America is currently facing an unprecedented inflation crisis.
Out-of-control spending and bloated social welfare programs have plunged America into this crisis, yet politicians in Washington, D.C. are oblivious to this fact.
Naturally, Democrat’s only reaction to inflation is more spending and Joe Biden’s latest massive spending bill will wreak havoc on taxpayers.
The Democrats are helplessly addicted to out-of-control spending
At this point, it is fair to say that the Democrats have a spending problem akin to a drug addict.
No spending bill is ever enough, and these socialists cannot help but go back to taxpayers with their hand out for more spending.
Trillions of dollars later, America is facing an inflation crisis the likes of which has not been seen in nearly half a century.
Naturally, Congress’ response to out-of-control government spending is – you guessed it – a massive Big Government boondoggle to fund all of these corrupt politicians’ pet projects.
How this bill will reduce inflation, nobody knows, but in all likelihood, this bill will benefit very few and will likely make inflation much worse.
Not only will this bill not help anybody, but it is designed to go after millions of Americans in the form of a tax hike.
That is just what consumers need right now, more taxes . . .
The Left is raising taxes on all Americans in the heart of an economic meltdown
But this tax hike is no normal tax increase.
This is a complete upending of the IRS and tax code to punish entrepreneurs like never before in America.
The central tax in this bill is a massive tax on fossil fuels and fossil fuel producers.
In total, natural gas producers will be taxed at least $6.5 billion, while coal producers can expect an additional $1.2 billion in taxes.
This is the last thing American energy producers need in an age of sky-high energy prices.
Expect these additional taxes to be funneled directly to consumers.
But this massive tax bill doesn’t stop there.
Large corporations will have their taxes skyrocket, with the minimum tax rate set at 15%, another cost that will be directly passed on to consumers.
Other taxes in this bill include taxation on stock buyback options, as well as taxes on medium-sized businesses.
These taxes are going to hit Americans very hard and expect inflation to skyrocket after this bill is passed.
This bill is called the “Inflation Reduction Act” but at this point, it seems like another tax-and-spend bill with no meaningful action laid out to tackle inflation.
This so-called “Inflation Reduction Act” is going to be a disaster for American consumers, businesses, and the economy as a whole.
Democrats are celebrating the passage of this bill, but what they need to realize is that Americans are not willing to pay even more for household goods, and once the economy sours even more, Democrats will be the ones to blame.
This bill is both a deliberate attempt to destroy the economy, as well as a selfish means to achieve the personal projects of socialist politicians.
US Political Daily will keep you up-to-date on any developments to this ongoing story.
