After Senate Passage, Democrats Drop Claim of Inflation Reduction Within Inflation Reduction Act – IOTW Report

After Senate Passage, Democrats Drop Claim of Inflation Reduction Within Inflation Reduction Act

CTH

Prior to the 51-50 passage of the massive $700+ billion democrat spending bill, they called it the “inflation reduction act.”  However, after Senate passage they are now calling it the climate change bill.  Funny how that happens.

The bill itself contains absolutely nothing that will lower inflation; in fact, the bill itself will raise supply-side inflation in direct proportion to the energy production it reduces. To offset the contracted revenue caused by a much smaller economy, the Democrats have doubled the IRS tax army that will enforce personal income tax compliance.

The income tax compliance portion of the bill is very significant on two fronts.  First, it literally doubles the size of the IRS, giving them much more power to conduct audits and capture taxes from income earned.  As a review of tax audits has shown, the ordinary U.S. taxpayer is the target of this increase enforcement mechanism, not corporate tax review.

WASHINGTON – […] The bill, a product of 18 months of intense wrangling, passed by a margin of 51 to 50 on Sunday with Vice-President Kamala Harris casting the deciding vote. It was previously blocked by two Democrat senators who shared Republican concerns about its cost.

The Senate bill includes $369bn for climate action, the second largest investment on Green New Deal spending in US history.  The largest bill on climate change was the previous Obama-era American Recovery and Reinvestment Act (AARA), that paid billions of dollars to solar groups (ex. now bankrupt Solyndra) and climate energy companies connected to Democrat donors.

In the current bill, high income households will receive up to $7,500 in tax credits to buy an electric car, or $4,000 for a used car.  Rich people will get discounts on their $100,000+ automobiles.  Billions more will be spent, yet again, on the production of “clean technology” such as solar panels and wind turbines. more here

Here Are The Winners And Losers In The ‘Inflation Reduction Act’


8 Comments on After Senate Passage, Democrats Drop Claim of Inflation Reduction Within Inflation Reduction Act

  1. It will be just like aid to Ukraine, 30% will actually get to the actual recipients.
    70% to fund the next steal.

    6
  2. No matter how many times it’s tried and failed, the dems keep bringing back Keynesian economics. What’s that definition of insanity?

    7
  3. The scared-of-climates’ ‘INFLATION INCREASE ACT’.

    God has created and rules all climates. He is who they’re afraid of, and should be.

    5

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