FACT SHEET: Democrats’ Inflation EXPANSION Act Increases Debt by $114 Billion
House Budget Committee Republican Leader Jason Smith (MO-08) today released a fact sheet exposing how the Washington Democrats’ so-called “Inflation Reduction Act” relies on budget scoring gimmicks and false sunsets to hide the true cost of its inflationary spending and will add to the nation’s already unsustainable debt.
“Democrats are at it again using budget gimmicks and fake sunsets to create savings on paper – just like they did in the $5 trillion Build Back Broke bill that passed the House last year – while in reality delivering more spending, more inflation, and more debt,” said House Budget Committee Republican Leader Jason Smith (MO-08). “In total, the Democrats’ current inflationary reconciliation bill will spend $728 billion and add $114 billion in new debt. It will dump more fuel on the inflation fire while layering on top billions in new taxes that will hit middle class families and U.S manufacturers. One has to ask a simple question, how will this do anything to help lower prices?
“American families cannot afford more Washington Democrat spending or new taxes when they are already paying President Biden’s $5,900 inflation tax, struggling to keep up with rising interest rates, and now a recession. Just as you cannot spend your way out of inflation, Washington cannot tax its way out of a recession. Chuck Schumer and Joe Manchin should heed their own advice and not raise taxes while the economy is shrinking.”
Key Points: Democrats’ Inflation EXPANSION Act
- $728 Billion in New Spending
- $248 billion for Obamacare subsidies when removing false 3-year sunset
- $400+ billion for Green New Deal spending when removing false 2-year sunsets
- $80 billion for IRS to double in size and audit Americans
- $614 Billion in Tax Increases and Offset Gimmicks
- Less than 2 percent of $288 billion in prescription drug price control “savings” arrive before 2025
- $122 billion in fake savings by delaying Trump-era rebate rule that has never gone into effect
- $313 billion tax on book income – almost half of which falls on domestic manufacturers
- $17 billion worth of tax increases hit Americans making less than $200,000 per year
- $13 billion tax increase on investments
- Zero savings from $80 billion for IRS under CBO scoring guidelines
- $114 Billion in New Debt
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