Democrats scrambled to pass their massive tax and spending bill before the midterms. They are calling it their “Inflation Reduction Act,” because they assume you are stupid. Never in the history of humankind has government spending reduced inflation. In fact, just the opposite.
But they needed to get something done so they could lie to supporters back home. In a desperate bid to win some votes and stave off the red wave that is sure to knock many of them out of office. Even so-called moderates like Sens. Manchin and Sinema backed this bill, even though it betrays voters in West Virginia and Arizona.
And now, a group has revealed the bill will do the very opposite of what Democrats said it would.
The U.S. House passed a $740 billion package Friday that raises taxes on large businesses, funds green energy initiatives, allows the federal government to set caps on certain prescription drugs, and doubles the size of the Internal Revenue Service to expand audits…
In its analysis, the nonpartisan Penn Wharton Budget Model reported it would actually increase inflationary price hikes over the next two years…
“Remember this day,” House Minority Leader Kevin McCarthy, R-Calif., said. “When Democrats jammed through a 700-page bill that raises your taxes and doubles the size of the IRS.”
“Instead of working to provide relief, the Inflation, Recession, and IRS Army Act increases inflation, raises taxes on Americans earning less than $200,000 per year, and weaponizes the IRS by bankrolling 87,000 new agents to audit all income levels. This partisan package only makes life more difficult and expensive for everyday Americans.” [Source: Just the News]
You don’t need to be a nonpartisan financial group to see how this bill will raise inflation. The bill will increase taxes on companies. That means, companies will have to lay off many workers to stay afloat. In addition, they will raise prices on goods and services to offset the drop in revenue. Raise prices means the value of your dollar will go down, also called inflation.
And that doesn’t even get into the tax hike on most Americans. Biden and other Democrats promised they would not raise taxes on folks making less than $400,000 a year. But this bill includes a tax hike on most Americans, including the working and middle classes.
And the doubling of the size of the IRS will result in millions of Americans getting audited and “punished,” even if they properly file and pay their taxes.
After all, when you get 87,000 new bloodsuckers to conduct audits, you gotta use ‘em.
Everything the left has said about this bill is a lie. It raises taxes on working Americans while giving the super-rich (liberal donors) tax breaks. It punishes companies, that will lay off workers, raise prices, and ship jobs overseas.
It will create an army of IRS tax agents who will harass and punish hard-working Americans.
Oh, but it will help plant a few more trees. Yay.
Author: Kit Fargo