Americans’ taxes will skyrocket $4.3 trillion and send the U.S. economy in a tailspin down to “the center of the Earth” - if Congress fails to extend the Trump tax cuts set to expire at the end of the year - Sen. John Kennedy (R-La.) warns.
“The economy took off like a SpaceX rocket ship” when the tax cuts were passed in 2017, Kennedy said in a recent Senate speech warning of the devastating consequences of allowing the cuts to expire:
“So, we are going to try to extend them and make them permanent in our reconciliation bill. And if we don’t, then we are going to have a $4.3 trillion tax increase on the American people.”
Members of Congress who try to throw up roadblocks to Republicans’ reconciliation bill are actually saying they want to raise taxes on the American people by $4.3 trillion, Kennedy explained.
The extension of the Trump tax cuts is the most vital element of the reconciliation bill, Kennedy said:
“That is the most important thing we want to do in our reconciliation bill. It is not the only important thing, as I mentioned, but it is clearly the most important thing.
“If we raise taxes right now, $4.3 trillion on the American people, this economy will begin a journey to the center of the Earth. We cannot let it happen.”