The Economy
Floor Speech
BREAK IN TRANSCRIPT
Mr. McCONNELL. Mr. President, the American people continue to hear about a steady stream of really bad ideas that Washington Democrats are packing into their next reckless taxing-and-spending spree.
There is one clear thread that sort of ties it all together--pain for American families and profit for our adversaries, hurting families and helping China. It is a perfect policy storm that would stick working Americans with higher prices, higher taxes, fewer jobs, and less freedom, while also putting America at a global disadvantage.
That is true about the radical environmental policies, as I explained yesterday. It is true about the Big Government healthcare provisions that would leave us with fewer new drugs and fewer cures. It was true about the Democrats' efforts to stuff a big amnesty for illegal immigrants into the bill. And it is especially true about the tidal wave of huge tax hikes and IRS snooping that Democrats are putting together behind closed doors: taxes on small businesses, taxes on family farms, double taxes on the ones who pass the reins to the next generation, new taxes that would make America one of the least hospitable places in the world to invest, grow a business, or create jobs.
Nonpartisan analysis has confirmed there would be new taxes for big chunks--big chunks--of the 98 percent of Americans who make less than $400,000 a year, shattering President Biden's pledge to leave their wallets alone.
And then there is the bizarre, unpopular new plan to give the IRS big new power to snoop into all of America's personal financial transactions in excess of a few hundred dollars.
Currently, the government has special authorities to demand information on citizens' transactions in excess of $10,000. In theory, this is a targeted tool for sniffing out things like money laundering, terrorism, or massive tax fraud.
Now, the Democrats want to create a new reporting requirement, not for $10,000 transactions but for anything over a few hundred bucks. If American families are sending or receiving $600 from their checking accounts, Democrats want the IRS to snoop through it--a massive new dragnet that would sweep up all kinds of ordinary transactions that normal, law-abiding Americans make all the time. In effect, Democrats want to let the IRS systematically snoop through normal families' checking accounts as though they were all potential financial criminals until proven otherwise.
And then there was the latest fascinating statement from the authors of this awful plan. President Biden recently tried to suggest that, because they want to pair their reckless spending with their biggest tax hike in half a century, that somehow makes the entire package free. The President says it is free? Democrats want to jack up Americans' tax rates, drain money from people's pockets, spend it on socialism, and then say the whole thing nets out to zero dollars?
This might be the best encapsulation of Washington-Democrat thinking I have ever heard. They want to print and borrow trillions of dollars and then set it on fire. But as long as they send your taxes skyrocketing at the same time, it is all a wash. Heads, they win. Tails, you lose. Heads, Democrats waste your money. Tails, they hike your taxes.
This silly magical thinking rightly earned our President multiple-- multiple--Pinocchios from fact-checkers. And Democrats' reckless taxing-and-spending spree will earn it zero votes from Senate Republicans.
BREAK IN TRANSCRIPT
Source