Wednesday, U.S. Senator Todd Young (R-Ind.) joined his Republican colleagues on the Senate Finance Committee for a press conference on Democrats’ new Build Back Bad plan to raise taxes and increase spending during record-high inflation.
“The median household income in the state of Indiana is $58,000. Under this plan, families in that income range in my state will see their taxes increase by $2 billion next year alone. I’m here for those families. I’m speaking on behalf of those families. They’re upset. They find this absolutely absurd. We are the most manufacturing intensive state in the country. As we’ve already heard this legislation will slam our manufacturers. This is an anti-Indiana bill,” said Senator Young.
To watch the Senator Young’s full remarks, click here.
The remarks as delivered:
Here we go again.
I guess the national Democratic Party has given up on the industrial Midwest, the heartland. They’ve just given up.
Now, it was a year ago next week that Democrats attempted to push through a $3.5 trillion tax-and-spend boondoggle.
We won the argument and we won the day. But here we are making the same arguments. My hope is that in the end we will be victorious.
I don’t believe the Democrats are doing this for political reasons, because I tell you, this is really bad politics back where I live.
We have the worst inflation certainly in memory. And they’re trying to revive this massive tax-and-spending initiative.
So, listen, let’s look at the latest iteration of that legislation, which they have in a nod to George Orwell dubbed the Inflation Protection, Inflation Control, whatever it is act – does nothing of the sort.
This bill would raise taxes on nearly every income bracket in America. It would increase taxes on those Americans who make less than $10,000 a year. I represent a lot of those Americans.
Now, the Democrats have for generations now styled themselves as defenders of the working man, guardians, people of modest means. This is so ill-advised. This is frankly, this is punitive to the least among us in this country.
And it’s more than that.
The median household income in the state of Indiana is $58,000. Under this plan, families in that income range in my state will see their taxes increase by $2 billion next year alone.
I’m here for those families. I’m speaking on behalf of those families. They’re upset. They find this absolutely absurd.
We are the most manufacturing intensive state in the country. As we’ve already heard this legislation will slam our manufacturers.
This is an anti-Indiana bill. Anti-Indiana.
We just passed a really important piece of competitiveness legislation to ensure that we can outgrow, out-innovate, and outcompete the Chinese Communist Party. We do that with one hand and on the other hand, we have a Democrat-led Senate, House, and White House advancing an initiative that will, in fairly short order, undermine our national competitiveness.
I offered an amendment to last year’s [budget resolution] – the Not One Penny in Taxes Raised Amendment. The objective here was to ensure that we got everyone on record and ensure that everyone was going to register formally, in the light of day, their views about whether or not we should increase taxes on Americans – those who make $400,000 or less per year.
President Biden and [Vice President] Kamala Harris, over the course of the campaign on 60 different occasions, promised there would be no increase in tax burden for Americans who make $400,000 a year or less.
Well, folks, Democrats are trying to ram through legislation this week that puts a $16.7 billion tax burden on that same cohort of Americans.
So, here we are again. We will continue to argue against, we will fight against, this ill-advised public policy. We can only hope that this year’s bill suffers the same fate as last year’s.