Stefanik: Democrat bill will raise taxes, cause inflation
WASHINGTON, D.C. (WWNY) - North country congresswoman Elise Stefanik said Friday on Twitter that Democrats are “ramming through a multi-trillion dollar tax-and-spending spree that will drive inflation even higher.”
That, as Democrats in the House of Representatives passed a massive social and environmental bill. The bill contains changes that touch most aspects of American life - far-reaching changes in taxation, health care, energy, climate change, family services, education and housing.
At a time when Americans are paying outrageously higher prices for gas at the pump and food at the grocery store, Democrats responded by ramming through a multi-trillion dollar tax-and-spending spree that will drive inflation even higher.— Rep. Elise Stefanik (@RepStefanik) November 19, 2021
The massive changes carry a massive price tag: the nonpartisan Congressional Budget Office estimated that the package would worsen federal deficits by $160 billion over the coming decade.
Stefanik is part of the Republican leadership in the House, and in a statement Friday morning with House Republican Leader Kevin McCarthy and Republican Whip Steve Scalise, Stefanik and the others said “Despite President Biden’s campaign promise, families making less than $400,000 will pay higher taxes, with provisions like the natural gas tax costing lower and middle-income families up to 30% more on their monthly utility bills.”
““Make no mistake: this bill will cause inflation to skyrocket even higher, raise taxes on working families, and ship millions of jobs overseas.”
The Democrat bill would benefit many wealthy New York taxpayers in one specific way - it would temporarily increase the state and local tax deduction from $10,000 to $80,000. The cap would go back to $10,000 in 2031.
(The deduction - known as the SALT deduction, is the amount of state and local taxes which can be deducted from your federal taxes.)
Stefanik voted against a huge tax cut pushed by then-President Trump in 2017 because of the state and local tax deduction issue. She opposed cutting the deduction.
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