Exclusive — Rep. Kevin Brady: ‘Two out of Three Millionaires Get a Big Tax Cut’ in Biden’s $1.75 Trillion Proposal

House Ways and Means Committee Ranking Member Kevin Brady (R-TX) listens during a hearing with U.S. Trade Representative Katherine Tai on Capitol Hill on May 13, 2021 in Washington DC. U.S. Trade Representative Katherine Tai took questions from members about President Biden’s 2021 trade policy agenda. (Photo by Anna Moneymaker/Getty …
Anna Moneymaker/Getty Images

Rep. Kevin Brady (R-TX) told Sirius XM’s Breitbart News Daily host Alex Marlow Wednesday that the Biden administration’s $1.75 trillion spending proposal, dubbed the Build Back Better plan, would provide millionaires with tax relief while raising taxes on “middle-class families.”

“Everything is stuffed in the first year,” Brady, ranking member on the House’s Ways and Means Committee, said. “That’s what they want to make permanent in America, and there, you’re running, gosh, $150 billion, $200 billion short just in that first year. So bottom line is you’ve got trillion-dollar national debt, easily. But I think the most offensive thing is what they’re doing in this bill. Two out of three millionaires get a big tax cut while middle-class families see a tax hike.”

KEARNY, NEW JERSEY - OCTOBER 25: U.S. President Joe Biden gives a speech on his Bipartisan Infrastructure Deal and Build Back Better Agenda at the NJ Transit Meadowlands Maintenance Complex on October 25, 2021 in Kearny, New Jersey. On Thursday during a CNN Town Hall, President Joe Biden announced that a deal to pass major infrastructure and social spending measures was close to being done. House Speaker Nancy Pelosi also announced on Sunday that she expects Democrats to have an "agreement" on a framework for the social safety net plan and a vote on the bipartisan infrastructure bill in the next week.The reconciliation package, which was slated at first to cost $3.5 Trillion, would still be the biggest support to expanding education, health care and child care support, and also help to fight the climate crisis as well as make further investments in infrastructure. Congress still needs to pass a bipartisan infrastructure bill by October 31 before the extension of funding for surface transportation expires. (Photo by Michael M. Santiago/Getty Images)

Michael M. Santiago/Getty Images

Brady noted that the White House’s proposed spending is not “paid for,” despite Democrats claiming otherwise.

He said, “It’s not paid for. … Yesterday, the White House started sort of confessing to lawmakers that the Congressional Budget Office estimates this thing will not pay for itself. How far from ‘it costs zero’ will it miss? The bets are either by the amount we spend on education each year or the amount we spend on homeland security each year. These are whopping, huge gaps. They’re already preparing their members in the House for [how] this is going to cost a bunch.”

 

Brady remarked that according to Moody’s, “If you add up infrastructure bill, that first COVID stimulus — which didn’t do any of that — and Build Back Better, average Americans pay two percent higher costs on prices over the decade than if we had a Biden-free economy. So here you’ve got tax breaks for millionaires, you’ve got higher prices at a time where we’re at about almost a 40-year [record] pace [for inflation] under Joe Biden, not to mention all the jobs you’re losing, the small businesses you’re hammering, and the workers you’re paying to stay out of the workforce.”

“The true cost of this bill, over time, will increase our national debt by almost 25 percent,” he concluded. “The wealthy get a bunch of tax breaks through here in the green corps that’s in here, but specifically, by repealing the state and local cap on the deductions, most of that money flows to the wealthy, and so two out of three millionaires will get a hefty tax break from this, but others don’t. If you don’t itemize your tax, you get nothing from lifting the SALT cap. If you’re middle class, you get nothing from it, and so, they want to reinstate the old tax code where basically the poor subsidized the wealthy, the low-tax states subsidized the high-tax states, the rural communities subsidized the big cities. They want to reinstate that. So those are the tax breaks for the wealthy, and tax hikes land on families.”

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