East Idaho Times

Washington, D.C.--U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) criticized President Biden's fiscal year 2025 budget proposal during a hearing with U.S. Department of Treasury Secretary Janet Yellen.

Crapo expressed concerns about the tax implications of the budget, stating, "Tax increases of that magnitude will affect all Americans through lower paychecks and higher household expenses." He highlighted the potential tax increase for households earning less than $400,000 if the tax cuts from the Republicans' Tax Cuts and Jobs Act are not extended.

The Senator emphasized the success of the TCJA in boosting the economy before the pandemic and criticized Biden's proposed tax hikes on American businesses. Crapo raised alarm about the potential consequences of these tax increases, noting that they could lead to higher prices and lower wages for working families.

Furthermore, Crapo criticized the Administration's international tax negotiations, expressing concerns about the impact on American companies. He highlighted discrepancies in the treatment of investment incentives and raised doubts about the effectiveness of the OECD's global tax treaty.

Concluding his remarks, Crapo pointed out the disparity between the Republican goal of lower taxes and competitive rates and President Biden's vision of higher taxes and uncompetitive rates. He thanked Secretary Yellen for her service and looked forward to her testimony.