Rep. Kevin Brady, R-Texas, who assisted with Trump’s tax plan during his presidency, discussed how Biden’s tax hikes will impact the U.S. economy. He told FOX Business’ "Varney & Co." Thursday that the presidents spending plan will "significantly hurt" businesses.
REP. KEVIN BRADY: We're seeing record revenues because we got the economy moving again, became the most competitive economy in the world. We saw small businesses investing, expanding, we saw jobs in manufacturing coming back from overseas, and so we saw record levels. What this says is that another myth that President Biden uses in much of the narrative he gives on taxes [is] false. This one got debunked. Tax revenues are not down. Corporations are hitting record revenues for the federal government.
The bottom line is Washington has all the money it needs. It just doesn't have all the money it wants in the Democrats’ view… I think we hike taxes trying to come out of pandemic, self-sabotage our competitiveness with foreign countries. You're going to see slower GDP growth. You're going to see flatter paychecks. You're going to see jobs moving overseas. The main street businesses [that] get hammered with about six different tax hikes in President Biden's bill is going to get hurt in a significant way.
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