U.S. Senator Steve Daines today at a Senate Finance Committee hearing with Treasury Secretary Janet Yellen delivered the following opening statement outlining how the Biden administration’s out of control spending and tax hikes have created economic hardship for working families:
“My observation has been that the Administration has a pattern of saying one thing and doing something else, and that’s creating harm for Montanans.
“First, you said inflation was transitory. And then we had Bidenflation’s 40-yea rhigh costs. The average taxpayer had $34,000 in lost wages and wiped out over $26 million low-income earners’ life savings. Finally, it took severe economic hardship for you to admit the truth. And that was the inflation that you said was transitory did not in fact end up being transitory, just like members of your own party predicted.
“Next, the Americans were assured sky-high interest rates driven by President Biden’s out-of-control spending would go back to normal, but just last week, you admitted these rates would most likely never come down to the level seen in the prior Administration.
“Then, you and President Biden enacted the so-called Inflation Reduction Act to, in this Administration’s terms, finally ‘force businesses,’ and I’m using your terms, to pay what you all believe to be their fair share. This is the same Inflation Reduction Act that every single Senate Democrat voted for. And it’s now funding projects to make our border more green rather than more secure. It’s funding projects for all electric buildings, solar panels, EV chargers at the border.
“Finally, the Biden budget unveiled a slew of additional tax increases, tax hikes, on American companies, delivering yet another blow to taxpayers. For years, President Biden has vowed no tax increase on individuals earning less than $400,000. But the truth is, this Administration has already broken that promise. Inflation is a tax on all Americans. High interest rates have kept families from buying homes and hindered the growth of small businesses. And now President Biden is choosing to let the Tax Cuts and Jobs Act expire and increase the corporate tax rate, forcing American families and workers to bear the cost of these woke policies.
“Perhaps the most egregious fiscal decision we’ve seen from the Administration is the complete dereliction of duty to the disastrous OECD pillars one and two negotiations. You completely bypassed Congress’s authority and entered into a terrible deal that will harm the competitiveness of U.S. businesses. The role of the Treasury Secretary is, according to your website, to enable economic growth, stability, and to create job opportunities. I assume that’s American job opportunities. These negotiations do the direct opposite of each of those.
“Through unprecedented extraterritorial taxes, you’ve bargained a deal that would not only raise taxes on U.S. companies, but also send that money overseas to communist China and line the pockets of European bureaucrats. This does completely disregard your role as Treasury Secretary and uses American companies as a piggy bank for foreign governments.”