The LIBRE Initiative Opposes Tax Hikes to Pay for Massive Federal Spending
Hispanic Advocacy Group Points to Impact on Small Business Owners and Wage Growth
(Arlington, VA) – The LIBRE Initiative, a national organization committed to empowering the Hispanic community, announced its strong opposition to various proposed tax hikes to pay for trillions in new federal spending.
According to reports, some of the proposals in new federal spending would require the largest tax increase since 1968. Additionally, a recent non-partisan Joint Committee on Taxation report found that 25% of the burden of the corporate tax may be borne by labor in terms of diminished wage growth.
Daniel Garza, president of The LIBRE Initiative, issued the following statement in response to these efforts:
“Some would want to have us believe that the proposed tax hikes Congress is considering would only impact high-income Americans. But the reality is that nothing could be further from the truth.”
Garza went on to add:
“The truth is that there are not enough high-income Americans to cover for the trillions in new federal spending. As a result, small businesses – the backbone of our local economies – will be among the most impacted by massive new tax hikes making it even more difficult for them to grow, expand, and hire additional workers at a time when there are millions of Americans – including many Latinos – struggling to make ends meet and find work.”
“Instead of looking to raise taxes to pay for trillions in new spending, lawmakers should strengthen the safety net for those truly in most need, while enacting pro-growth economic policies that will lead to job growth and prosperity for all.”