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February 08, 2023

Schweikert: Stock Buyback Tax Will Lower Living Standards for Hardworking Americans

WASHINGTON, D.C. — Today, Congressman David Schweikert (AZ-01) released the following statement in response to President Biden’s State of the Union address:

“Tonight, President Biden failed to mention that American families are poorer today than they were even a year ago. The President made clear that he is determined to continue promoting his fiscally irresponsible policies that are crushing hardworking Americans. In his speech, the President proposed a 4 percent tax on stock buybacks, which won’t help families struggling to afford goods at the grocery store and gas at the pump. 

“This tax on American retirement savings will decrease investment in the tools our workforce needs to modernize our economy, and it will ultimately lower living standards for Americans. Inflation-adjusted wages are down 4 percent since President Biden took office, and this tax would decrease wages by 3 percent over the next decade.

“With inflation in the Phoenix-Scottsdale area remaining among the highest in the nation, my Republican colleagues and I are working to stop this Administration’s failed policies and provide solutions to lower the cost of living for American workers.”

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