Rep. Jason Smith, R- Mo., said Monday night that President Joe Biden saying he only plans to tax the rich is nothing but a “big lie.”
“The true big lie in Washington is Biden, saying he’s not going to raise taxes on people who make less than $400,000 a year,” Smith who a ranking member of the House Budget Committee said on “Spicer & Co.” “If you just look at President Biden’s budget proposal, he in fact, raises taxes on low-income working-class families all across the board.”
Smith said Biden’s budget proposal includes the largest tax collection in the nation’s history, with the U.S. Treasury estimated to take in $55 trillion, more than in Communist China.
“You talk about a problem for our economy,” Smith said. “Even his budget proposal predicts that the GDP for our nation will be the worst it’s been in 75 years at 1.8% over the next eight years because of this tax increases, it’s a disaster.”
Smith said the president’s spending plan does not account for inflation, which he said has quadrupled since Biden took office on Jan. 20.
“(Biden has) proposed more than $7.5 trillion of spending in his first 100 days (in office). That $75 billion a day,” Smith said. “That’s why just in the last couple weeks we’ve seen inflation at the highest it’s ever been in recorded history.”
Smith said the higher goods and services cost through inflated prices ends up being a tax “on all Americans,” regardless of income.
“Every American is paying more to put food on their table, clothes on their backs, and gas in their cars,” he said. “That is a tax on all Americans.”
Smith said Biden’s $1,9 trillion American Rescue Plan, which passed earlier this year as a COVID relief bill, ended up bailing out financially failing states like California, which received more than $60 billion, and is now touting a $76 billion surplus.
“That means all the folks across America are paying for the $76 billion surplus for the state of California for their governor, who’s facing recall, to pay for everyone’s rent and to give them checks,” Smith said. “This is how this administration has been rewarding their political friends, allies, and donors. I mean, if you just look at what spending has been in the past, this budget proposal is reckless. Just the interest on the debt in the year. 2031 will be more than what we are paying for our entire military right now.”
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