The Joint Committee on Taxation (JCT) has confirmed that $10.6 billion in tax increases from the Democrats’ Inflation Act will hit families making less than $200,000. JCT’s analysis looked at the distributional impact of the non-Obamacare related tax provisions, including $362 billion worth of tax increases and hundreds of billions worth of Green New Deal tax subsides. This news comes as House Democrats are preparing to vote Friday on the bill which spends $745 billion, adds $146 billion to the debt, and includes a total of $599 billion in new tax increases and budget gimmicks.
“Republicans have said all along that the Democrats’ Inflation Act is going to hammer middle-class Americans at a time when families are already being asked to pay more for their food, their rent, and their gas,” said House Budget Committee Republican Leader Jason Smith (MO-08). “This newly released analysis confirms that the Democrats are imposing tax increases on Americans across every single income bracket. And for what? So Democrats can turn around and handout over $400 billion in Green New Deal subsidies and tax credits for the wealthy and corporations.
“An analysis of where additional audits will be conducted by the IRS under this bill shows that it is not the ‘billionaires’ Democrats claim will be their target. In a bill that gives $80 billion more to the IRS, and spends 14 times as much on enforcement as it does improving its woefully inadequate customer service, there will be more than 700,000 new audits on taxpayers making less than $75,000 a year.
“The so-called ‘Inflation Reduction Act’ is really just the Green New Deal, and now we have further confirmation that it will be paid for on the backs of American families.”