WASHINGTON, D.C. – Democrats, unsatisfied with sparking an inflation crisis with their $2 trillion so-called stimulus in March 2021, pushed to go even further with the Build Back Better Act, which passed the U.S. House of Representatives three years ago today, and became the basis for the so-called Inflation Reduction Act. The result is hundreds of billions of tax dollars in special interest tax breaks for the wealthy, big banks, billion-dollar corporations, and foreign adversaries like China.

Ways and Means Committee Chairman Jason Smith (MO-08) issued the following statement on the anniversary:

“While working families have experienced a 20 percent loss in their incomes due to Bidenflation, the wealthy, big banks, billion-dollar companies, and the Chinese Communist Party have reaped the benefits of Democrats’ beloved taxpayer subsidies. From a $7,500 tax break for the wealthy to buy a luxury electric vehicle, to financing Wall Street’s green obsession, to providing Obamacare subsidies for households making up to $600,000, Democrats have left working families behind by pushing policies where over 90 percent of the tax breaks go to companies that make over a $1 billion in sales every single year – but scraps for small businesses. 

“Democrats were prepared to move forward with a $7 trillion tax hike on working families and small businesses, until President Trump interrupted their plans. As he returns to the White House, Republicans in the House are already working to undo the harm Democrats have caused and advance policies that support working families and small businesses.”

IRA Benefits Big Banks & Billion-Dollar Corporations

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IRA Benefits China & Foreign Countries

• Smith, Gallagher Demand Answers on Ford’s Chinese Battery Partnership
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• Biden Smuggles Corporate Green Welfare Scheme Through New Critical Minerals Agreement with Japan
  

Ways and Means Examines IRA’s Special Interest Tax Breaks

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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