Waltz Statement On His Opposition to the Democrats’ Tax and Spend Bill
Washington, November 19, 2021
WASHINGTON, D.C. – On Friday, U.S. Congressman Mike Waltz (FL-6) released the following statement in opposition to the Democrats’ Tax and Spend Bill:
The passage of the so-called “Build Back Better” bill will forever tarnish Congressional Democrats who opted to take orders from the activist left rather than govern responsibility on behalf of all Americans. This bill will add billions of dollars to our national debt and drive our existing social programs towards bankruptcy even faster. We already hold $29 trillion in federal debt, spent nearly $5 trillion in COVID-19 relief over the last two years ($1 trillion is still unspent), and President Biden signed a $1 trillion spending bill earlier this week. Now, Nancy Pelosi is passing a tax and spend bill that will cost $4 trillion and add $367 billion to the deficit.
Inflation is rapidly rising nationwide, which has directly led to increased prices on goods across America, including in the grocery store and at the gas pump. In October, inflation increased by an annualized 11.9 percent, the highest rate of inflation since 1980. Despite the inflation crisis and our debt crisis, the Left is dead set on spending trillions more in an already inflated economy. According to Moody Analytics, consumer prices will rise 2.24 percent higher after this spending spree than in a Biden-free economy. That is irresponsible.
President Biden’s Build Back Better agenda provides a huge tax break for the wealthy in high-tax blue states, called the SALT deduction. Two-thirds of households making over $1 million per year would receive a tax cut from SALT adjustments in the bill. Additionally, the tax and spend bill cuts Medicaid in fiscally responsible red states, expands the scope of America’s entitlement programs, putting them on a fast track to insolvency, increases taxes on middle income Americans, makes US companies less competitive, gives tax credits to favored industries, and resources the IRS to conduct more audits on everyday Americans.