J. Smith: Democrats’ So-Called “Inflation Reduction Act” Will Only Worsen Biden-Flation for Already Struggling American Families
“The Inflation Reduction Act will prolong and make worse the current inflation crisis,” writes Ways and Means Member and Republican Leader of the House Committee on Budget Rep. Jason Smith (R-MO) in a new op-ed for Townhall.
READ: Fact Check: Independent Studies Debunk Key Claims About Democrats’ Inflation Bill
This bill sics 87,000 new IRS agents on lower- and middle-class families, despite Democrats’ claims that they intend to go after the wealthy.
- “The IRS will now be able to conduct over 700,000 more audits per year on families making less than $75,000, 1 million more audits per year on families making less than $200,000.”
- “Despite Democrats’ claims that their intention is to go after the super wealthy, the Congressional Budget Office – the official budgetary arm of Congress – has confirmed that at least $20 billion of the savings Democrats are trying to claim from their IRS enforcement scheme will come from additional audits on Americans making less than $400,000 per year. Other experts say the number could be even higher.”
READ: Democrats Fail to Protect Middle Class From IRS Audits
Democrats’ bill puts billionaires over bartenders, forcing lower- and middle-class Americans to subsidize benefits for the wealthy.
- “More than half of the spending in the Inflation Reduction Act goes to ‘green’ benefits for the wealthy – like $7.5 billion for new luxury electric vehicles or $362 million for big corporations to make their buildings ‘greener.’”
- “While the EPA gets $27 billion for a ‘climate bank’ slush fund, American oil and gas producers will get hit with $12 billion in new taxes so American families have to continue paying high prices at the pump.”
READ: Nonpartisan Tax Scorekeeper: Average Working Family Is More Likely to Be Worse Off than Better Off Under Democrats’ Tax Plan
Democrats’ tax hikes will crush job creators, slow the economy, and translate into even higher and longer inflation.
- “Washington Democrats seem to think that naming their bill the ‘Inflation Reduction Act’ is all that is needed to bring down prices. But just like the $2 trillion ‘American Rescue Plan’ did nothing to ‘rescue’ America – in fact, it sparked the worst inflation crisis in a generation and drove the country into recession – the Inflation Reduction Act will prolong and make worse the current inflation crisis.”
- “Americans, who are already paying $5,900 more this year to provide for their families and just make ends meet because of Biden’s inflation crisis, whose real wages are already down 4.5 percent, will have to stretch their paychecks even further.”
READ: Seven Democrat Myths about the Manchin-Biden Build Back Better Bill