|August 12, 2022
|For Immediate Release | Contact: Georgeanna Sullivan (202) 225-2956
Blaine’s Bulletin: The So-Called “Inflation Reduction Act”
|Nobody of sane mind would throw gasoline on a burning house. You hopefully wouldn’t drive past a drowning swimmer in your boat. And you probably wouldn’t pour salt on a paper cut. That is true for pretty much everyone in Missouri. The same can’t be said for Washington, D.C.
Today, the House will vote on the so-called Inflation Reduction Act which is the bill the Senate passed on Monday that could devastate our economy even further. As our nation experiences a legitimate recession and historic inflation, my colleagues on the other side of the aisle want to spend even more hard-earned taxpayer dollars in the name of “inflation reduction.” The name itself is an insult to the intelligence of Americans across the country, as spending more taxpayer dollars to bring down inflation rates makes no sense at all. Inflation occurs when too much money is trying to purchase too few goods. This bill will literally add hundreds of billions of dollars into our economy. On top of that, it institutes new taxes that will raise the cost of the goods we buy and disproportionately harm small businesses. Despite claims that bill will not affect families making less than $400,000, there are a litany of new taxes that directly affect you.
According to Americans for Tax Reform, the bill includes: a $12 billion crude oil tax; a $1.2 billion coal tax; a $225 billion tax on U.S. companies; a 95% excise tax on American pharmaceutical manufacturers; and a $52 billion income tax increase on mid-sized and family businesses. How are we supposed to lower the price of gas when crude oil is going to be more expensive? Are drug prices really going to be lowered with a 95% excise tax on the people who make them? And do they really believe that a $225 billion tax increase on U.S. companies won’t make the price of the items they sell go up? Not to mention the probability of small businesses – who are already struggling – having to close because they’ll be taxed out of business. That leads to even fewer places to buy the things we need.
At a time when illegal immigrants, deadly drugs, and criminals are flowing freely through our borders because this Administration refuses to give the Department of Homeland Security (DHS) the necessary tools, the “Inflation Reduction Act” will essentially create an army at the IRS. The IRS will receive $80 billion – more than six times its current annual budget – to hire 87,000 new IRS agents. This personnel increase would make the IRS bigger than the Pentagon, State Department, FBI, and Border Control combined. And this army of IRS agents isn’t just going after large companies. Almost half of the audits would be on Americans who make $75,000 or less. It’s worth remembering that under the Obama-Biden Administration, the IRS was caught targeting conservative nonprofits and people who didn’t align with the White House. Now they want 87,000 new agents.
This is admittedly a gloomy column, to say the least. Even as I write them these facts and figures they’re almost unbelievable. So, what is the true purpose of the bill? The Green New Deal.
In an effort to applaud this piece of legislation, the left-leaning Washington Post called the “Inflation Reduction Act” what it really is: “the biggest burst of spending in U.S. history to tackle global warming.” This bill will spend more than $350 billion in Green New Deal initiatives. This includes $3 billion for the Postal Service to buy new election mail trucks and another $1 billion for electric, heavy-duty vehicles like garbage trucks. There is another $60 billion for “environmental justice.” Crime may be rampant in cities across America and violent criminals are being set free on no cash bail every day, but at least they’re prioritizing environmental justice…
Since the middle of his campaign, President Biden has publicly said his goal is to shut down the fossil fuel industry in the U.S. and force Americans to turn to batteries to power their vehicles and everything else. He has kept that promise. Gas prices have doubled since he took office and he now has to make trips to the middle east to beg for their oil. With this bill, he’ll be overseeing billions of dollars in subsidies for battery makers and electric cars. It is important to remember where those batteries are made, China. In the name of climate change, your taxes will go up, you will continue to pay historic prices for groceries, and you’ll likely be audited by the IRS, but at least you might get a discount on a Chinese battery if you can somehow afford an electric vehicle in this economy.
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