On Sunday, after an all night session, Vice President Kamala Harris casted the tie-breaking vote on a $740 billion bill which many on the left are calling the “Inflation Reduction Act of 2022”.
The bills claims that it aims to lower prescription drug costs, help pay for health insurance, caps out-of-pocket drug costs for seniors on Medicare to $2,000 a year and extends expiring Obamacare subsidies.
The bill is the largest single investment in the climate in U.S. history, with $400 billion going for green initiatives (e.g., tax credits for buying electric vehicles as well as for the manufacture of wind turbines), includes standards to lower emissions, increase oil and gas taxes, and includes money for reducing pollution and preserving forests and coastal habits.
The bill also includes funding for the IRS to hire an additional 78,000 agents and includes a provision that adds a 15% minimum tax on corporate profits of $1 billion or more per year.
According to White House climate adviser Gina McCarthy, “This is an absolute historic investment in climate change.”
Only in Washington can they claim that pumping even more money into the system will reduce inflation. The reason that we see inflation has bad as it is is because of spending endless amounts of money.
West Virginia state Treasurer Riley Moore suggested that this bill will “turbocharg[e] inflation” and announced, “Democrats win. America loses.”
Even socialist Bernie Sanders has admitted that the bill “will in fact have a minimal impact on inflation.”
There are a few things that you need to prepare for.
- This bill will do absolutely nothing to lower inflation. You can’t lower inflation by spending even more money, which is the very thing that caused the inflation to begin with.
- Oil and gas prices will continue to increase because the Democrats, along with the World Economic Forum are intentionally doing whatever they can to drive prices up. Sure, your prices came down a little in the last few weeks but the problem hasn’t actually been fixed, and now this bill will add even more taxes on the oil and gas industry.
- They are now providing the funds to hire an additional 87,000 IRS agents. Do you think that they are hiring 87,000 new agents just to go after a few billionaires? No. They are going to go after anyone who doesn’t fall in line, similar to what we saw under the Obama administration but worse.
Republicans on the Senate Finance Committee also released data last week from the nonpartisan Joint Committee on Taxation (JCT) that showed that taxes will increase in the calendar year 2023 for everyone under the plan except those making between $10,000 and $30,000 per year, despite Biden’s promise that middle class America won’t see any tax increases.
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