FACT SHEET: The Inflation Act Adds Billions of Immediate Debt while Attacking America’s Families, Businesses, & Finances to Serve the Democrats’ Liberal Policy Agenda
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement today alongside a fact sheet exposing the various ways in which the Democrats’ Inflation Act is an unmitigated attack on American families, businesses, and the nation’s finances, all in service to a liberal policy agenda.
“Democrats in the U.S. House of Representatives are lining up to vote Friday on 755 pages of legislation written, rewritten, amended, and then passed by the slimmest Democrat majority in the Senate just three days ago. The bill spends $745 billion dollars, includes $599 billion in pay for gimmicks and tax increases on American families and businesses, and adds $146 billion to the debt,” said House Budget Committee Republican Leader Jason Smith (MO-08). “Even using the Democrats own math, this bill still adds over $50 billion to the debt in the next 5 years and 80 percent of its so called ‘deficit reduction’ doesn’t arrive till after the year 2029. Over $400 billion of the new spending in this bill will go toward a liberal wish list of Green New Deal policies that benefit the wealthy and corporations, $80 billion to the IRS to target more middle-class Americans, and $248 billion to prop up Obamacare with taxpayer-funded subsidies for families earning as much as $300,000.
“This partisan tax and spending legislation checks a lot of Washington Democrat priorities – more spending, more taxes, more debt, more giveaways to liberal political constituencies, and more power in Washington. It utterly fails to address the American people’s priorities – namely relief from high gas prices and grocery prices, a decline in real wages, rising interest rates, and an American economy now mired in a recession. The last time Democrats used reconciliation to advance their agenda – the $2 trillion so-called ‘American Rescue Plan’ – they sparked the worst inflation crisis in forty years. This bill will do nothing to clean up the mess they created. In fact, it will only make it worse.”
Key Facts: Democrats’ Inflation Act
- $745 billion in new spending
- $248 billion for Obamacare subsidies when removing false 3-year sunset for households earning as much as $300,000
- $400+ billion for the Green New Deal – over 50% of the bill’s total spending
- $80 billion for IRS to double in size and conduct 1 million more audits per year on taxpayers making less than $200,000
- $599 billion of tax increases and offset gimmicks
- Business “book tax” falls largely on U.S. manufacturing and small businesses
- $17 billion of the bill’s tax increases fall on taxpayers making under $200,000
- 50% of the bill’s tax increases fall on taxpayers making under $400,000
- $146 billion in new debt
- $54 billion added to the debt in first 5 years
- 80% of deficit reduction does not show up until after 2029
Click here to view the House Budget Committee Republican Fact Sheet on the Democrats’ Inflation Act.