IMPORTANT: Stopping Out-of-Control Spending

Dear Friend,

House leadership is attempting to pass a massive, 2,400-page spending package that would have devastating effects on the American economy. I wanted to reach out to you and list some of the provisions this bill contains.

The bill would impose $2.1 trillion dollars of new taxes, including raising the corporate tax rate to 26.5% - the second highest in the developed world. This means you take home less of your paycheck at the end of the day, and major businesses take their jobs overseas.

And that’s on top of the inflation this bill would fuel. With $4.3 trillion in new spending, this is the most expensive bill Congress has ever considered. And with inflation already on the rise, even more spending would further devalue our currency, burdening us all with the hidden tax of rising prices.

According to an analysis by the Joint Committee on Taxation, two-thirds of the employer tax increases will fall on lower- and middle-class Americans. And according to a report by the Texas Public Policy Foundation, these tax increases are estimated to reduce wages by 1.1%. On top of all that, the bill gives $80 billion of your taxpayer dollars to the IRS to enforce these new taxes.

So this bill would reduce wages, increase prices, raise taxes, and give more of your hard-earned tax dollars to the IRS to take more of your money and burden small businesses getting back on their feet after the negative effects of COVID-19 lockdowns. Moreover, according to API, due to a new tax on natural gas, an estimated 90,000 jobs would be lost, and electricity prices would increase by more than $200 every year. In short, this bill would be an unmitigated disaster for you and for the whole American economy.

But this bill does more than just threaten the American economy. The legislation includes language from H.R. 3, which means that if pharmaceutical companies don’t agree to the government’s dictated price for a prescription drug, they can be subjected to a 95% tax on their revenues. What would that do to your access to new drugs? The Council of Economic Advisers estimated that it would lead to 100 fewer cures and treatments for diseases like cancer and Alzheimer’s. History shows that price controls often result in shortages. And when it comes to lifesaving medicines, shortages will mean lost lives.

Simply put, this bill is dangerous for our economy, to your pocketbook, and to those who depend on access to lifesaving medications. That’s why I have firmly opposed this legislation. I will continue to work diligently to make sure this bill does not pass. Instead, Congressional leaders should work to craft a commonsense budget that keeps our government open while reining in spending and keeping tax rates conducive to a healthy economy.

As we continue our work in Congress, please do not hesitate to contact my team in Washington, DC at (202) 225-6565 or visit https://crenshaw.house.gov to share your thoughts on legislation or issues of importance to you. In addition, I encourage you to sign up for my weekly e-newsletter to stay up-to-date on what I’m working on each week in Congress.

It is a privilege to serve you in Congress, and I look forward to your continued input throughout my term.

Sincerely,

Dan Crenshaw

Member of Congress

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