The Biden Administration is gaslighting America by calling their $700+ billion liberal spending law the the “Inflation Reduction Act” when experts say it is likely to increase inflation through 2024 and do little to tame inflation after that. The measure should really be called the Inflation PRODUCTION Act.
Notwithstanding Biden’s celebration of the Act, we know it will expand the deep state, hurt American families and businesses, and empower China.
So, what’s in the law? It’s a liberal wish list that builds an army of armed bureaucrats to harass law-abiding citizens, increases taxes on the middle class, raises American energy costs, and ships taxpayer dollars to China.
To start, the Inflation Production Act gives $80 billion to the IRS to hire 87,000 agents and auditors, more than doubling its size. The Joint Committee on Taxation (JCT) notes that these agents will disproportionately target working- and middle-class families, raising 78-90% of revenue from households earning less than $200,000, while only 4-9% of their future anticipated revenue would come from earners above $500,000.
On top of that, in the middle of a recession the bill would also increase taxes on American families and small businesses. According to the JCT, the bill would raise taxes by $35 billion on small- and medium-sized businesses, the backbone of the American economy. The nonpartisan Tax Foundation further concludes that American families would have an overall “drop in after-tax incomes” after the bill’s passage.
It’s shocking how out of touch with reality this plan is: American families and businesses are hurting, and Democrats’ response is to take more of their hard-earned dollars so that they can increase inflationary spending.
If that wasn’t bad enough, the Act also increases taxes and fees on oil, gas, and coal with the goal of causing American consumers enough pain to force us to embrace “climate justice” and the Green New Deal economic “transition.” The Biden Administration’s climate hysteria has killed domestic energy production and, at a time when American families are feeling the effects of record gas prices and inflation, the Democrats have chosen to double down on energy policies that will hurt American families further.
The Act then turns around and allocates $369 billion of your tax dollars toward Green New Deal projects. Of course, Democrats fail to mention that China will massively benefit from their control of most green energy supply chains including those for solar panels and batteries. Untold billions will flow to the Chinese Communist Party because of this legislation, empowering one of our chief geopolitical adversaries.
In short, this is another Democrat tax-and-spend bonanza, marketed with a misleading and politically convenient title. The Inflation Production Act will increase costs for American families across the board, harm small businesses, and lead to the targeting of the working and middle class by power-hungry bureaucrats. Even further, it will damage both the economic and national security of the United States.