Democrats’ Manchin-Biden bill increases IRS audits on Walmart-shopping everyday Americans, hikes taxes on small businesses as we enter a recession, and kills life-saving cures, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) said on “Kudlow” with Larry Kudlow on Fox Business.
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The burden of expanded IRS audits land on Walmart shoppers for whom every dime matters:
“The biggest target of these IRS agents are what you and I might call the Walmart shoppers. They live paycheck to paycheck. They’ve been crushed under inflation under President Biden. The fuel just to get to the store is costly. And now, they will be subject to about 710,000 additional audits from the IRS by this unleashing of all these agents on Americans.
“When you look at this bill, if the Green New Deal and corporate welfare had a baby, this is what it would look like. Those who will pay to raise this child are U.S. Made-in-America manufacturing, small businesses, and those Walmart shoppers who are being targeted by the IRS.”
Democrats worsen inflation, hike taxes on small businesses, and kill new life-saving cures in their Manchin-Biden bill:
“It doesn’t reduce inflation. The Congressional Budget Office points out that the drug pricing scheme in here actually drives prices up.
“It’ll encourage companies to launch drugs at higher prices, go to the high inflation each and every year, and of course, discourages new cures and treatments, so there is nothing good in this bill at all.
“Democrats are trying to ram it through the House. We’ll see if there are any moderate Democrats left who will call a halt to this madness.”
Democrats’ stock buyback tax adds a third layer of taxation on companies and hits seniors and savers:
“It couldn’t be a worse time. While other countries are lowering their taxes on businesses to fight inflation, here we are raising it. We’re even making it harder for small businesses to write off their losses from tough times as they fight to recover.
“Then they’ve got a new tax on companies and stock buybacks – this is a third layer of taxation. It lands on seniors and savers mostly but it discourages economic growth as well. So economically, this just makes no sense.”