The "Inflation Reduction Act"
This new legislation will hurt our manufacturers, small business, medical innovation and your wallet.
For those of you hoping Joe Manchin & Krysten Sinema would be able to temper the impulse of Democrats from passing disastrous tax and spend legislation, think again. It’s nearly certain that the so-called Inflation Reduction Act will pass this week. This new legislation will hurt our manufacturers, small business, medical innovation and your wallet.
Let’s review just a few things that Mike Levin and the Democrat’s bill ACTUALLY does. The new 15% minimum tax will kill nearly 27,000 jobs, mostly manufacturing. 86,000 new IRS agents will now make the IRS one of the largest 100 employers in America. The bill also institutes price controls on life saving medications which will reduce the new number of medications that come to market. And don’t forget how much China loves this bill! China controls about 80% of rare earth minerals that are going to be needed to implement the Democrats new green energy agenda. All before even mentioning the give aways to union bosses and radical environmental justice groups. And don’t forget the direct tax implication on YOU. Those making less than $200,000 a year will now contribute $17 BILLION more in taxes.
Let’s call this bill what it is; the Green New Deal with a new coat of polish. This is the exact WRONG approach to take in uncertain economic times. In case it wasn’t already clear, I would be a definite NO vote. Now is not the time to raise taxes, particularly on the middle class who are already struggling in the Biden/Levin recession.
I agree that we need to explore all our energy options using an all of the above approach. NO penalties! No impractical deadlines! No financial punishment! As your next Congressman I will work everyday to put forth legislation that reverses inflation and grows the economy for ALL. Not legislation that promotes far left cultural and economic policies.