Hoeven: Democrats' Big Tax & IRS Budget Increases Don't Come Close to Paying for Their Massive Spending Increases
WASHINGTON – At a press conference with his Senate Republican colleagues this week, Senator John Hoeven outlined provisions in the Democrats’ reckless tax-and-spend legislation to raise taxes, more than double the workforce of the Internal Revenue Service (IRS) and greatly increase audits of American taxpayers. The senator stressed how despite these tax and IRS budget increases, the Congressional Budget Office (CBO) estimates that the legislation will add more than $3 trillion to the nation’s debt over 10 years.
“Even with their $80 billion increase for the IRS and their big taxes, Democrats don’t even begin to pay for their massive amounts of new spending,” said Hoeven. “Democrats have a bill with 10 years’ worth of taxes, but authorizes only a few years of their programs. On that basis, they are saying it’s about a $400 billion deficit, but we all know those spending programs aren’t going to stop after a few years.
“If you have ten years’ worth of spending, which they fully intend to do, against their ten years of taxes, the cost of the bill is almost $5 trillion and it increases the debt by more than $3 trillion. That’s CBO’s number.
“How about the timing? We just got the report that the Consumer Price Index went up by 6.8 percent, but today we find out that the Producer Price Index, which tells us what’s coming, went up 9.6 percent from November of last year to November of this year – more inflation. That’s a tax on everybody, and particularly a tax on low-income individuals.”
Hoeven’s full remarks can be viewed here.
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