Crapo: Raising Taxes Incredibly Misguided

Statement

WASHINGTON -- U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the U.S. Senate Finance Committee, issued the following statement in response to President Biden's infrastructure plan and proposed tax hikes:

"Raising taxes in the middle of an economic crisis is incredibly misguided," said Ranking Member Crapo. "Prior to the pandemic, our economy was the strongest it's ever been. Unemployment was down and real earnings were up, especially for low-wage earners. Unemployment rates for minorities were at record lows. Small business owners were reporting record-level employee compensation and more job openings than qualified applicants. These outcomes will resume once our economy can reopen completely, provided the Administration's proposals to raise taxes on vulnerable American businesses are not enacted into law. Hastily changing the tax system purely for purposes of raising revenue will bring back inversions and foreign takeovers of U.S. companies, cost jobs, shrink domestic investment and slow down wage growth, ultimately crushing ordinary workers and the middle class. Focusing on pro-growth policies that boost growth, competitiveness, productivity and investment is the best way to fully rebuild from the COVID-19 pandemic."

The Finance Committee has shared the facts on what tax hikes would mean for United States businesses and workers: fewer jobs, lower wages, and lower retirement account values for American workers and households.

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