Senate Democrats passed their $740 billion “Inflation Reduction Act” Sunday 51-50, with Border Czar Kamala Harris casting the tiebreaking vote. The House is on track to provide final congressional approval when it returns briefly from summer recess on Friday.
The alleged purpose of the ‘Inflation Reduction Act’ – a paired-down version of President Biden’s failed ‘Build Back Better’ bill – is to reduce inflationary pressures on struggling American families. It doesn’t – a fact that the CBO and even Senator Bernie Sanders (D-VT.) admit.
“I want to take a moment to say a few words about the so-called ‘Inflation Reduction Act’ that we are debating this evening,” Sanders said Sunday from the Senate floor. “And I say so-called, by the way, because according to the CBO, and other economic organizations that study this bill, it will, in fact, have a minimal impact on inflation.”
Sanders: “The American people are tired… They are hurting and they are begging their elected officials to respond to their needs. The wages for the average American worker are lower today than they were 49 years ago, and clearly, the inflation of today is pushing the average person even further behind.”
CBO said last week that the bill would have a “negligible” effect on inflation.
“In calendar year 2022, enacting the bill would have a negligible effect on inflation, in CBO’s assessment,” the office said. “In calendar year 2023, inflation would probably be between 0.1 percentage point lower and 0.1 percentage point higher under the bill than it would be under current law, the CBO estimates.”
And remember when President Joe Biden pledged that no family making less than $400K per year would pay a penny more in taxes under his administration?
Well, that’s shaping up to be an echo of Obama’s “If you like your plan, you can keep it” pledge.
Here’s a list of the tax hikes in the Inflation Reduction Act – hikes that will trickle down to middle-class families, says Americans for Tax Reform:
- $6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills
- $12 Billion Crude Oil Tax Which Will Increase Household Costs
- $1.2 Billion Coal Tax Which Will Increase Household Energy Bills
- Corporate Income Tax Hike on U.S. Businesses Which Will Be Passed on to Households
- $124 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans
- 95% Federal Excise Tax on American Pharmaceutical Manufacturers
- $52 Billion Income Tax Hike on Mid-Sized & Family Businesses
- Supersizing the IRS to Increase Audits – $124 Billion
Which one of you 81 million legal voters would like to be the first to apologize?
Inflation Reduction Act will make ‘everything worse’
https://omny.fm/shows/kendall-and-casey/bernie-admits-bidens-inflation-reduction-act-wont
