On May 20, 2024, U.S. Senator John Cornyn (R-TX) addressed the Senate floor to discuss President Biden's plan to allow the Tax Cuts and Jobs Act to expire at the end of 2025. The expiration of this act would result in a tax increase for over 60% of American households and further strain small businesses and families already grappling with high inflation.
Senator Cornyn voiced his concerns about the current economic state of America under President Biden's leadership. He stated, “We’re about six months out from the next election, and as President Biden campaigns for another term, he seems desperate to convince the American people that America’s economic troubles aren’t his fault and are somehow a figment of their imagination.”
He pointed out that when President Biden took office, inflation was only at 1.4 percent. However, due to excessive spending by Washington Democrats under his leadership, inflation has soared to its highest level in four decades. "In reality, inflation was at only 1.4 percent when President Biden took office, and under his leadership, Washington Democrats went on a crazy spending spree that sent inflation skyrocketing to the highest in 40 years," said Senator Cornyn.
Furthermore, he highlighted that the national debt is nearing $35 trillion under President Biden's watch. “On his watch, our national debt is now approaching $35 trillion,” he noted.
The senator expressed concern over the potential consequences if the Tax Cuts and Jobs Act were allowed to expire: “Allowing the Tax Cuts and Jobs Act to expire would raise taxes on virtually everybody, including working families.”
He also expressed worry about what another term under President Biden could mean for American families: “If President Biden manages to win another term in the White House, I worry about how much more economic pain he will inflict on families.”
Senator Cornyn concluded by saying that with inflation and interest rates on the rise, another term for President Biden would likely mean higher taxes for Americans. “Inflation is up, interest rates are up, and according to President Biden, another term in office for him means your taxes will go up too,” he said.
Senator John Cornyn, a Republican from Texas, serves on the Senate Finance, Intelligence, and Judiciary Committees.