President Joe Biden slammed House Republicans’ tax agenda on Monday. Targeting the new majority’s push to defund the Internal Revenue Service. Abolish the federal tax agency and replace the income tax with a federal tax on spending.
Speaking at the National Action Network’s. Martin Luther King Jr. Day breakfast in Washington. DC, Biden referred to Republicans as “deranged” and vowed to veto their tax bill. Which is certain to fail in the Democratic-controlled Senate.
“Tax increases on working families, inflation is worse,” he said. “Let me be clear, if any of these bills reach my desk, I will veto them.”
The first bill, sponsored by Rep. Adrian Smith, R-Neb., would roll back more than $70 million in new. LRS spending approved last year as part of Biden’s anti-inflation law. Including money to hire 87,000 new agents, a frequent target of Republicans. Criticism The legislation was approved by the House on a party-line vote of 221-210.
Biden said he was “disappointed” Smith’s legislation was the first bill.
The new GOP majority voted for and said it would “help wealthy individuals. And large corporations cheat on their taxes. At the expense of ordinary middle-class taxpayers.”
“We have all these new IRS agents because they fired a lot of them, a lot of them are retiring and guess what? Who needs serious agents to know what they are doing or not doing? Billionaires, multi-millionaires,” he said, citing the Congressional. Budget Office’s estimate that the bill would add $114 billion to the deficit. “This is their first bill. They campaigned on inflation. They did not say that their plan would worsen inflation if elected.”
The other tax bill in Biden’s crosshairs last week was that of Rep. Buddy Carter, R-Ga. was introduced by and would abolish the IRS. End the income tax, and institute a federal consumption tax. The bill is also likely to fail in the Senate.
“What in God’s name is all this, except the obvious?” Biden said. “They want working class people to pay another 10, 20% of their taxes depending. On where they live and how they spend their money. And they’re going to cut taxes for the super rich.”