Rep. Kevin Brady, R-Texas, told FOX Business' "Varney & Co." that raising taxes on job creators is the "biggest economic blunder in our lifetime" and will drive U.S. companies to move their headquarters "overseas."
REP. KEVIN BRADY: I'm so grateful that throughout all of this tax reform and what we were trying to do, you were willing to hear our case. And I think, frankly, our tax reform worked spectacularly for families, lifting millions out of poverty for bringing jobs back overseas. I think this is the biggest economic blunder in our lifetime to raise these taxes on our job creators, especially now. And at the end of the day, I think, one, you're going to see another wave of US companies moving operations, headquarters, research overseas, but also you're going to see slower hiring. And I think lower paychecks or stagnant paychecks because of it.
I think Democrats are tone-deaf as we are struggling to get out of this economic crisis. Millions of people unemployed, others just can't find or... aren't being reconnected to work. They're insisting on a huge tax windfall to mainly millionaire households in just a few states. Look, it will also give a green light to your governors and your mayors to raise your taxes even more. And again, these are great states, but they brutally tax families and businesses. And the truth is, the $10,000 limit is twice the national average on SALT deductions. It works for middle-class families. It may not work for the wealthy.
While I am retiring and this is my last term, I'm putting my heart and soul into stopping these devastating tax increases and especially in SALT, providing, again, a tax windfall for the wealthy in just a few states."
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