Biden Signs Democrat's Socialist Wishlist 'Inflation Reduction Act' That Doesn't Reduce Inflation

 

WASHINGTON – President Biden signed the 'Inflation Reduction Act' into law Tuesday increasing taxes to spend on Climate Change and expanding the IRS.  The measure doesn't reduce inflation.

Fox News is reporting the bill, which was passed by the Senate earlier this month and the House of Representatives last week, costs an estimated $437 billion, with $369 billion going toward 'investments' in "Energy Security and Climate Change," according to a summary by Senate Democrats. Translation: it's a tax increase.  

Democrats project that the legislation will reduce the deficit by bringing in $737 billion. This includes an estimated $124 billion from IRS tax enforcement, the projected result of hiring 87,000 new IRS agents who will ramp up audits.

The bill also imposes a 15% corporate minimum tax that the Joint Committee on Taxation predicts will raise $222 billion, and prescription drug pricing reform that the Senate estimates will bring in $265 billion.

The Congressional Budget Office said the bill will have "a negligible effect" on inflation in 2022, and in 2023 its impact would range between reducing inflation by 0.1% and increasing it by 0.1%.  It will not, in fact, reduce Biden's inflation.  

The IRA bill passed both houses of Congress along party lines.  No Republicans in the House or the Senate voted for the measure.  

The United States is facing record-high levels of inflation, which slowed in July for the first time in months but kept prices near the highest level in 40 years.

The Labor Department said last week that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 8.5% in July from a year ago, below the 9.1% year-over-year surge recorded in June. Prices were unchanged in the one-month period from June.

Scorching-hot inflation, as Fox News reports, has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. The burden is disproportionately borne by low-income Americans, whose already stretched paychecks are heavily impacted by price fluctuations.

Vice President Kamala Harris cast a tie-breaking vote to allow the legislation to pass, 51-50, in the Senate, and the House passed the legislation a few days later.

 

Joe Biden & Robert O'Rourke (Contributed/google images)

Biden Signs IRA Act Tax Increase Wealth Transfer Law (Contributed/Heritage Foundation)

Biden Signs IRA Act Tax Increase Wealth Transfer Law (Contributed/Heritage Foundation)

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Hmmmm, Tue, 08/16/2022 - 18:41

Why do we need an inflation reduction act if they say it’s now 0%? I also remember certain news stations last year saying inflation was actually good and hurt the rich? 

Hmmmm, Wed, 08/17/2022 - 10:06

Only 8.5? Or are you going off how it’s been calculated since the 90s? pretty sure it’s double that 

Did the regressives submit any legislation for consideration that aimed to tackle inflation? Would love to compare. 

Actually republicans have brought forth legislation it’s called S. 3495 introduced by Sen. Tim Scott. Unlike the democrat bill, it’s aptly named the “Inflation Prevention Act” ;) 

Lol to prevent attempts to address inflation when the inflation rate is over 4.5%. Very bold way to tackle inflation. Visionary. I can’t see how this didn’t get more visibility.

Massive inflation the direct result of supply chain issues which are the direct result of extraordinarily high fuel prices…which considering how our federal government is going after the petroleum industry, is obviously not going away anytime soon ;)

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