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Senator Crapo cites consequences of potential tax increase Democrats demand that would disproportionately fall on constituents in debate on budget reconciliation

Senate Finance Committee Chairman Mike Crapo of Idaho says in debate on the One Big Beautiful Bill Act that if Democrats succeed in letting tax increases happen as they demand, the average family of four would face a $1,700 tax hike with halved child tax credits, 20 million small business owners would face massive tax hikes up to 43%, the standard deduction would be cut in half, and the Council of Economic Advisors warns the four trillion dollar tax hike would cause economic downturn affecting young people and minorities disproportionately.
Senate Finance Committee Chairman Mike Crapo of Idaho says in debate on the One Big Beautiful Bill Act that if Democrats succeed in letting tax increases happen as they demand, the average family of four would face a $1,700 tax hike with halved child tax credits, 20 million small business owners would face massive tax hikes up to 43%, the standard deduction would be cut in half, and the Council of Economic Advisors warns the four trillion dollar tax hike would cause economic downturn affecting young people and minorities disproportionately.
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Editorial Use only. May not be used as partisan political campaign material to promote or oppose the candidacy of any person for elective public office, and may not be used to distort the objects and purposes of the hearing or cast discredit or dishonor any member of the House or bring the House or any Member into disrepute. Contact your local office for all commercial or promotional uses.
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FedNet / Getty Images
Editorial #:
2222809154
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FedNet
Date created:
June 29, 2025
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00:01:06:51
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Washington, DC, United States
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