JCT Confirms: Tax Costs Exponentially Outweigh Benefits
Washington, D.C.–The nonpartisan Joint Committee on Taxation (JCT) has issued an analysis of effects of the Democrats’ reckless tax-and-spend bill on taxpayers in each income category. The new analysis shows that the burden of the bill’s tax increases on lower- and middle-income Americans is so great, any supposed benefits from the temporary premium credits […]
Finance Republicans: Americans Can’t Afford This Tax-and-Spend Bill
Washington, D.C.–Against a backdrop of high inflation, shrinking GDP and stagflation, Democrats are pushing forward with a bill that does nothing to address inflation; will not grow the economy or ease supply chain pressures; but will increase the tax burden on millions of Americans. U.S. Senate Finance Committee Republicans, led by Ranking Member Mike Crapo […]
Crapo: Reckless Tax-and-Spend Dangerous for America
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Senate Finance Committee, led a news conference with Finance Committee Republicans to highlight the tax hike proposals in the mislabeled “Inflation Reduction Act.” Analyses from nonpartisan experts have shown the legislation would increase the tax burden on low- and middle-income Americans; slam the manufacturing industry; […]
MYTH vs FACT: Tax Title of the “Inflation Reduction Act of 2022”
Democrats claim the latest version of their tax-and-spend bill, the mislabeled “Inflation Reduction Act of 2022,” will ensure the wealthiest Americans and corporations pay their “fair share” by closing tax loopholes and boosting IRS funding, all without raising taxes on anyone making less than $400,000 per year. However, analyses from nonpartisan experts show the legislation […]
JCT: Democrats’ Proposals Increase Taxes on Millions of Americans
Washington, D.C.–The nonpartisan Joint Committee on Taxation (JCT) estimates the Democrats’ latest reckless tax-and-spend proposal will increase taxes on millions of Americans across every income bracket, with more than half of the tax increases on Americans making less than $400,000 per year. “While Republicans’ pro-growth tax reform in 2017 reduced tax rates for all Americans […]
Inflation Soars, GDP Declines: Economy Needs Pro-Growth Policies
Washington, D.C.–U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the below statement following the release of the personal consumption expenditures price index (PCE), which jumped to 6.8 percent in June, up from 6.3 percent in May. “Two consecutive quarters of negative GDP, continued high inflation, declining consumer and business confidence—it’s clear that Democrats’ […]
JCT Confirms: U.S. Manufacturers Would be Hardest Hit by Democrats’ Book Minimum Tax
Washington, D.C.–A new analysis by the nonpartisan Joint Committee on Taxation (JCT) of the book minimum tax proposal in the latest version of the Democrats’ reckless tax-and-spend bill (the 15 percent minimum tax on corporations) would overwhelmingly hit U.S. manufacturers at a time when they can least afford it. Senate Finance Committee Ranking Member Mike […]
Crapo Statement at USTR Nomination Hearing
Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the U.S. Senate Finance Committee, delivered the following remarks at hearing to consider the nomination of Douglas J. McKalip, for U.S. Trade Representative Chief Agricultural Negotiator. The text of Ranking Member Crapo’s remarks, as prepared, is below. “Thank you, Senator Wyden. “Welcome, Mr. McKalip, and […]
Crapo: Democrats Want to Raise Taxes, Kill Jobs Amid Shrinking Economy
Washington, D.C.– U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the following statement after the gross domestic product (GDP) fell 0.9 percent for the period, following a 1.6 percent decline in the first quarter. “GDP has declined for two consecutive quarters as inflation continues to rage. Democrats’ economic policies took an economy […]
CBO, JCT Confirm Dems’ Obamacare Subsidy Expansion Would Cost Billions More than Previously Claimed
Washington, D.C.–The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) released analysis showing Democrats’ proposal to significantly expand Obamacare tax subsidies would add billions of dollars to the federal deficit to the benefit of wealthy Americans. The analysis was in response to a letter requesting the true cost of an expansion of […]