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Congressman Guest Votes Against Path to Higher Taxes and More Inflation
Washington, D.C. – Today, Congressman Michael Guest (MS-03) voted against the Senate Amendment to H.R. 4346, the CHIPS and Science Act of 2022, arguing that raising taxes, as proposed in Congressional Democrats’ new Inflation Reduction Act of 2022, during an economic recession would cripple the economy.
“On day one of President Biden’s economic recession, Senate Democrats struck a deal that would raise taxes and increase inflation. Although the CHIPS Act contains provisions that are intended to strengthen an important sector of our economy, Democrats have turned CHIPS into a path to higher taxes and more inflation that will fall on the shoulders of middle-class Americans — adding more pain on top of President Biden’s economic recession,” Guest said.
Today, the Bureau of Economic Analysis (BEA) announced a consecutive quarter of Gross Domestic Product (GDP) decline in 2022 — meeting the technical definition of a recession.
“A recession is never good news, but Americans are going to be in a much tougher spot if Biden, Pelosi, and Schumer raise taxes during this one,” Guest continued.
Background:
Following the passage of the CHIPS Act in the Senate, Democrats announced a reconciliation deal titled the Inflation Reduction Act of 2022. The bill includes high levels of spending and would increase taxes.
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