Rep. Madison Cawthorn (R-NC) spoke out on Tuesday morning to warn that President Joe Biden’s tax hikes that he’s enacting to help play for his spending plans will only “lead to a recession.”
While appearing on Fox Business Network’s “Mornings with Maria,” Cawthorn said that the increased taxes are “going to hurt the middle class” and the economy.
“Well, it’s just more of the same from the Biden administration,” Cawthorn stated. “You know, they just say big lies, and they continue to go along with the radical policies. Starting to increase taxes on capital gains, increase taxes on income tax — this is going to hurt the middle class. This is going to hurt our economy. And it’s going to take jobs away from the people he purports to help — the working-class men and women.”
“I am happy that Democrats have finally admitted that there is not unlimited money out there in the world,” he added. “In the first 100 days, the Biden administration, Nancy Pelosi and all the Democrats in Congress have spent nearly $10 trillion. You see, we have a $4 trillion budget, and then we also have this $6 trillion spending plan. That’s $10 trillion. Money doesn’t grow on trees, as you well know.”
“And increasing taxes on the middle class is just going to hurt our economy more,” Cawthorn concluded. “This is going to lead to a recession, I genuinely believe, and the Republican Party does have an opportunity to stop this in the Senate. So, we have to hope that Joe Manchin holds the line and make sure that we have the filibuster remain in place.”
This comes after Biden defended his tax hikes this week.
“I come from the corporate capital of the world,” said Biden, according to CNBC. “I’m not anti-corporate, but it’s about time they start paying their fair share. It’s about making a choice.”
“I don’t wanna punish anybody, but everybody should chip in, everybody should pay something along the road here,” he continued. “The choice is about who the economy serves, and so I plan on giving tax breaks to the working class folks, and making everybody pay their fair share.”