Boyle Opening Statement at Hearing on "Incentivizing Economic Excellence Through Tax Policy"

Hearing

Thank you, Mr. Chairman. And thank you to our panel of witnesses for being here today.

Today's hearing is supposed to be about "reigniting American growth" but I have to wonder if my Republican colleagues and I have been reading the same economic reports. We don't need to "reignite" American growth, because our economy is already thriving.

On the jobs front: over 13 million jobs have been created since President Biden took office. The economy is at full employment levels and wages are rising.

On inflation: Inflation has now declined for 11 months in a row, falling to the lowest level in over two years. While this does not make higher prices any less painful, last month's meaningful decline in inflation led the Fed to pause its interest rate hikes -- a win for families and small businesses.

On growing our economy: Following the passage of the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and the Inflation Reduction Act, manufacturing construction is booming and America is innovating again.

Despite all the doom and gloom from my Republican colleagues, no nation on earth has emerged from the pandemic stronger than the United States of America.

While Republicans have used their power to try and stoke a catastrophic default and gut critical investments, Democrats delivered for families by enacting historic legislation that is helping to generate millions of good-paying jobs, repair our roads and bridges, shrink the deficit, and create more opportunities for Americans to succeed.

Now Republicans are actually pushing to reverse this progress and undo our historic recovery. Mere weeks after holding our economy hostage over their supposed concerns over the deficit, House Republicans are already reneging on their Bipartisan Budget Agreement. They've renewed their attacks on Social Security and Medicare and are plotting steeper cuts -- all while pushing for more deficit-funded tax breaks for the wealthy and well-connected.

If House Republicans were serious about tackling the deficit, they'd enforce the laws that are already on the books. We know that for every dollar we invest in making sure the wealthy pay their fair share, we can return $12 to American taxpayers. But Republicans would rather help the rich cheat on their taxes by crippling the IRS.

If House Republicans wanted to help grow the middle class, they'd join Democrats to lower everyday costs and expand the Child Tax Credit. Instead, Republicans are pushing corporate tax changes that would send 75% of the benefits to owners and shareholders. They're even trying to give big corporations retroactive tax breaks for previous investments. How does that help workers?

If House Republicans wanted to grow our economy, they'd build on the success of the Inflation Reduction Act and its investments in American-made clean energy and manufacturing. But Republicans would rather sacrifice American jobs, the livability of our planet, and the health of future generations just to pad the pockets of Big Oil.

It would be shocking if it wasn't so predictable. Over the last 25 years, Republicans have repeatedly showered the richest Americans with wasteful tax giveaways, adding $10 trillion to the debt without producing any of their promised benefits for working families.

It's the same trickle-down scam that has stifled our growth and punished American families for decades.

We're seeing Republicans' same-old three-step plan play out in real time: First, Republicans cut taxes for the rich.

Then, they suddenly rediscover a fear of deficits.

And finally, they'll demand cuts to Social Security, Medicare, and other vital programs to help subsidize their extreme agenda.

If you don't believe me, just look at the FY24 Budget released by the Republican Study Committee last week. The budget -- backed by almost 80% of House Republicans -- calls for cuts to Social Security benefits and an end to Medicare as we know it. It will raise the age for Social Security benefits, forcing at least 77% of Americans to work longer for less, all while extending Trump's tax scam to help the rich get richer.

The RSC budget stands in stark contrast to the positive, hopeful vision for shared growth and prosperity put forward by President Biden and supported by House Democrats: a government that works for working families, an economy where the wealthy pay their fair share, and a country where every worker can live and retire with the dignity they deserve.

I am glad today's hearing will provide an opportunity to compare these two very different visions.

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