by Mitch Kokai
Senior Political Analyst, John Locke Foundation
In another Lucy and Charlie Brown football scenario, the Democrats’ Inflation Reduction Act that they claimed would help Americans and not raise taxes on anyone making under $400,000 a year could reportedly cost taxpayers in excess of $20 billion in new taxes.
President Biden made a production out of signing the act in August which allegedly introduced $473 billion in new spending wasted on climate and healthcare. But any illusion that it would reduce inflation is about to be blown away.
Middle America will indeed pay new taxes regardless of what Biden and the Democrats claimed to sell them.
Republicans warned that the bill would raise taxes on Americans and do nothing to stop rising prices. And it looks like the unheeded warning is about to hit home in 2023.
The Democrats’ pork-fest includes $430 billion in spending, potentially raises $737 billion over a decade in revenue, and is ridiculously projected to reduce the deficit by approximately $300 billion, according to the Daily Mail.
The Democratically-controlled House of Representatives passed the massive bill 220-207 along party lines after it barely passed the Democratic-held Senate 51-50. Every Republican voted against it and every Democrat voted for it with Vice President Kamala Harris acting as the tie-breaker.
As bad as the bill is, it ended up not including many of Biden’s original social programs from his socialistic Build Back Better proposal.
Democrats crow over it because they claim it raises $265 billion by allowing the government to negotiate with drug companies for lower Medicare prescription drug costs. That remains to be seen and many doubt the premise of that assertion.
The bill goes heavy on climate change, doling out $369 billion for it. Meanwhile, the left is trying to kill off coal plants and natural gas production which is a recipe for disaster and death.
A whopping $6.5 billion gas tax is set to skyrocket household energy costs. Prepare for a shock when you get your gas bill.