This is not good for America.
Before President Biden won the presidency, a lot of Americans, primarily conservatives, were very concerned about Biden giving other countries, such as China and Russia, an advantage over the United States economically.
Now, top Republican Senator Kevin McCarthy is warning that Biden’s purposed tax plan will do exactly that! McCarthy also hammered Biden for breaking his promise to not raise taxes on the middle-class.
McCarthy warned that Biden’s tax plan will make America no longer competitive which will ultimately destroy the middle-class.
In transcript provided by Fox Business, McCarthy warned, “Well I don’t know what facts he was trying to state because there were no facts in it. Think about it, you were just talking about the retail sales. This economy is strong from the fact the tax cut we provided, when you were serving, and the deregulation, that is what we’ve been living on. What he wants to do is make America not competitive.”
McCarthy then said, “You made a lot of good points there and remember what the joint tax said, this will actually raise taxes on those making $30,000. He just broke his promise. But the one thing you haven’t brought up, the global minimum tax, that actual rate will be 19. All those businesses, all the repatriation of the money we brought back into America, he will make it easier for jobs to leave America to go to other countries. He gives China an advantage. Those are the individuals that will win in this process. Then he gives like a guaranteed income.”
Adding, “90% of Americans will qualify for the child tax credit. You make a very good point, they take away requirements. There is no job requirement. There is no requirement for a social security card for your child. It will not be just Americans you are providing he already had more than 1.2 million illegal encounters of people coming across the border. This is what is going to break America because it is a redistribution of wealth.”
In 2017, Republicans lowered taxes & let you keep more of your own money. The result = strongest economy & lowest unemployment in 50 years.
Now, Democrats want to take America backward. They are going to vote to raise your taxes so they can spend more on socialist pet projects. pic.twitter.com/5HG1mKZyhm
— Kevin McCarthy (@GOPLeader) September 15, 2021