HYDE-SMITH DENOUNCES DEM’S RECKLESS TAX & SPEND SCHEME, WILL VOTE AGAINST SENATE PASSAGE
Miss. Senator Contends Job Creators, Workers Will Ultimately Pay for ‘President Biden’s Bad Ideas’
WASHINGTON, D.C. – U.S. Senator Cindy Hyde-Smith (R-Miss.) tonight denounced the latest iteration of the Democrats’ reckless tax and spend scheme forced through the Senate, predicting that job creators and middle-class families will ultimately pay the price for the radical policies in the legislation.
Hyde-Smith will vote against the nearly $740 billion package (HR.5376) that includes broad aspects of the Green New Deal and more than $300 billion in new taxes on manufacturers and U.S. oil and gas producers. It is a reiteration of the nearly $4 trillion Build Back Broke initially proposed by President Biden last year.
“This legislation may be a watered-down rehash of President Biden’s bad ideas, but it still has the power to make things worse. There is no way hard-working middle-class families won’t end up paying the price for increased taxes and government mandates on job creators, energy producers, and companies,” Hyde-Smith said following the procedural vote to proceed to the bill following the vote to proceed to the bill.
“American workers today continue to pay the price for the record-high inflation caused by an unnecessary $1.9 trillion stimulus forced on us by the same folks who are now pushing this reckless, green dream on us. The same people who have taken a recovering economy and pushed it into recession,” the Senator said. “This legislation has been described by a supporter as ‘the beginning of a long, forced march.’ I fear that will become true—a long, forced march toward more economic hardship and more government in our lives.”
Among the problematic issues in Schumer/Manchin-negotiated HR.5376:
- Negligible effect on inflation, doing next to nothing to lower the 9.1 percent inflation rate.
- Imposes billions in taxes and restrictions on U.S.-produced oil and natural gas even as Americans pay record gas prices and energy prices.
- Hikes taxes an estimated $330 billion overall as the economy has suffered from two consecutive quarters of negative GDP growth, the established definition of a recession.
- Usurps committee responsibilities to write new farm bills with $40 billion in spending and programmatic dictates.
- Expends $370 billion to jam through Democrats’ radical Green New Deal climate agenda, including tax breaks to wealthy Americans to buy electric vehicles and kitchen appliances.
- Spends $80 billion to make the Internal Revenue Service one of the largest federal agencies in history, with 87,000 additional IRS agents to audit Americans in order to find revenue to pay for the bill.