Exclusive — Rep. Kevin Brady: ‘Two out of Three Millionaires Get a Big Tax Cut’ in Biden’s $1.75 Trillion Proposal

Rep. Kevin Brady (R-TX) told Sirius XM’s Breitbart News Daily host Alex Marlow Wednesday that the Biden administration’s $1.75 trillion spending proposal, dubbed the Build Back Better plan, would provide millionaires with tax relief while raising taxes on “middle-class families.”

“Everything is stuffed in the first year,” Brady, ranking member on the House’s Ways and Means Committee, said. “That’s what they want to make permanent in America, and there, you’re running, gosh, $150 billion, $200 billion short just in that first year. So bottom line is you’ve got trillion-dollar national debt, easily. But I think the most offensive thing is what they’re doing in this bill. Two out of three millionaires get a big tax cut while middle-class families see a tax hike.”

Brady noted that the White House’s proposed spending is not “paid for,” despite Democrats claiming otherwise.

He said, “It’s not paid for. … Yesterday, the White House started sort of confessing to lawmakers that the Congressional Budget Office estimates this thing will not pay for itself. How far from ‘it costs zero’ will it miss? The bets are either by the amount we spend on education each year or the amount we spend on homeland security each year. These are whopping, huge gaps. They’re already preparing their members in the House for [how] this is going to cost a bunch.”

 

Brady remarked that according to Moody’s, “If you add up infrastructure bill, that first COVID stimulus — which didn’t do any of that — and Build Back Better, average Americans pay two percent higher costs on prices over the decade than if we had a Biden-free economy. So here you’ve got tax breaks for millionaires, you’ve got higher prices at a time where we’re at about almost a 40-year [record] pace [for inflation] under Joe Biden, not to mention all the jobs you’re losing, the small businesses you’re hammering, and the workers you’re paying to stay out of the workforce.”

“The true cost of this bill, over time, will increase our national debt by almost 25 percent,” he concluded. “The wealthy get a bunch of tax breaks through here in the green corps that’s in here, but specifically, by repealing the state and local cap on the deductions, most of that money flows to the wealthy, and so two out of three millionaires will get a hefty tax break from this, but others don’t. If you don’t itemize your tax, you get nothing from lifting the SALT cap. If you’re middle class, you get nothing from it, and so, they want to reinstate the old tax code where basically the poor subsidized the wealthy, the low-tax states subsidized the high-tax states, the rural communities subsidized the big cities. They want to reinstate that. So those are the tax breaks for the wealthy, and tax hikes land on families.”

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