As Americans struggle with record-high inflation, only one in four think Democrats’ so-called ‘Inflation Reduction Act’ will be any help at all for inflation according to new polling. Of independent voters, twice as many believe President Biden’s bill will make inflation worse than better.
Americans are also skeptical of supercharging the IRS: Only 40 percent said they support the $80 billion infusion to the agency.
They are learning that this bill is a hoax. For example, despite President Biden’s own pledge, at almost every income level, American workers are more likely to see a tax hike than any relief from Democrats’ bill, as Ways and Means Republican Leader Rep. Kevin Brady (R-TX) discussed on Julie Mason Mornings on Sirius XM.
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American families struggling with record-high inflation don’t need more tax hikes and IRS audits.
“Ultimately, especially in this economy, taxes on businesses end up either on consumers or on the workers themselves. You don’t have to take my word for it – the Joint Committee on Taxation estimates that almost every income level in America workers will see a higher tax hike because of this. If you make $75,000 a year, you’re four times as likely to see a tax hike than any type of tax relief in this bill.
“Secondly, the Congressional Budget Office points out, about 90 percent of what the IRS says is underreported tax income that they’re going after are in families making less than $200,000 – think farming, middle class families, gig workers, that’s where the IRS believes the tax cheats are. They’re going to be auditing those people in higher numbers.”
Democrats voted against Republican amendments preventing lower income earners from being targeted by higher audits.
“This is the new claim: ‘There’s no new IRS agents, we’re just replacing the ones who leave.’” But the existing budget can replace them. These are all new.
“Democrats had the opportunity to put in this law language that guaranteed they will not audit those making less than $400,000. But every Democrat in the Senate and the Vice President made sure that that amendment was blocked.”
Democrats’ tax hikes will crush job creators, slow the economy, and translate into even higher and longer inflation.
“The three biggest groups that are harmed by tax hikes are one, workers for companies that build in America. The book minimum tax is a Made-in-America tax because it lands on manufacturing that builds here in the United States. I can’t think of a worse time in history economically to be doing that.
“Second, small businesses have about a $50 billion hit here, specifically when they have bad years economic years– to be able to carry some of those losses forward and help write them off.
“The third is the stock buyback tax – it’s a tax on companies that reinvest in the value of their shares. It hits people who’ve invested in those companies, notably seniors in their retirement plans and savers – people who are counting on businesses to have good values to bolster their own retirement plan.”
New polling by the Morning Consult shows that only a quarter of Americans believe Biden’s bill will actually reduce inflation, while over a third believe it will make inflation even worse.
“A new Morning Consult poll this morning shows only one in four Americans believe this will be any help for inflation. The independent voters – twice as many believe it will drive inflation.”
“The biggest number in this bill is zero, because there’ll be zero relief for inflation, zero reduction of national debt, and there will be a near zero impact on global temperature over the next century.”