House member says Biden budget tax hikes would be 'devastating' for all Americans
Chairman of the House Ways and Means Committee Jason Smith (R-MO) has denounced President Joe Biden's recently released budget for next year, saying its tax hikes on businesses and the highest income earners would hurt "everyone across the board," not just those paying the taxes.
"It means a working-class [American] is going to have to pay more to put food on the table, clothes on their backs and gasoline in their cars, because this incredible spending will only fuel inflation. These Biden taxes will only reduce the take home pay for all Americans," Smith said during a Fox News Digital interview on Friday.
"Whether you make less than $400,000 a year or whether you make more than $400,000 a year, the policies within this proposal are going to be devastating," he added, referencing the rollback of energy tax cuts and increases in taxes on small businesses as well as an increase in the top tax bracket from 37% to 39.6%.
Biden also wants to see the corporate tax rate go from 21% to 28%. Trump had cut the rate to 21% during his tenure.
"Everything in this budget harms middle-class Americans," Smith said.
This budget is likely to exacerbate the debt ceiling fight that is already underway, as Republicans have already said they won't accept tax increases as a way to mitigate debt or deficit spending.