WASHINGTON, D.C. – The Democrats’ so-called “Inflation Reduction Act” (IRA) was never anything other than a smoke screen for their extreme spending agenda and handouts to the wealthy and well-connected. On the one-year anniversary of President Biden signing the IRA, it is as clear today as it was then that the law was not intended to help working families, but rather spend hundreds of billions of tax dollars on special interest tax breaks for the wealthy, big banks, billion-dollar corporations, and foreign countries like China. The cost to taxpayers for the special interest tax breaks alone is now estimated by the Joint Committee on Taxation (JCT) to be at least $650 billion, 240 percent higher than what Democrats originally told the American people.

FACT SHEET: One Year Later: “Inflation Reduction Act” Robbing Taxpayers & Patients to Benefit the Wealthy, Big Banks, Billion-Dollar Corporations, China, & the IRS

House Ways and Means Committee Chairman Jason Smith (MO-08) released the following statement on the one-year anniversary of the Inflation Reduction Act becoming law:

“The so-called ‘Inflation Reduction Act’ is a massive transfer of tax dollars from working families to the wealthy, big banks, billion-dollar companies, and the Chinese Communist Party. Even President Biden has openly admitted that this law had little to do with combatting the high prices families are facing everyday. These same families that are struggling to afford groceries and school supplies are being forced to pay for a $7,500 tax break for the wealthy to buy a luxury electric vehicle, pay for Obamacare subsidies to households making up to $600,000, and finance Wall Street’s green obsession. Over 90 percent of the tax breaks go to companies that make over a $1 billion in sales every single year, but nothing for small businesses. The Biden Administration is using the IRA to weaken our trade rules, kill American jobs and spend billions to keep America dependent on China for critical minerals. At the same time, Democrats supercharged the IRS with 87,000 new employees to audit more working families and small businesses.

“The ‘Inflation Reduction Act’ shows that Democrats are selling out taxpayers and America’s interests for the sake of their extreme climate agenda. That is why Ways and Means Republicans took action on legislation that would replace these handouts to the wealthy and well-connected with tax relief for working families. Our priorities could not be more different.”

Chairman Smith Op-Ed in Fox News: Like paying for sky-high gas, groceries? Wish Biden’s Inflation Reduction Act a happy anniversary.

IRA Benefits Big Banks & Billion-Dollar Corporations

• JCT Confirms Green New Deal Tax Breaks Flowing to Big Banks and Other Billion-Dollar Corporations
• ICYMI: Big Banks Already Planning on How to Cash in on Democrat’s Welfare for the Wealthy

IRA Benefits China & Foreign Countries

• Smith, Gallagher Demand Answers on Ford’s Chinese Battery Partnership
• Biden Admin Rewards Foreign Countries with Access to American Taxpayer-Funded EV Credits
• Biden Smuggles Corporate Green Welfare Scheme Through New Critical Minerals Agreement with Japan

Ways and Means Examines IRA’s Special Interest Tax Breaks

• 4 Key Takeaways from the Ways and Means Hearing on the U.S. Tax Code Subsidizing Green Corporate Handouts and the Chinese Communist Party

Ways and Means Repeals IRA’s Special Interest Tax Breaks

• Ways and Means Passes the Build It in America Act to Restore American Competitiveness, Counter China’s Growing Influence, Lower Gas Prices, Repeal Democrats’ Green Special Interest Tax Breaks