I am adamantly opposed to yet another tax-and-spending spree from this administration and will continue to work in Congress for the people of Central Washington to reduce inflation, lower taxes, and rein in government spending through reforms, effective oversight of current programs, and addressing waste. And come November, when Republicans take back the House, we are poised and ready to do all that and more. View on my Website ‌ ‌ ‌ newhouse.house.gov Congressman Dan Newhouse | 504 Cannon House Office Building, Washington, DC 20515 Unsubscribe [email protected] Update Profile | Constant Contact Data Notice Sent by [email protected]