(Decatur, IL) – Regan Deering, candidate for Illinois’ 13th Congressional District, called on all Illinois members of Congress to vote against the $433 billion Schumer-Manchin tax-and-spend package that will increase taxes on millions of Americans and further destabilize the U.S. energy sector with limited, if any, reduction in inflation.
The Democrats’ spending proposal will increase taxes on millions of Americans across all tax brackets, with more than half of the increases to be paid by Americans making less than $400,000 per year, according to the nonpartisan Joint Committee on Taxation (JCT) estimate.
“I don’t believe you can spend inflation away,” said Deering. “This wreckless package will be paid for by increasing taxes on hard-working Americans who are already struggling with skyrocketing energy prices and the highest inflation in four decades. We need to deal with inflation head on by reducing regulations on our businesses and encouraging them to invest, innovate, produce and manufacture here in the United States. We need some more adults in the room who are willing to provide immediate relief, along with long-term solutions based on economic principles, rather than quick-fix spending sprees.”
Further, non-partisan analysts across the country say the package’s immediate impact on reducing inflation is almost non-existent. Specifically, the industry standard Penn Wharton Budget Model reviewed the proposal and determined that, “Throughout the ten-year window, the average tax rate for nearly every single income category would increase…The impact on inflation is statistically indistinguishable from zero.”
President Joe Biden pledged not to raise taxes for Americans making less than $400,000 a year and yet, by 2023 this legislation is expected to increase taxes by $16.7 billion on American taxpayers earning less than $200,000 and by $14.1 billion from taxpayers earning between $200,000 and $500,000.
The follow-up to President Biden’s inflation-increasing Build Back Better program is being criticized for further stretching businesses to their limits during the second straight quarter of a drop in GDP. “The tax increases on business will discourage investment while the Federal Reserve is also raising business costs with higher interest rates,” wrote the Wall Street Journal Editorial Board. “Democrats want to sign up for this tax ball-and-chain barely three months before an election, they will be responsible for the economic consequences.”
Amid the flux of news articles coming out with more gory details of the tax-and-spend plan, Deering’s opponent, former Chief of Staff for President Biden’s Office of Management and Budget Nikki Budzinski, has remained shockingly silent on whether or not she supports her Democrats’ package.
“The people of the 13th District deserve to know how their Congressional candidates would vote on this dangerous legislation,” said Regan for Congress Campaign Manager Melanie Meyers. “She has touted herself as running to represent the middle class but won’t comment on whether she supports legislation that is attacking them with billions of dollars in tax increases. Does Nikki support this package and why?”