Rep. Beth Van Dine, R-Texas, said on FOX Business Tuesday night that the lawmakers’ reconciliation bill is “key” to stopping “one of the largest tax increases” Americans could face. .
During President-elect Donald Trump’s campaign, the former president promised to address economic issues as Americans voiced concerns about the economy under President Joe Biden. On “Kudlow,” guest host David Assmann points out that while the Federal Reserve is working to lower interest rates, Americans still want “money in their pockets,” and wonders if Congress will address the issue. asked Republican lawmakers.
Van Dine said she agreed 100%.
“We have been trying to push for a single reconciliation bill to ensure that the tax cuts are extended and that the tax bill passes,” Van Dine said.
“When I hear my Democratic colleagues say, ‘Oh, it’s only the rich, it’s only the billionaires.'”
“I want them to understand that if these cuts are not extended, it’s about 90% of American taxpayers. [they] 90% of American taxpayers will feel one of the largest tax increases in American history. So I don’t know how many people they think are millionaires, how many people they think are rich, how they define that,” Dine said. added. “But they need to understand that it’s a large portion of the electorate that feels that.”
On December 18, the Federal Reserve announced that it would lower interest rates to its target range of 4.25% to 4.50%, as the consumer price index rose 0.3% from the previous month and 2.7% from the previous year. (CPI), a measure of the prices of everyday goods. (Related: Credit card defaults rise to 14-year high as Biden mix continues to weigh on Americans)
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Van Dine went on to say that small businesses can benefit from tax breaks by “investing in their employees.” He said reconciliation measures are needed to help the U.S. economy grow.
“I was just saying what the revenue increase would be, but when you give tax breaks to 23 million small businesses, you know they’re actually investing in their employees. Invest in the future of your business and grow it,” Dine said.
“As a result, government revenue increases, not decreases. But it also presents an opportunity for ordinary Americans to start businesses, gain employment opportunities, and prosper. It’s something we should focus on,” Dine said. “This reconciliation bill will be key to ensuring that America’s economy continues to grow.”
Pundits like FOX Business host Charles Payne have criticized the Fed’s recent moves, saying it made a “mistake.” recent research carried out According to the Associated Press-NORC Center for Public Affairs Research, about 7 in 10 U.S. adults rate the country’s economic condition as very or moderately poor, with self-described Democrats largely “driving the recent negative situation.” “We are doing so.”
Congress geared up for the new year in December after descending into chaos over Republican House Speaker Mike Johnson’s 1,574-page continuing resolution (CR) on Dec. 17. Critics said the resolution could waste hundreds of billions of dollars. dollar. Lawmakers ultimately passed a revised version of the CR after two votes, but some Republicans asked a question As Mr. Johnson approaches his re-election as Speaker of the House of Representatives, support for him is increasing.
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