Crapo: Job-Killing Tax Hikes Counterproductive
Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) issued the below statement following President Biden’s address to a joint session of Congress:
“President Biden outlined an agenda that is regrettably out of sync with what Idaho’s economy and Americans currently need. There is no doubt that we still face challenges coming out of the pandemic, but increasing the tax burden on workers, job creators and retirees in the early stages of our recovery is the wrong approach.
“Before the pandemic, a combination of reduced regulatory burden and pro-growth policies, including the Tax Cuts and Jobs Act (TCJA), helped to create one of the strongest economies in decades. Median household income was at an all-time high and the unemployment rate reached 50-year lows. American businesses were competing in the global marketplace, creating more jobs, increasing wages, and reporting record investment in research and development. Polling showed Americans’ general satisfaction was at the highest level in 15 years. We should be building on the successful, proven policies that got us to that point, not reversing them.
“Congress has already approved over $6 trillion in pandemic relief, yet the Administration continues to propose massive new spending programs totaling over $4 trillion, this time funded by job-killing tax hikes. In order to return our economy to the strength and broad-based growth enjoyed prior to the pandemic, we must focus on ideas that can garner true bipartisan support, and remove partisan wish list items and proposals to increase taxes on American workers and businesses. As I have said before, I am willing to work on constructive proposals that will help us fully reopen the economy and get people back to work, but raising taxes to fund an expansion of government is counterproductive.”
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