05/25/2022 | News release | Distributed by Public on 05/25/2022 18:54
A new report from the Congressional Budget Office shows that Democrat-generated high inflation will persist into next year and that the Tax Cuts and Jobs Act (TCJA) resulted in higher corporate and payroll tax revenues. Ways and Means Republican Leader Rep.Kevin Brady (R-TX) issued the following statement:
"CBO's latest report is independent proof that President Biden and Democrats in Congress bungled the economy - proving that Democrats fueled punishing inflation and made the worker crisis worse with its nearly $2 trillion "Covid Stimulus." It also confirms that crushing Biden-Flation will continue into next year.
"The report also debunks Democrats' repeated claim that corporate taxes are down 40 percent due to the Republican tax cuts of 2017. According to the CBO, we'll see a whopping $2.4 trillion increase in corporate and payroll tax revenues over the next decade.
"In a third hit for Democrats, America's economy will slow and jobs will be lost if President Biden succeeds in repealing the GOP 2017 tax cuts for families and small businesses - a vow he has made repeatedly. Why are Democrats in Washington still trying to raise taxes on local businesses that will only drive prices higher?"