Providing for Consideration of H.R. Build Back Better Act; and for Other Purposes
Floor Speech
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Mrs. BICE of Oklahoma. Madam Speaker, I rise today in strong opposition to the build back broke act. A vote for the underlying bill, along with the infrastructure package, is a vote for trillions in new taxes and spending that will cause inflation to skyrocket and make businesses in America less competitive. Together, these bills would lead to nearly $3 trillion in spending before the government is even funded for next year.
Of the many concerning provisions in this bill, perhaps the worst are those concerning American energy. Americans are already paying the most for a gallon of gas in 7 years; and now the Federal Government is warning Americans that their home heating bills could cost 54 percent more this winter as compared to last year. How is that helping middle- income families?
Many of my constituents have contacted me about a provision in this bill to assess a $1,500 tax on each ton of methane emissions. This would devastate oil and gas producers in my home State of Oklahoma, where this industry accounts for nearly 134,200 jobs and over $57 billion in economic output, over a quarter of my State's GDP. Not only would this policy kill tens of thousands of American jobs, it would also destroy a major source of my home State's tax revenues, totaling over $13 billion annually, that fund schools, roads, hospitals, and our first responders. This is unconscionable.
Madam Speaker, this rule would enable House Democrats to ram through a poorly written and ill-conceived bill that is not supported by the large majority of Americans.
Despite the Biden administration's claims that it is fully paid for, a new analysis by the Wharton School of Business shows the full costs of this measure being nearly $4 trillion, with only $1.5 trillion being paid for. The Democrats' claims that this bill wouldn't raise taxes on middle-class Americans is also false. This bill is full of regressive taxes that will hurt middle- and low-income Americans, while it gives huge tax breaks to the wealthiest 1 percent in high-tax States.
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