Congressman Doug LaMalfa released the following statement after voting against President Biden’s Build Back Better Act. Despite the opposition of the majority of American people, this $4.9 trillion act spanning a decade is the most expensive bill in American history and will further fuel the highest spike in prices in 40 years.
“The passage of the Build Back Better Act is catastrophic for America’s economy, small businesses, and the typical American family,” LaMalfa said. “This plan reserves its largest benefits for the wealthy; it creates tax cuts for millionaires and billionaires in blue states to offset higher taxes, taxpayer handouts for union built electric vehicles, and tax breaks for elite private universities and colleges. As stated by the Biden Administration and their allies, this bill is about remaking the country with the government at the center of everyone’s lives. It extends federal power into every aspect of life from childcare to pharmaceuticals. With inflation taking an ever-larger bite out of family’s budgets and $5 a gallon gas punishing rural areas and $6 a gallon in urban cities, this plan even included new taxes on oil. This bill is the exact wrong prescription at the worst time. Inflation will skyrocket and further hurt those who can least afford it. Small businesses will bear the brunt of the costs, paying higher taxes than large multinational corporations. This plan does not pay for itself despite claims to the contrary. This is a terrible bill that will further bankrupt our country while empowering the worst parts of government to invade Americans daily lives.”
Build Back Broke Facts
- Adds restrictions to Forest Service funding, that will actually hamper post-fire salvage logging, which is necessary to remove wood waste and decaying biomass, and instead redistributes over $8 billion to a newly created Civilians Climate Corps.
- Drastically increases deductions for the state and local taxes, which overwhelmingly flow to the richest households in high tax states. The total provision will cost about $300 billion and only two percent of those cuts will benefit those making less than $100,000 per year.
- Increases taxes on small business taxes by nearly $320 billion by eliminating loss deductions and imposing a new 3.8 percent investment tax, hurting innovation and new investments on our shores.
- Lowers taxes for most households making between $400,000 and $1 million, and, while the Biden Administration previously promised against this, increases taxes on households making less than $400,000
- Raises next year’s tax bill for nearly a third of middle-income households.