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Biden’s Economic Agenda: Why Congress Continues to Waffle on Big Tax Hikes

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President Joe Biden and Democrat leaders across the country have been relentless in pushing forward a barrage of taxing and spending bills over the last year. Now, more than ten months into the Biden Administration, we’ve seen over $5 trillion in total spending pass through the Democrat-controlled Congress. But Americans are getting worried that with all this spending and tax increases on the horizon, the money has to come from somewhere, and it will probably be all of us. Americans are also starting to feel the effects of rising inflation, supply chain delays, and labor market shortages, causing real concern that maybe all of this spending and tax hikes aren’t really such a good idea, especially when we’re trying to emerge from the COVID pandemic. Nevertheless, Congress is set to move forward on President Biden’s marquee tax and spending plan in the coming weeks, the so-called “Build Back Better” (BBB) plan, and he might not get everything he wants as Congress continues to waffle on major tax proposals.

The single biggest reason why Congress continues to waffle on major tax hikes is that the tax increases under consideration are so massive and broad-based that they hurt everyone, not just the “billionaires” that the Democrats say they are going after. Democrats are looking at an unfriendly, to say the least, electoral map for 2022 and are rightly concerned about doing even more damage to their re-election chances by taxing their middle-class constituents. According to an analysis by the Joint Committee on Taxation, Congress’s non-partisan scorekeeping, Americans who have an annual income of $40,000 or more will be severely penalized, in stark contrast to President Biden’s pledge not to raise taxes on those making less than $400,000.

For “Michael Canty, president of Alloy Bellows & Precision Welding, Inc. near Cleveland, Ohio., Biden’s tax proposal equates to a 33 percent increase in taxes for his business, which is structured as a C corporation. Canty would like to grow beyond his staff of 85, but instituted a hiring freeze for fear of tax increases and an increasingly complex regulatory environment. Increased taxes that stifle job creation are an awful prescription for our country,” wrote Ian MacLean, the U.S. Chamber of Commerce’s Small Business Council and president of Highland Landscaping, LLC in an Op-Ed for The Hill.

That’s why so many Americans oppose the Democrat’s proposals, even those within the President’s own party. “Throughout the last three months, I have been straightforward about my concerns that I will not support a reconciliation package that expands social programs and irresponsibly adds to our nearly $29 trillion in national debt that no one else seems to care about,” Senator Joe Manchin (D-WV) said in a statement in early November. “Nor will I support a package that risks hurting American families suffering from historic inflation,” he said.

The President’s BBB plan originally proposed spending $3.5 trillion. House Speaker Nancy Pelosi (D-CA) said she wouldn’t put a bill to a vote that wouldn’t pass the Senate, and after months of intense negotiations between the White House, House leadership, and Senators Manchin and Kirsten Sinema (D-AZ), they were able to reduce the price tag down to $2.2 trillion, as passed by the House just before Thanksgiving.

However, the Senate is still expected to make changes to the BBB as passed by the House, leaving little time in the calendar for the House to pass it a second time before Congress goes on Christmas break for the rest of the year. With so much opposition mounting by American families and small businesses and within the Democrat party itself, Congress may continue to waffle on the President’s economic agenda well into 2022.

Bob Carlstrom is President of AMAC Action


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Rae
8 months ago

Who CARES…definitely not the Republicans…There is so much lawlessness because of greed…God could stop all of this with his breath…if he chose to…in the meantime… it’s going to get more painful…KEEP THE FAITH!

Bill T
8 months ago

They pass this so called build back better scan and it’s completely over for our country ( we will never recover from such a disastrous package of PORK) there relentless and diabolical with everything and are lying about everything) any rhino that recently sided with this communist administration has to go and let’s pray our senators fully understand it’s completely over for them when any normal Americans realize what a disaster this bill actually is

PaulE
8 months ago

Lets cut to the chase. The biggest reason why Congress is “waffling” as you call it is there is absolutely NO VALID ECONOMIC REASON for the BBB bill. Virtually NOTHING in the reconciliation bill is based on a pressing economic need of critical importance or essential to solve any real societal needs. It is completely unaffordable and will crush this country economically and societally.

The BBB bill is nothing more than a glorified Socialist wish list of things the Democrats have been dreaming of enacting for 100 years, because they hate the country as it exists today and they want to completely remake it into their vision of a Socialist Utopia. That’s it. That’s the bottom line. The bill needs to be killed in its entirety.

Bill on the Hill
8 months ago
Reply to  PaulE

I am 100% behind that conclusion Paul…
Bill on the Hill… :~)

David Millikan
8 months ago

This happens every time stupid people put a Communist in the White House.
Remember he’s Obam-DUH’s buddy following in Obam-DUH’s footsteps.
Watched it happen when Johnson, Carter, Clinton, Obam-DUH, and now DICTATOR Beijing biden following their footsteps of FAILURE on EVERY LEVEL.
Thanks to the FAKE News and Department of DUH-mucation BRAIN WASHING and CONSTANT LIES TO THE AMERICAN CITIZENS.

AND THE WHOLE WORLD IS LAUGHING AT US.
WE WENT FROM #1 and ENERGY INDEPENDENT IN THE WORLD TO LAST PLACE. And the FASCIST liberals are telling us that DICTATOR Beijing biden won the election. BS.

Ron Howard
8 months ago
Reply to  David Millikan

Why not tell us what you really think, David? I agree with you. Many Democrat voters bought the lies that these outrageous expenditures would be covered elsewhere by reducing waste without adding new taxes, or that only the wealthiest would be taxed. My once logical and reasonable conservative young son, moved to California and married a radical liberal extremist 5 years his senior, and a strong influence on him, believes those lies told by Bernie Sanders, and thinks Bernie just really cares about the people. Have you wondered what makes a Democrat think so differently from a Conservative? If one listens only to someone with the same ideas, they never learn anything new. And Democrats don’t want to hear opposing views.

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