WASHINGTON -- Rep. Randy Feenstra (IA-04) issued the following statement after the House passed H.R. 5376, the so-called Build Back Better Act:
“It is unconscionable that this massive tax and spending spree will create over 150 new government programs, including a ‘Civilian Climate Corps’ and other Green New Deal initiatives, while ignoring mandatory spending programs that are struggling. This includes Social Security, which is barreling towards insolvency. Instead, Democrats are building back broke by bankrupting future generations, adding hundreds of billions of dollars to the federal deficit.
“In their attempt to pay for it, Democrats have proposed the largest tax hikes in American history -- including a $400 billion tax hike on main street businesses and a minimum tax on American companies that will hurt both consumers and workers. Additionally, Democrats have devised schemes like hiring 87,000 new IRS agents to spy on your bank account. Weaponizing the IRS will result in dramatically higher audit rates for Americans of all income levels according to the CBO.
“We are already seeing what reckless spending does to an economy, with inflation rising at the fastest pace in over three decades. Families across the country are paying more for gas, groceries, and to heat their homes. Higher inflation and higher taxes will deplete savings, decrease investment, and decimate economic growth.
“Iowans should not have to pay the price for the most drastic and reckless expansion of the federal government in recent history, but that is exactly what will happen if this bill becomes law. That is why I voted against Democrats’ effort to Build Back Broke.”