Tax Hikes in a New ‘Build Back Better’ Would be Catastrophic

Tax Hikes in a New ‘Build Back Better’ Would be Catastrophic

Posted: Apr 18, 2022 12:01 AM

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Americans face an inflation crisis—prices are rising at the fastest pace in forty years. A combination of excessive government spending from President Biden’s American Rescue Plan, genuine supply chain problems, and energy policy that has increased our sensitivity to Putin’s war on Ukraine has caused inflation to rise the fastest in 40 years, 8.5%, about four times faster than the Federal Reserve’s target.Inflation is a burden on nearly everyone, sapping purchasing power from those on fixed incomes, and even though wages are rising at a fast pace of over 5%, for many, incomes are not rising as fast as expenses. One person who deserves significant credit for anticipating the inflation problem is Senator Joe Manchin, who torpedoed Biden’s “Build Back Better” tax and spend bonanza over inflation concerns in December. If he hadn’t, the inflation outlook would be even worse.While Manchin deserves credit for bucking his party, there are deeply concerning reports that there are renewed talks over a smaller reconciliation bill that will include “deficit reduction” by raising taxes more than spending to address Manchin’s concerns. This however will only exacerbate Americans’ cost of living problems.Inflation measures the changes in prices of goods and services you buy—everything from gasoline to college tex …

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