U.S. Senator Todd Young (R-Ind.) gave a speech on the U.S. Senate Floor last week highlighting some of the “gifts” included in the Democrats’ Build Back Better Act that could cost American families this Christmas season.
“It seems that Democrats want our children and grandchildren to pay for this bundle of goodies through the lay-away plan. GDP is projected to fall because of Build Back Better.
“Colleagues, the best present all of us can give the American people is to do whatever is in our power to stop the Build Back Better Act,” said Senator Young during his speech.
Click here to view the Senator’s full speech.
See Below for the Senator’s Full Remarks as Prepared for Delivery:
In case anyone was wondering, there are 16 shopping days left before Christmas.
I know I still have some shopping to do myself, but it seems as though President Biden and my Democratic colleagues here in Congress have already done most of their shopping.
That’s good thinking.
You can’t start too early with the supply chain as bad as it is.
So let’s gather around the Christmas tree to see what gifts Democrats are prepared to pass out on Christmas morning thanks to their reckless tax-and-spend bill.
To left-wing labor unions – Democrats are gifting billions of dollars in handouts to strengthen this core constituency of theirs.
While they’re letting charitable tax deductions expire in Build Back Better, they have giftwrapped an above-the-line tax deduction for union dues.
And as a special Christmas surprise, they’re putting under the tree a shiny new tax credit for electric vehicles – but only if those vehicles are made in a union shop.
You see, if you are naughty and buy an electric vehicle from a non-union shop like those in my state of Indiana, you will miss out on the Democrats’ $4,500 holiday give-away in this bill.
Apparently, during this Christmas season, the impact of EVs on climate change only matters if the workers’ contracts are collectively bargained.
Which brings us to China, the tax hikes on businesses large and small in this bill will give China an unfair competitive advantage.
Increasing taxes on American businesses by more than $800 billion when they’re already struggling with supply-chain issues and worker shortages will do very little to bring the jobs of the future here.
Which is exactly why the communist leaders in China will love this gift.
And the largest gift under Washington Democrats’ tree goes to none other than the rich.
By dramatically increasing the cap on the State and Local Tax deduction or SALT for short.
The once-proud “party of the working class” is giving a tax cut to two-thirds of people earning more than $1 million a year. The average size of that cut is almost $17,000 a year for millionaires.
This is the now Democratic Party. Merry Christmas. This is the single most expensive tax expenditure in the Build Back Better Act and it’s the second biggest component of the whole bill.
Evidently, Democrats believe it’s better to give than receive from millionaires so they have proposed a tax cut for the wealthiest Americans from the wealthiest cities, gift wrapped from the Democratic Party.
But maybe there’s something under the tree for the rest of us?
After the handouts, giveaways, entitlements, and earmarks, what’s left for regular, middle class working stiffs?
We know that the really big gifts come in the smallest packages…a lump of coal.
That lump of coal represents a massive $367 billion that will be added to the debt by the Democrats’ reckless tax-and-spend bill according to the nonpartisan Congressional Budget Office.
Not to mention the ten years of tax increases included in the bill to pay for only a few years of policy changes.
Of course, we all know that figure will be much higher in reality. If all the temporary provisions in this bill are made permanent – it will increase our budget deficit by nearly $3 trillion this decade.
It seems that Democrats want our children and grandchildren to pay for this bundle of goodies through the lay-away plan.
GDP is projected to fall because of Build Back Better. The cost of living is expected to rise even more than it already has over the last year because of BBB.
And despite promises from President Biden & my Senate Democratic colleagues, if BBB were to become law, taxes would be raised on lower and middle class Americans who are just trying to get by.
Ladies and gentlemen, this Christmas season, Democrats are not offering holiday jobs or good cheer.
Instead, this feels more like the Nightmare Before Christmas. Colleagues, the best present all of us can give the American people is to do whatever is in our power to stop the Build Back Better Act.