Sen. Mike Braun, R-Ind., decried on Newsmax President Joe Biden's tax increases.
Appearing Tuesday on "Spicer & Co.," Braun expressed skepticism about Biden's proposed corporate and individual tax increases. Braun cited a tweet the president issued on Saturday. In it, Biden writes, "my Build Back Better Agenda costs zero dollars." Then why raise taxes, Braun asked.
"First of all," Braun said, "when you're spending money, those end up being firm targets, and you never spend less as a rule, and it grows over time. When it comes to raising revenues, they've thrown about 10 or 11 ideas out there, and I do believe they will coalesce around raising the individual [tax] rate from 37 back to 39.6.
''They'll get a corporate tax hike to 25, 26, 28, from 21. And they'll probably do something with the capital gains tax. But they've got seven or eight other items there that were all for show — pixie dust — because they know even their own members wouldn't be for that."
Braun added that compared with the proposed spending in 2021, government spending in 2008 and 2009 "seems like a bargain where we only spent $800 to $900 billion."
"We're in a new dimension here," Braun said, alluding to the spending amounts. "[It's] government gone wild. It's going to unleash not only the debt consequences where rates will go up sooner or later. Inflation is already there. And now you've heard [Federal Reserve Chair] Jerome Powell is looking at tightening, you know, the interest rate picture.
''So many things can come together to take what was the best economy we had pre-COVID, and it looks like we're doing everything in the book to ruin it. And it was working back then."
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