Washington, D.C. – At today's House Ways and Means Committee hearing with Treasury Secretary Janet Yellen, Congressman Darin LaHood (IL-18) pressed on President Biden's economic agenda, the impact of inflation on working families in Illinois, and the harm of proposed tax hikes by the Biden Administration on costs for consumers.
Rep. LaHood's full remarks are below.
Secretary Yellen, welcome. Frankly, Secretary Yellen, I wish you would be here more with everything going on in the economy, as I think this is the second time you've come here in 18 months.
Madam Secretary, like so many of my colleagues, have talked about, I just spent the last two weeks in my district in central and west-central Illinois. The two biggest issues are gas and groceries. That is what everyone talks about, and it transcends everything. Inflation is a tax on Americans, and those making the least are the ones most affected.
Two weeks ago, I attended an event put on by Americans for Prosperity at Beachler’s Gas Station in Peoria, IL where AFP paid the difference between the cost of gasoline today and $2.30, the price per gallon the day President Biden took office. It's now over $5.00 in Peoria. We had people lined up for hours. Literally five-mile-long lines. I talked to a lot of those folks who are single moms, working families, and low-income folks filling up gas. There was immense anxiety and fear about the state of our economy.
As I listen to you here today and look at what has not been done by this Administration it's very perplexing whether the Administration is tone-deaf or just becoming aware of these issues. I look at what President Obama's Treasury Secretary Larry Summers said, alerting the Administration in February of 2021 about the fear of inflation, and nothing was done.
I want to pivot and talk about the budget of the Treasury Department, which is why we are here. As I look at Biden Administration’s FY2023 budget proposal, the budget proposal includes $4 trillion in tax hikes on U.S. companies, including targeted tax hikes on U.S. energy.
My question is, will hitting these U.S. businesses with $4 trillion in tax hikes help lower the costs of goods for consumers?