Biden Cheers Handouts to the Wealthy & Big Corporations, Fueling Inflation Crisis While Slamming Middle Class with More Taxes & Audits
WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today after President Biden signed into law the so-called “Inflation Reduction Act” – a bill to raise taxes on middle-class Americans and subject them to greater IRS audits, funnel over $400 billion in taxpayer dollars to wealthy environmentalists and big corporations, while doing nothing to address today’s inflation crisis:“By signing the Inflation Act, President Biden is sealing the fate of those families making less than $200,000 who will see their taxes go up by over $10 billion; those families making less than $400,000 who the Congressional Budget Office says will be the subject of increased IRS audits; those individuals who will no longer have access to innovative, life-saving medications because Democrats are raising the prices of new prescription drugs; and all Americans who will see today’s inflation crisis run longer and get worse because the President and Washington Democrats are spending another $745 billion and adding $146 billion to the debt.
“In the Inflation Act, President Biden and Washington Democrats have shown us their values: welfare for the wealthy and big corporations with higher taxes and more audits for middle- and low-income taxpayers. Raising taxes on middle-class families and throwing $80 billion at the IRS to target them is no cause for celebration. Those taxpayers are the exact same Americans who are suffering the most from the inflation crisis President Biden and Washington Democrats created with their reckless spending policies. Despite the facts in front of them, President Biden and Washington Democrats still believe they can spend their way out of inflation and tax their way out of a recession.”
Key Points: Democrats’ Inflation Act
- $745 billion in new spending
- $146 billion in new debt
- $60 billion added to the debt in first 5 years even with Democrats’ program sunsets
- 90% of supposed “deficit reduction” does not show up until after 2029
- $599 billion of tax increases and offset gimmicks
- $80 billion for IRS to double in size and conduct 1 million more audits per year on taxpayers making less than $200,000
- CBO Confirms Democrats’ Plan for More IRS Audits Will Hit Americans Earning Less Than $400,000
- Tax Scorekeeper: Democrats Inflation Act Hits Families Making Under $200,000 with $10.6 Billion Tax Hike
- $400+ billion for the Green New Deal – over 50% of the bill’s total spending
- CBO Confirms Democrats’ Plan Won’t Reduce Inflation, Showers Benefits on Wealthy, and Harms America’s Economy
- Congressional Scorekeeper Confirms Democrats’ Reconciliation Bill Raises Drug Prices
- Democrats In Their Own Words: Don’t Raise Taxes During a Recession
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