Last week, Congressional Democrats forced their $3.5 trillion hyper-inflation spending package through the different committees of jurisdiction in the House. This puts them one step closer to passing a partisan budget reconciliation bill including the bulk of President Biden’s tax and spend agenda leading to more debt and even higher inflation. Make no mistake, this inflation is a hidden tax on every American taxpayer.
Sky-rocketing Inflation and Increasing Labor Shortage
While Congressional Democrats are more focused on passing their economy-crippling agenda instead of actually helping the American people, the U.S. is facing sky-rocketing inflation and an increasing labor shortage:
- At the end of July, businesses across the country were unable to fill a record high 10.9 million job openings.
- Despite the incredible labor shortage, 8.4 million Americans (5.2%) are still unemployed.
- Consumers are paying 5.3% more for goods and services than what they paid at this same time last year
The consequences of House Democrat’s tax increases will be detrimental to American families and workers as well.
- Families will bear the burden of increasing the federal corporate income tax rate from 21% to 26.5%. Corporations don’t pay taxes — people do. The net effect is to send American manufacturers overseas, just as we’ve seen when the corporate tax was higher than that of other countries in the past – passing on the consequences to working families in the form of higher prices, fewer jobs, and lower wages.
- Raising the top income tax rate to 39.6% and limiting the 20% small business deduction would increase taxes on millions of small businesses across the country at a time when they can least afford it.
- Their increase of the death tax will raise taxes on family-owned businesses and farm families right here in North Carolina while putting the next generation of family farmers on the chopping block.
COVID-19 Update
There were 7,905 new COVID-19 cases reported statewide on Friday and 3,573 individuals are currently hospitalized due to the virus. More than 10 million doses of the vaccine have been administered in North Carolina as of Friday, September 17. Currently, 52% of North Carolina’s population has been fully vaccinated. For more statistics on vaccine distribution, visit the NC Department of Health and Human Services’ Dashboard.
Additionally, please take a moment to review these helpful resources:
- COVID-19 Funeral Assistance: Under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 and the American Rescue Plan Act of 2021, FEMA is providing financial assistance for COVID-19 related funeral expenses incurred after January 20, 2020. Click here for information on how to apply and eligibility requirements.
- COVID-19 Testing Requirements for All Air Passengers Arriving in the United States: If you plan to travel internationally, you will need to get a viral test no more than 3 days before you travel by air into the United States (US) and show your negative result to the airline before you board your flight, or be prepared to show documentation of recovery (proof of a recent positive viral test and a letter from your healthcare provider or a public health official stating that you were cleared to travel). Click here for the full list of requirements and exemptions.
