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The Senate on Sunday passed the Inflation Reduction Act (IRA) along party lines, 51-50, handing Democrats a crucial legislative win as the midterm cycle ramps up -- despite GOP objections at the billions in spending and drug pricing reforms.
The sprawling climate, tax and health care legislation is now set up for quick passage in the Democratic-controlled House, with timing still to be announced, before President Joe Biden signs it into law.
”The fact is that Democrats’ latest spending bonanza has far more to do with enacting their socialist ‘Green New Deal’ agenda than truly helping Americans suffering from staggering 9.1% inflation. A host of non-partisan experts all agree that this legislation will not decrease inflation, and many forecast that it will have the opposite impact. Worse still, not only does this bill direct $369 billion in handouts to climate change special interests, but it does so on the backs of the American taxpayer. To finance their socialist agenda, Democrats are supersizing the Internal Revenue Service with $80 billion (six times the agency’s annual budget) to create an army of 87,000 new enforcement agents to target Americans with as many as one million additional audits per year on taxpayers earning less than $200,000 – the same middle-class suffering the most from the skyrocketing inflation of Bidenomics.”
"Perhaps ironically for Manchin, the bill would not reduce inflation, according to the Penn Wharton Budget Model and the Congressional Budget Office (CBO)."
"The legislation would also hit manufacturers hardest with a 15 percent corporate minimum tax, according to the Joint Committee on Taxation (JCT)."
"The Inflation Reduction Act would also add more “fuel” to the “inflation fire,” according to Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee. He explained that the Inflation Reduction Act utilizes budget gimmicks and fake offsets to mask the true cost of the bill. Smith said the bill would add $114 billion to the debt when accounting for Manchin’s fake gimmicks."
When tariffs were imposed on imports (or taxes on manufacturers/ businesses in USA importing goods), Republicans said it was a great strategy for improving trade.
Now they are concerned manufacturers might be taxed more.
When you are consistent with your feelings on taxes we can have real discussions.
Not saying this in support of this new bill. I have yet to read it and will take time to read before I start repeating what I read on any and all media.
Last edited by moneill; 08-07-2022 at 02:26 PM..
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