Bidenflation is wreaking havoc on American families.
The cause of this massive inflation is obvious: reckless money printing and out-of-control government spending.
But Democrats’ latest inflation “fix” will leave your wallet empty.
When Democrats in the Washington, D.C. Swamp come up with a bill that sounds like it will help Americans, it’s a good bet that it will do just the opposite.
Just as Obama’s “Affordable Care Act” didn’t make healthcare more affordable, the so-called Inflation Reduction Act will not reduce inflation.
Taxes and more taxes
Inflation itself is often called a regressive tax.
It robs the middle class of their purchasing power.
So, the Democrats’ supposed solution is – more regressive taxes.
According to a nonpartisan analysis from the Joint Committee on Taxation, the Inflation Reduction Act would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year.
Nearly every tax bracket would end up paying more, with the largest increase on those making under $10,000.
Talk about kicking people when they are down.
Already, inflation is costing the average family over $3,000 per year.
Now, the Democrats want to take even more of their hard-earned money through taxation.
And they have the nerve to name their tax-and-spend bill the “Inflation Reduction Act.”
The bill also creates a minimum corporate tax of 15%, which is likely to slow job growth and depress wages.
“Democrats are clearly trying to pivot this as only a tax like on the wealthy,” Mike Palicz, the federal affairs manager at Americans for Tax Reform, told FOX Business in an interview. “But you look at any of these taxes — take something like the [corporate minimum tax]. That’s going to lower workers’ wages, it’s going to cost jobs.”
There is also an additional billion crude oil tax in this bill, which will make gas prices even worse than they are now.
The bill also provides $85 BILLION (a 65% budgetary increase) to the IRS for “enforcement.”
So now more Americans that have been struggling due to inflation can look forward to getting audited by the IRS.
Senate Finance Committee ranking member Mike Crapo, (R-ID) blasted the bill.
“Nonpartisan analysts are confirming this bill raises taxes on the middle class and produces no meaningful deficit reduction when gimmicks are removed and the full cost is accounted for,” Senator Crapo said.
Biden’s broken promises shatter the American dream
When Joe Biden first ran for President, he promised not to raise taxes on anyone making under $400,000 per year.
But now Biden is supporting this bill that will raise taxes on virtually every American.
“This bill will not raise taxes on anyone making less than $400,000 a year,” Biden remarked Thursday during a speech about the legislation. “And I promise — a promise I made during the campaign and one which, that I ha- — that I’ve have kept.”
That is an outright lie, and Joe Biden knows it.
Democrats love to claim that they will only raise taxes on the rich, but every time the middle class gets hit by their tax hikes.
US Political Daily will keep you up-to-date on any developments to this ongoing story.