Inflation Reduction Act
Current Events, Just musing

Inflation Reduction Act will do the oppposite while taxing everyone more

Thank you for listening to a week of Best Of material while my family and I were enjoying a week at the beach. It was so relaxing and refreshing! But, I’m back and we have so much to cover. Today, I need to focus entirely on the Inflation Reduction Act that just passed the Senate.

First, let’s remember that Democrats often give a bill a favorable name, while usually seeing the exact opposite outcome. When in the history of history has a tax and spend bill ever been good for inflation or for the economy? We are watching Democrats lie directly to our faces, promising you a bill that is going to do the very opposite of it’s name.

Senator Joe Manchin (D-WV) has decided to stop fighting for his constituents and for Americans. Whatever a politician’s version of the “golden parachute” has been promised and he has now gone back on decades of fiscal responsibility. The guy who in January of this year upset President Biden and all of the Leftists pundits for not supporting the tax and spend bill of Build Back Better, has decided to vote for it simply because of the new name. He knows it won’t work. We all know it won’t work. But, he is tired of fighting his party and he might as well cash out while he can.

There are at least four different provisions in the bill which will raise taxes on everyone, either directly or indirectly. We know Corporations really don’t pay taxes. Whatever their costs to create their goods or services, they will embed in the price. Putting a 15% tax on them will only mean those goods and services will have to be increased by a commensurate amount.

The notion that putting price caps on pharmaceuticals will help is ludicrous given it won’t even go into effect for four years. Assuming Big Pharma won’t use that time to figure out a workaround, they will simply not bring new drugs to market. It’s that simple.

Super-sizing the IRS with $80 billion dollars to hire 87,000 new agents is not meant for going after the 1%. Let’s be clear, who is most likely to have the wealth necessary to hire the lawyers, accountants and bookeepers to keep them safe with the IRS and then fighting them in court? Do you think they are bringing on that many new agents to go after the wealthy? If you do, you are fooling yourself. They are going after small and medium business as well as the average American taxpayer.

And while they are forcing the costs to go up with their tax and spend bill, they are quietly putting a regressive tax on oil and gasoline by way of taxing methane emissions. The American Gas Association warned Congress the tax will increase costs of natural gas to consumers by an average of 17% and rise from there as the regressive tax is meant to scale up over the next three years.

Even socialist Bernie Sanders (I-VT) commented on the Senate floor that the bill would to nothing to help inflation nor prescription drugs. When a socialist is willing to tell the truth, but Democrats are not, what does that say about them?

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