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Dear Friend,
This past weekend we observed the 20th Anniversary of the September 11th terror attacks.
Let us remember the lives of our fellow Americans who instill an awareness within us of the preciousness of life. Let us also recognize our active service members and veterans, whose strength we have relied upon to defend our freedoms and preserve our title as the United States.
To check out what I worked on last week, see below.
America's Impending Tax Hikes
Following the first week of marking up the Biden budget, the Democrats released even more tax hikes that the American people can expect in the coming year. Below, I've outlined a number of these proposals:
Corporate Tax Rate
- Will rise to as high as 26.5% effective 2022
Individual Income Tax Rate
- Will surge to 39.6% effective 2022
Capital Gains
- Will increase to 25% effective 2022
Estate Tax
- Exemption will expire at the end of 2021 rather than 2025
The proposals set forth will not just hit wealthy America. They will increase the tax burden on the middle class. If these proposals are enacted, the U.S would have one of the highest corporate tax rates of all OECD countries.
Interview with Bloomberg
Last week, we officially started working through the economic impact of the proposals my Democratic colleagues have put forth in their $3.5 trillion tax and spending plan. I joined Bloomberg TV to discuss the economic impact of this proposal, and my thoughts on the policies we should be putting forth instead in order to re-create the strong economic growth we saw prior to the pandemic.
Republicans have proven that pro-growth tax and regulatory reform can create record economic growth for all. A few takeaways from the meetings last Thursday and Friday include the following changes which will drastically expand our government programs:
- Requiring collective bargaining for paid family and medical leave, impacting right to work states like Arizona by creating new unions to control business decisions.
- Democrats are expanding Medicare at the expense of our future generations
- Implementing reference pricing for pharmaceuticals which will result in fewer cures
- Democrats will be letting Trade Promotion Authority (TPA), the Generalized System of Preferences (GSP), and the Miscellaneous Tariff Bill (MTB) expire and terminated impacting projects like the Keystone Pipeline—costing thousands of good American jobs
I'll be joining the Ways and Means Committee again this week to offer amendments to counter Democratic party proposals that will increase taxes and expand the size of our government. Be sure to follow along for updates.
Stray Spending Proposals in the Democrat's $3.5 Trillion Bill
The Democrat's massive spending bill has already proven that it will impose crippling tax hikes on America's working families. On top of this fact, much of the money that is needed to foot the cost will be going to partisan items that will fund the Democratic agenda. Here are just a few examples:
- Union Tax Breaks: provides tax deductions to Dem-endowed labor organizations, which historically have had little positive impact on working class families.
- Electric Bike Tax Credit: provides a 15% refundable tax credit to electric bicycle owners. This dollar-for-dollar credit can rise as high as $1500 for high-end bikes.
- Investing in the "Green Work Force": provides further funding for the energy credit project and union automotive workers.
- "Environmental Justice" Program Tax Credits: provides credits to programs aligning with the Democratic green agenda.
I will continue to highlight Washington's misuse of American funds and call out this excessive spending that is pushing us dangerously close to the debt ceiling.
Vaccine Mandates
Last week, President Biden announced he will be mandating the Covid-19 vaccine in the work place for the majority of Americans. Not only is this an infringement on the American people's right to make their own decisions, but it will also crush our small businesses. Business owners will now be forced to make their employees comply or else run the risk of huge fines and potential shut downs.
In a time when our economy is already enduring ongoing setbacks as a result of the pandemic and following lockdowns, the last thing our business owners need is further control from Washington. Business owner's should be able to make their own workplace policies without government overreach. It is high time that Washington bureaucrats stop acting as healthcare officials.
Recognitions
Do you know of a member of our community that is deserving of a Congressional Recognition based off their hard work, accomplishments, or community service? If so, please take a moment to highlight them by requesting a Certificate of Congressional Recognition from Arizona’s Sixth Congressional District.
There are so many amazing businesses and volunteers who have gone above and beyond these last few months to our AZ-06 community. I want to recognize these individuals for their selfless actions and for what they do on a daily basis to better our communities.
I am continuously appreciative of the time you take out of your day to read my newsletter as well as provide your thorough feedback. If you have any questions or are in need of assistance, please do not hesitate to reach us.
Sincerely,
David Schweikert
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