Cape News

Democrats have been criticized for their handling of economic policies that reportedly favor the wealthy and large corporations. The Build Back Better Act, passed by the U.S. House of Representatives three years ago, is said to have laid the groundwork for the Inflation Reduction Act. Critics argue that these measures resulted in significant tax breaks for affluent individuals, big banks, major corporations, and foreign entities such as China.

Jason Smith, Chairman of the Ways and Means Committee, commented on this anniversary: “While working families have experienced a 20 percent loss in their incomes due to Bidenflation, the wealthy, big banks, billion-dollar companies, and the Chinese Communist Party have reaped the benefits of Democrats’ beloved taxpayer subsidies." He added that Democrats were ready to impose a substantial tax hike on working families and small businesses before being interrupted by former President Trump. With Trump's return to office, Smith stated that Republicans are working towards reversing these policies.

Concerns have also been raised regarding how tax breaks related to green initiatives primarily benefit large financial institutions and billion-dollar corporations. Furthermore, there is criticism over partnerships like Ford's battery deal with China and agreements granting foreign countries access to American taxpayer-funded electric vehicle credits.

The Ways and Means Committee has examined these special interest tax breaks and recently passed legislation aimed at restoring American competitiveness while reducing China's influence.