A tax watchdog group called Americans for Tax Reform, has highlighted several taxes in the Democrats’ “Inflation Reduction Act” (that will make inflation worse because it’s adding more money to the money supply during a recession) that passed the Senate on Sunday.
The Democrats are now calling it a “climate change” bill because the Congressional Budget Office (CBO) said it will hardly reduce inflation. Again, I believe it will make things worse.
This bill was the worst thing the government could have done at this time because it does nothing but harm working-class families.
There are taxes in this bill on fossil fuels and that in turn will increase the cost of energy for American families that are already trying to figure out how to get by on the high gas prices caused by President Joe Biden’s assault on our energy sector. Americans will have to worry about heating their homes in the winter, which is just around the corner.
The bill has taxes on businesses that will hurt not only consumers who will have to pay higher prices due to the taxes but on entrepreneurs to either start up a new business or keep their current business afloat.
There are taxes on medicines where the Biden government will tax pharmaceutical companies with an excise tax of nearly 100% unless the companies accept the government’s price controls. Isn’t that something? The pharmaceutical companies recently allowed the Democrats to go full blown tyranny with the COVID drugs and other stuff and now the Democrats are shoving it up their wazoo with 95% excise tax rates unless they comply with price controls. Price controls are used by socialist and communist governments and they never ever, ever turn out well. Price controls either shrink the amount of products available or it increases the cost of products to be made available.
VISIT OUR YOUTUBE CHANNELFolks, price controls are nothing more than a rationing plan. The Democrats are planning to ration medicines by price controls. People with private insurance are going to have to pay for the increases in their drugs. The Democrats want cost shifting from private drug plans to Medicare. If you’re on Medicare now, your drugs are going to be rationed while the people on private plans are going to pay through the roof.
Barack Obama, when pushing Obamacare, said that instead of going for a surgery maybe you should take the pain medicine instead.
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That is exactly what this bill will lead to, for millions of Americans. Their healthcare will be rationed thanks to this bill.
There are also taxes in this monstrosity bill that will affect pensions and other people as well. This is not only an attack on people who have 401(k) plans through their employers by screwing up the stock market by taxing companies that buy their own stock back, which raises the price of the stocks, but it goes after union pensions as well.
To show how lawless Democrats have become, Article I, Section 7, Clause 1 says:
All Bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.
The Inflation Reduction Act that has multiple taxes in it originated in the US Senate, which is a violation of the Constitution.
This thing is going to destroy our economy completely if it is implemented. And the Democrats are going to implement it.
Joe Biden said about a hundred million times during the 2020 campaign that he would not increase taxes on people who earn less than $400,000 a year and he promised the American people that the bill will “bring down family energy bills by an average of $500 a year.”
What frightens me is this. No sane politician will create and/or increase taxes in an election year unless they know they’re going to win. After the 2020 election, I do not put it past the Democrats to try it again. Try what again? Read here.
The watchdog group also points out that the bill will add $80 billion and 87,000 new hires at the Internal Revenue Service (IRS) and it’s not known if those new staffers will go after tax evaders or start auditing lower income Americans. The IRS is going to remove certain legal deductions from businesses who don’t make a profit. If you don’t make a profit, then there is nothing to tax. Many small businesses don’t make a profit thanks to legal tax deductions. The IRS is now going to harass the living hell out of them by removing their deductions, and now they will have to pay taxes that could put them out of business.
The CBO scored the bill saying it will probably make inflation worse in the near future despite its flowery sounding name.
“When it comes to the Manchin-Schumer so-called ‘inflation reduction’ proposal, another shoe has just dropped. According to CBO analysis, the proposal’s effect on inflation is negligible at best. The estimate ranges from reducing inflation by 0.1 percent to increasing it by 0.1 percent in the near term. The idea that this tax and spend proposal is going to blunt inflation is yet again rejected, this time by CBO. Democratic statements about the proposal are quite frankly wrong and misleading.”
This bill passed the Senate and is expected to be passed easily by the radical Democrats in the House. You need to call your representatives to tell them you are against being put in the poorhouse during a recession with high inflation.
The middle class is about to get really poor, really fast.
