"When the president talks about not raising taxes on people under $400,000, that's a lie," McCarthy told Sunday's "The Cats Roundtable" on WABC 770 AM-N.Y. "Every day you watch the inflation that he is creating. This is the Biden Tax."
Biden's chief pay-for plan to date is increasing the tax on corporations from 21% to 28% and higher-income Americans – people who can pay for it – but it will eventually run down.
The infrastructure package in itself is a lie, McCarthy told host John Catsimatidis, because there is "no need to spend these trillions of dollars" when less than 10% – McCarthy says only 6% – really will go to infrastructure.
"The real challenge is in these great big bills there's just waste, fraud, abuse, but more importantly corruption," McCarthy said.
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Take for instance the electric vehicle market. Biden's plan will be working the top 3% of Americans with programs like the push for electric vehicles, which are not affordable for most.
"Less than 3% of America have an electric car, but they want the government to subsidize it," McCarthy said. "And what they will do is raise the utility costs, a tax on all Americans."
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Biden's plan passes $174 billion to "win the market," although Republicans have noted China has a stranglehold on the rare earth materials used to make the batteries for electric cars.
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The package is created to be a New Deal infrastructure-like U.S. makeover, encouraged by progressive Democrats' Green New Deal.
The Senate Republican counteroffer homes in on roads, bridges, airports, and seaports for a true infrastructure plan, spending a fraction of the Biden proposal at $600 billion.
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President Biden intends to meet with 6 Republican senators led by Sen. Shelley Moore Capito, R-W.Va., to consider ways to get his package passed through the 50-50 split Senate. Outside of using budget reconciliation that can pass spending-related bills on a party-line vote, Biden will need 10 Republicans to sign on for his green American makeover.
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A ghost is haunting the Biden administration — the ghost of inflation.
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Past inflations have not only affected consumers, savers, and people on fixed incomes. They have also brought down politicians. Among the risks to the Democratic congressional majority is a surge in prices that lifts inflation to near the top of voters’ concerns, coupled by the type of Fed rate increase that hits stocks and housing. Inflation is one more signpost on the road to Republican revival, along with illegal immigration, crime, and semi-closed public schools embracing far-left critical race theory.
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