search
Sections List
American Journal News

Senate Republicans' anti-tax argument accidentally proves strength of Biden's economy

They cite an increase in revenue in 2022 to argue that people shouldn’t have to pay more in taxes.

By Josh Israel - March 10, 2023
Share
Shelley Moore Capito
Sen. Shelley Moore Capito, R-W.Va., right, with, from left, Sen. John Barrasso, R-Wyo., and Sen. Steve Daines, R-Mont., speak to reporters following the Republican policy luncheon meeting on Capitol Hill, Tuesday, Jan. 31, 2023, in Washington. (AP Photo/Manuel Balce Ceneta)

Senate Republicans have spent the last two years claiming that President Joe Biden was destroying the economy. But in a tweet Thursday, they seemed to undermine their entire argument.

“In 2022, the government collected $4.9 TRILLION in taxes,” the official Senate Republicans Twitter account posted to its feed. “That’s a 21% increase from 2021, and the largest increase in the last 50 YEARS. Now is NOT the time to raise taxes on the American people.”

This appeared to be based on a Congressional Budget Office report published on Nov. 8 that noted federal revenue had risen from $4.046 trillion in fiscal year 2021 to $4.896 trillion in FY 2022.

The report attributed the growth in revenue to the growing economy.

“Income taxes withheld from workers’ paychecks rose by $233 billion (or 16 percent). That increase probably reflects higher total wages and salaries, particularly among workers with relatively high incomes who face higher tax rates,” the CBO said.

The nonpartisan agency also noted a $323 billion increase in nonwithheld payments of income and payroll taxes: “The rise is probably attributable, among other factors, to increases in business and other nonwage income, including realizations of capital gains accruing to individual taxpayers.”

The U.S. economy saw a huge increase in job creation in 2022: To date, the nation has gained 12.4 million jobs since Biden took office in January 2021.

“It is remarkable to see Republicans trying to spin the success of the U.S. economy under President Biden and Democratic leadership as some kind of negative,” Rep. Don Beyer (D-VA), the top House Democratic member of the Joint Economic Committee, told the American Independent Foundation in an email:

The nonpartisan Congressional Budget Office said the increase in revenue above the historic average in 2022 likely ‘reflects higher total wages and salaries.’ The policies we passed helped drive record job gains and economic growth, and that naturally leads to higher incomes and tax receipts. Republicans have made it clear that they will fight tooth and nail to lower taxes on billionaires – and indeed are willing to massively expand the federal deficit to do so – but this is cynical even for them.

Senate Republicans frequently say the national debt is too high and must be brought down. But they have also opposed any tax increases to do that, repeating variations of the mantra, “We don’t have a revenue problem, we have a spending problem.”

A June 2021 report by ProPublica found that the wealthiest Americans paid little in taxes. Thanks to loopholes, it said, the true tax rate for several billionaires was lower than that paid by working families.

Biden proposed a budget plan on Thursday that he says would reduce the budget deficit by $2.9 trillion over the next 10 years without raising taxes on anyone earning under $400,000 annually. It would increase taxes for large corporations and households worth more than $100 million.

Senate Republicans are already rejecting the plan.

“President Biden’s misguided, bloated budget request would subject American families to more taxes, waste, and government intrusion that they do not deserve during the continued challenging economic times that define this administration,” said West Virginia Sen. Shelley Moore Capito on Friday.

“We must cut spending and lower taxes,” Tennessee Sen. Marsha Blackburn tweeted, adding later, “Families must balance a budget, so why doesn’t the federal government?”

Meanwhile, congressional Republicans have sought to roll back provisions in the 2022 Inflation Reduction Act intended to ensure that big businesses and wealthy Americans pay what they already owe in taxes each year.

The Republican majority passed along party lines its first 2023 bill on Jan. 9, one that would eliminate funding in the law for the Internal Revenue Service to better enforce tax laws and collect billions of dollars in unpaid taxes from people earning more than $400,000 annually and from large corporations. Biden has promised to veto the bill should it pass in the Democratic-controlled Senate.

Published with permission of The American Independent Foundation.


AJ News
Get the latest news here first.

Tai News

Newsletter
Read More
AJ News
Latest
Republican Eric Hovde makes inconsistent statements about family history

Republican Eric Hovde makes inconsistent statements about family history

By Jesse Valentine - February 26, 2024
Republican David McCormick invests millions in website that platforms Holocaust denial

Republican David McCormick invests millions in website that platforms Holocaust denial

By Jesse Valentine - February 09, 2024
Lawmakers will again take up bills expanding, tightening gun laws

Lawmakers will again take up bills expanding, tightening gun laws

By Annmarie Timmins, New Hampshire Bulletin - January 31, 2024
UAW delivers rousing presidential endorsement for Biden over ‘scab’ Trump

UAW delivers rousing presidential endorsement for Biden over ‘scab’ Trump

By Ashley Murray, States Newsroom - January 24, 2024
Republicans Sam Brown and Jeff Gunter sling mud in Nevada senate primary

Republicans Sam Brown and Jeff Gunter sling mud in Nevada senate primary

By Jesse Valentine - January 17, 2024
A Young Texas Woman Almost Died Due To The Texas Abortion Bans – Now She’s Battling To Save Other Women

A Young Texas Woman Almost Died Due To The Texas Abortion Bans – Now She’s Battling To Save Other Women

By Bonnie Fuller - January 10, 2024
Health care legislation preview: Maryland advocates want to focus on access, patients in 2024 session

Health care legislation preview: Maryland advocates want to focus on access, patients in 2024 session

By Danielle J. Brown, Maryland Matters - January 08, 2024
How GOP senate hopefuls try to excuse the  January 6 insurrection

How GOP senate hopefuls try to excuse the  January 6 insurrection

By Jesse Valentine - January 05, 2024
NH lawmakers will be taking up major voting bills this year. Here are some to watch for.

NH lawmakers will be taking up major voting bills this year. Here are some to watch for.

By Ethan DeWitt, New Hampshire Bulletin - January 04, 2024
Republican US Senate candidates want to make Trump’s tax cuts permanent 

Republican US Senate candidates want to make Trump’s tax cuts permanent 

By Jesse Valentine - December 22, 2023
Rand Paul went all in on the Kentucky governor’s race. It didn’t work.

Rand Paul went all in on the Kentucky governor’s race. It didn’t work.

By - December 15, 2023
Texas governor and attorney general do little to curb state’s chemical plant crisis

Texas governor and attorney general do little to curb state’s chemical plant crisis

By Jesse Valentine - December 08, 2023
Likely GOP Senate candidate Eric Hovde proposed tax hike for poorer workers and retirees

Likely GOP Senate candidate Eric Hovde proposed tax hike for poorer workers and retirees

By Jesse Valentine - December 07, 2023
Whitmer signs specific criminal penalties for assaulting health care workers into law

Whitmer signs specific criminal penalties for assaulting health care workers into law

By Anna Liz Nichols, Michigan Advance - December 06, 2023
105 Republicans voted to expel Santos for things Trump has also done

105 Republicans voted to expel Santos for things Trump has also done

By Jesse Valentine - December 05, 2023
For Texas Sen. Ted Cruz, another Trump term is another chance to kill Obamacare

For Texas Sen. Ted Cruz, another Trump term is another chance to kill Obamacare

By Jesse Valentine - December 04, 2023
Florida Sen. Rick Scott backs Donald Trump in revived push to repeal Obamacare

Florida Sen. Rick Scott backs Donald Trump in revived push to repeal Obamacare

By Jesse Valentine - November 30, 2023
Tate Reeves took donations from power company that hiked customer rates

Tate Reeves took donations from power company that hiked customer rates

By Jesse Valentine - November 06, 2023
Daniel Cameron ran on depoliticizing the Kentucky AG’s office. He made it more political.

Daniel Cameron ran on depoliticizing the Kentucky AG’s office. He made it more political.

By Jesse Valentine - November 03, 2023
Republican operatives sound every alarm on current trajectory of 2023 governor’s race

Republican operatives sound every alarm on current trajectory of 2023 governor’s race

By Adam Ganucheau, Mississippi Today - October 24, 2023
Utah lawmakers want to repeal abortion clinic ban hoping it will speed up trigger law case

Utah lawmakers want to repeal abortion clinic ban hoping it will speed up trigger law case

By Katie McKellar, Utah News Dispatch - February 27, 2024
Republican Bernie Moreno opposes existence of minimum wage

Republican Bernie Moreno opposes existence of minimum wage

By Jesse Valentine - February 23, 2024
Texas Gov. Greg Abbott floats building a wall on the Oklahoma border

Texas Gov. Greg Abbott floats building a wall on the Oklahoma border

By Jesse Valentine - February 22, 2024
More than 48,600 18-year-olds are registered to vote in Ohio, a 35% increase from late August

More than 48,600 18-year-olds are registered to vote in Ohio, a 35% increase from late August

By Megan Henry, Ohio Capital Journal - February 22, 2024
Not if, but when: Parents of slain Parkland students urge Utah lawmakers to pass school safety bill

Not if, but when: Parents of slain Parkland students urge Utah lawmakers to pass school safety bill

By Kyle Dunphey, Utah News Dispatch - February 21, 2024