Americans for Tax Reform

President Joe Biden and Congressional Democrats are pushing a socialist tax-and-spend bill that imposes nearly $2 trillion in tax increases ($2,000,000,000,000), price controls, and $5 trillion ($5,000,000,000,000) in wasteful spending.

Inflation is running rampant, and this bill will only make things worse. Inflation has increased by 6.8 percent in the past year, the fastest increase in nearly four decades. When Biden took office in January, annual inflation was at just 1.4 percent.

The price of key goods has increased dramatically under this administration. Gas prices have increased by 58 percent, while energy costs have increased by 33 percent. Beef and bacon have increased 21 percent, while furniture has increased by 12 percent. Federal Reserve Chairman Jerome Powell now expects “persistent” high inflation until late 2022. But it could still get worse. Joe Biden’s socialist tax-and-spend bill would pour gasoline on the inflation fire.

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Socialist Tax Hikes

Biden is pushing $800 billion in tax increases on American corporations which will make us globally uncompetitive with foreign rivals like China and Europe. The cost of these tax increases will not fall on “profitable” corporations but will be passed along to families and workers.

Not only would this be the largest tax increase in modern history, but it would threaten jobs, reduce wages, and increase the cost of goods and services.

Many of the tax hikes being pushed by the administration violate President Biden’s pledge not to raise taxes on any American earning less than $400,000 per year. A recent analysis by the left-of-center Tax Policy Center found that the tax hikes proposed in President Biden’s budget will raise taxes on 74.1 percent of middle income-quintile households in 2022. In addition, a report by the Joint Committee on Taxation found that over the long-term, approximately $100 billion of the corporate tax increase would be borne by taxpayers making less than $100,000.

Socialized Medicine

Biden wants to impose socialist price controls on up to 20 medicines in Medicare Part B and Part D. If the manufacturer does not accept this government-set price, they are hit with a 95 percent excise tax on the total revenues of the drug. While it is imposed on a small group of medicines, it creates a new tax and regulatory structure that can be expanded to all cures and to the entire healthcare system, becoming astepping stone toward socialized healthcare. 

The proposal also includes an inflationary rebate penalty on every medicine, an arbitrary policy that could create an incentive for manufacturers to automatically increase the list price of their drugs each year to keep pace with inflation. 

This plan will threaten American patients, workers, and the healthcare system. It will adopt socialist healthcare policies utilized by foreign countries that result in the rationing of care. It will reduce access to new medicines, leading to fewer lifesaving cures and treatments. It will also threaten high-paying manufacturing jobs across the country that rely on medical innovation.

Socialist Spending

Biden wants to dramatically expand the size of the federal government with trillions in new federal spending. This will dramatically increase the size of the welfare state so that federal bureaucrats have more control over education, employment, medical care, and the lives of everyday Americans. 

While the administration claims their socialist spending bill costs $1.75 trillion, a recent report by the Congressional Budget Office found that if every policy in the legislation was made permanent it would actually cost $5 trillion and would increase the deficit by $3 trillion.

This spending is unsustainable. Congress has already passed nearly $4.5 in new federal funding to address the Coronavirus pandemic, including $1.9 trillion in March of this year. 

Of this amount, $1 trillion has not been spent and $500 billion has not even been obligated.

All told, the federal government spent $6.5 trillion in 2020, or 31% of the entire economy. This year, spending will be more than $6.8 trillion, or 30.6% of the economy, according to the Congressional Budget Office.

Trillions in new spending will also exacerbate existing inflation that is being felt by American families and businesses. 

Socialist Taxes

IRS Bank Snooping Would Hit at Least 87 Million Low- and Middle-Income Americans

The Biden administration’s proposal to have the IRS snoop on bank accounts would hit an estimated 87 million Americans earning less than $400,000 per year and could hit up to 134 million Americans earning less than $400,000, according to an analysis by the Joint Committee on Taxation (JCT) requested by House Budget Committee Ranking Member Jason Smith (R-Mo.).

Socialist Price Controls

NIH Commissioned Research Shows BBB Tax On Quitting Smoking Will Lead To 2.5 Million Additional Smokers, Over 1.5 Million Preventable Deaths

Americans For Tax Reform today called on House Democrats to accept the science as detailed in extensive reports commissioned by the U.S. Government’s National Institutes of Health (NIH) and the Food & Drug Administration (FDA) and vote AGAINST the Build Back Better Act (H.R. 5376) due to its disastrous impact on public health. H.R. 5376 is expected to be voted on later this evening.

Socialist Price Controls

ATR Leads Coalition Opposing Price Controls on Medical Innovation

Today, Americans for Tax Reform led a coalition letter in opposition to Democrats' plan to impose price controls, a 95 percent excise tax, and inflation penalties on American pharmaceutical manufacturers. Democrats are attempting to include this plan in their socialist tax-and-spend bill. The letter was signed by 51 organizations.

Socialist Taxes

CBO: Dem Healthcare Policies Will Kick Millions of their Healthcare Plans, Increase Deficit

The health care policies being pushed by House Democrats in the reckless, multi-trillion dollar tax and spend reconciliation bill will kick 2.8 million Americans off of their current health plans and force them into government run healthcare, according to a recent letter from the Congressional Budget Office (CBO).  These policies…

Socialist Price Controls

Ways and Means Republicans Discuss Danger of Dem’s Socialist Drug Price Controls

Last week, Ways and Means Committee Republicans held a meeting to discuss the Democrats’ socialist drug price-setting plan, which House Democrats have included in their $3.5 trillion tax and spend reconciliation bill. This plan, H.R. 3, creates a 95 percent excise tax on manufacturers and imposes an international reference pricing scheme that directly imports foreign price…

Socialist Taxes

Democrats Attempt to Mislead Public on Cost of Socialist Tax and Spend Bill

According to media reports, Democrats are reducing the total cost of their plan from $3.5 trillion to as low as $1.9 to $2.2 trillion. However, they are not actually seeking to reduce total federal spending – instead they are simply utilizing budget loopholes and gimmicks to create the illusion that the bill will cost less.

Socialist Price Controls

Norquist Warns of Dem Drug Price Controls, New IRS Reporting Regime

In an interview on Fox Business Network’s ‘Fox Business Tonight,’ ATR President Grover Norquist highlighted several troubling aspects of Democrats' $3.5 trillion reconciliation package. Specifically, he warned of Democrats’ plans to impose drug price controls based on international prices, creating a 95 percent excise tax on manufacturers that do not sell drugs at the government-set price.

Socialist Taxes

9 Facts About The Democrats $96 Billion Tobacco & Vaping Tax Grab

Congressional Democrats plan to double the Federal Tobacco Tax – a clear violation of President Biden’s pledge to not raise taxes on anyone earning under $400,000This will disproportionately harm the poorest Americans and increase income inequalities: 72% of smokers are low-income earners. In some states poorer smokers already spend one quarter…

Socialist Taxes

Science Denying Democrats Propose Whopping 2000% Tax Hike On FDA Approved Reduced Risk Products

As the United States is emerging from an unprecedented health emergency, it would be hard to believe that anyone would concoct a plan to penalize people for engaging in what the Food and Drug Administration (FDA) specifically authorizes as a method to significantly reduce the risk of persons contracting cancer, heart disease, and a myriad of other illnesses. 

Socialist Taxes

Biden’s energy tax hikes threaten jobs, inflation and US independence

President Joe Biden routinely talks about the need to create more quality, high-paying manufacturing jobs. If the president is serious about achieving this goal, why is he pushing policies that will destroy high-paying manufacturing jobs in the oil and gas industry?   Biden has already pushed policies that have harmed these jobs including the killing…

Socialist Taxes

International Reference Pricing Would Harm American Patients, Workers, and the Healthcare System

President Joe Biden is expected to release a “human infrastructure” plan in the coming weeks that spends as much as $2 trillion. This proposal will likely include new tax increases and foreign price controls on American medicines that will harm patients, manufacturers, and the American healthcare House Democrat lawmakers…

Socialist Spending

Biden’s reckless tax-and-spend plan will make inflation worse

Thanks to President Joe Biden’s policies, American families and small businesses are seeing rampant inflation that is reducing purchasing power and stretching budgets. While the Left has dismissed this inflation as “transitory,” if Biden and Congressional Democrats have their way and pass their reckless $3.5 trillion tax and spending plan, this…

Socialist Taxes

Five Reasons to Reject Biden’s Capital Gains Tax Increase

President Joe Biden has proposed doubling the capital gains tax as part of his so-called “American Families Plan.” Under his proposal, the top federal capital gains tax will be 43.4 percent including a 39.6 percent long-term capital gains rate and the 3.8 percent Obamacare net investment income tax. Biden also calls for increasing taxes on carried interest capital gains.