WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) discussed President Biden’s plan to allow the Tax Cuts and Jobs Act to expire at the end of 2025, which would raise taxes for more than 60% of American households and further burden small businesses and hardworking families already suffering from high inflation. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.  

“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.” 

“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.”

“On his watch, our national debt is now approaching $35 trillion.”

“Allowing the Tax Cuts and Jobs Act to expire would raise taxes on virtually everybody, including working 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.”

“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.” 

This image is in the public domain, but those wishing to do so may credit the Office of U.S. Senator John Cornyn.

Senator John Cornyn, a Republican from Texas, is a member of the Senate Finance, Intelligence, and Judiciary Committees.