Biden and Democrats’ “Inflation Reduction Act of 2022” – more aptly described as the new Bidenflation Scam — is seriously deceptive and out-of-step with the economic reality Americans currently face as the United States falls into a recession.
Sen. Joe Manchin, who greenlit the bill late last week, said this when he first ran for the Senate in 2010: “I don’t think during a time of recession you mess with any of the taxes or increase any taxes.” Former President Barack Obama once said the same thing
So what changed?
The U.S. is officially in a recession after the economy shrank for the second consecutive quarter. Yet the Democrat-led bill would without a doubt raise taxes on Americans. According to the Joint Committee on Taxation, Americans making as little as $30,000 would pay more, with over half of the estimated new tax burden in 2023 paid by Americans making under $400,000. To help collect, the bill would double the size of the IRS and further expand the already gargantuan federal government.
Obviously, more taxes is the last thing 58% of Americans who are currently struggling to live “paycheck to paycheck” need. But it’s also the last thing small businesses can stand right now.
Democrats are trying to sell their bill as raising money by closing “loopholes” – or carried interest many businesses use to reinvest in their companies. Really, what Democrats are pushing is a “book tax” that would shrink the economy and destroy 23,000 jobs.
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