‘Simply put, President Biden’s proposal is launching an all-out assault on the working Americans in this country.’
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) today spoke on the Senate floor to call attention to the failures of the Biden Administration’s economic agenda that is causing inflation to strain paychecks across the nation.
Excerpts from Sen. Tuberville’s remarks can be found below, and the full speech can be viewed here.
“This is what folks back in Alabama were talking about – they were talking about small businesses that can’t find people to work, because the government is paying more in unemployment benefits than folks can make on the job.”
“They were talking about an economy that’s hurting – really hurting – hardworking Americans.”
“They were talking about the real costs of rising inflation [and the] rising prices on goods and services.”
“And by the way, in June, consumer prices increased 5.4%.”
“Altogether, President Biden has called for 30 – let me repeat that, 30 – different tax increases on the American people that total over $3 trillion.”
“President Biden wants to raise the corporate rate from 21 to 28 percent. That was lowered just a couple of years ago [and] that put money in people’s pockets all across the country.”
“The Biden budget targets certain industries which our Democratic colleagues don’t like.”
“The oil and gas industry, which supports more than 10 million good-paying jobs in this country, would face nearly $150 billion in industry-specific tax increases.”
“The United States became fully — and I mean fully — energy independent for the first time in decades and a net exporter – we exported oil and natural gas. What are we doing now? We’re buying it.”
“The President’s Administration also has its sights on small business owners – and this is huge in my state and a lot of other small states in this country – especially in farming communities.”
“By ending the long-standing step-up in basis rule, the President would force anyone who inherits something to pay capital gains tax on that asset at the time of inheritance.”
“Many would have to sell their businesses just to pay the taxes, destroying American jobs in the process.”
“But we can’t let any of these tax proposals creep into the legislation we’re seeing.”
“But we’re looking at a package in the next few weeks that’s going to be $3.5 – or possibly even more – trillion dollars. That’s unfathomable to me.”
“Just remember that what you earn, grow, and work hard to preserve is your money – it is your money – not the government’s.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.