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Congressional Democrats’ Plan Tax Hikes During a Recession
Senate Democrats have passed legislation today that they’ve titled the “Inflation Reduction Act.” However, the title completely mischaracterizes the legislation. Leading economists at the University of Penn Wharton School Budget Model have reported that they have “a very low level of confidence that the legislation will have any impact on inflation.” The non-profit Tax Foundation reports “the long-run impact on inflation is particularly uncertain but likely close to zero.”
Not only does the legislation fail its stated purpose, but it also actually makes matters worse for middle-class families. The Joint Committee on Taxation, a non-partisan bicameral committee of Congress, reports that the Democrats’ legislation will raise approximately $16 billion in taxes from individuals making less than $200,000 per year, contrary to President Biden’s oft-repeated promises about taxes.
This legislation will not help our economy recover. The American economy has shrunk for two straight quarters – meeting the definition of a recession. No amount of spin or handwringing over definitions from the Biden administration can change the fact that Americans are struggling in this economy. Since taking office, the Biden administration has been in denial about the state of the economy. First, on inflation and now about recession. I spoke about this latest devastating economic news on the floor of the House. Click below to watch my brief remarks.
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Raising taxes during a recession is terrible public policy. Democrats, including some leading this legislation, used to agree with my last statement. They have now changed their mind, and the American people will pay the price.
Long-term Financial Outlook Paints Bleak Outlook
Last week the Congressional Budget Office released its annual Long-Term Budget Outlook for the next thirty years. The report paints a bleak outlook about the future financial health of our nation. They report: “Federal deficits are projected to nearly triple…debt reaches 185 percent of GDP in 2052.” The chart below demonstrates how our national debt poses a significant threat to our future.
Congress must urgently act to change the trajectory of our financial future and get our fiscal house in order.
Innovation in synthetic biology can strengthen American supply chains
The COVID-19 pandemic exposed domestic supply chain gaps that have impacted the lives of all Americans. Global shutdown orders put a magnifying glass on where we source our goods and revealed how vulnerable our domestic production capability is without access to raw materials, chemicals, and many other inputs.
The lessons we’ve learned from identifying these gaps have Congress rethinking measures to promote additional domestic manufacturing. While Congress was myopically focused on the manufacturing of semiconductors, it is critical that Congress holistically consider how we keep America’s economy competitive in advanced technologies.
Read my latest op-ed in The Hill on how Congress should consider in future debates how emerging industries, like synthetic biology, can play a key role in shoring up supply chains.
Internships in Washington and District offices are available!
My office is looking for interested students and individuals to apply for available internship opportunities in my Washington, DC, and district offices. A qualified intern candidate will possess familiarity with the American political system and Congress, have an interest in current events and news, as well as demonstrate strong communication skills and work ethic.
For more information on our intern programs and to apply, please click here to visit my website.
I would like to thank our hard-working summer interns, Riley and Corey, who served in our Washington office, as well as Michael and Ashlyn, who served in our Lancaster office. Thanks for your help serving the people of Pennsylvania’s 11th Congressional District!
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