Taxpayer Group Confused and Shocked by New House Reconciliation Bill

For Immediate Release         Contact: Courtney Mattison (202-535-7492)

Washington, D.C. – Today, the Taxpayers Protection Alliance (TPA) was shocked when it read the new reconciliation framework released by House Democrats. The bill includes a number of taxes and regulations that would stifle the economy. It also spends at levels that will exacerbate concerning inflationary pressure the nation has seen as of late.

In response, TPA President David Williams offered the following comment:

“What is going on in the House of Representatives?  In high-profile elections in Virginia and New Jersey on Tuesday night, voters rejected big government.  Now, House Speaker Nancy Pelosi (D-Calif.) moves forward with a massive spending bill. Did she not see what happened in the elections? Also, it is truly a sad state of affairs for our country when federal policymakers seriously attempt to label a $1.7 trillion spending spree as a reasonable compromise legislation. This is how out of control our spending habits have become. This bill will do significant damage to the economy and risk further devaluing the paychecks of every working American.

“To cover the expenditures, the bill implements a number of taxes. One of these is a tax on vaping products. Aside from the moral implications of taxing people trying quit smoking, this tax would also break the Biden administration’s pledge to not raise taxes on Americans making less than $400,000 per year. Meanwhile, the bill expands the state and local tax (SALT) deduction cap, which will primarily benefit the more affluent parts of the country. Make no mistake, despite the support of the Congressional Progressive Caucus, this bill is plenty regressive. Actions always speak louder than words and expanding the SALT shows that the Democrats are the party of giving millionaires and billionaires in their home states massive tax breaks.

“The bill also includes obscene power giveaways to a dysfunctional American regulatory state. It would impose a number of price controls on prescription medicines, making development and production of these life-saving cures more difficult, a stunning move in the middle of a pandemic. It is also riddled with restrictions on retirement savings, placing caps on contributions to Roth IRA accounts, also known as investments in our economy, if they are deemed too successful. This is the antithesis of what America is all about.

“TPA urges lawmakers in both chambers, on both sides of the aisle, to listen to voters and reject this framework out of hand.”

#

Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.