Rep. Jason Smith (R-MO) warned that Democrats' spending means taxes will increase as several tax proposals are set to expire within the next two years should President Joe Biden "have his way."
Smith made his prediction while discussing the current financial situation many people in the United States are facing, and how inflation has made it harder to keep up with their expenses. When asked about what taxpayers can expect in the future, Smith said the situation would "absolutely" worsen in 2024.
FOOD STAMPS: PAYMENT DATES FOR DECEMBER SNAP BENEFITS
"In less than 24 months, you’ll see expirations of numerous tax proposals," Smith said on Fox News's Sunday Morning Futures with Maria Bartiromo. "In fact, every individual rate will increase. The child tax credit will be cut in half. The standard deduction will be cut in half, and the small business deduction will be eliminated if President Biden has his way. In his budget proposals, he’s outlined that he wants more than $3.5 trillion in tax increases on all Americans."
Smith also touched on the House's investigation into the Biden family's connection with China, and how the president's son, Hunter Biden, had allegedly benefited from his business dealings overseas. The Republican lawmaker said it was "quite alarming" that Biden has given China "a pass" for various issues, such as stealing the U.S.'s intellectual property.
"You could go line by line of numerous things that this administration is not holding China accountable, and it gives you a reason why is he not holding them accountable," Smith said.
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Amid House Republicans' investigations into Hunter Biden, Assistant U.S. Attorney Lesley Wolf of Delaware was subpoenaed by House Judiciary Committee Chairman Jim Jordan (R-OH) on Tuesday. She is required to appear for a deposition before the committee on Dec. 7.
Jordan said in a letter to Wolf that resorting to a subpoena was necessary because the Department of Justice has thus far declined to allow her to meet with him and the department's reasoning for the refusal has been "unpersuasive."