Despite the massive explosion in inflation the Biden administration’s policies already have triggered – 9.1% for consumers in the latest assessment – Chuck Schumer and Joe Manchin now are proposing to spend hundreds of billions more.
And Fox News bluntly charges they are using “misleading messaging” to sell the massive tax-and-spend plan.
“A deal reached last week by Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., after months of party in-fighting is being billed as the ‘Inflation Reduction Act,’ but studies suggest it will have little impact on reducing inflation while bringing tax hikes to middle- and working-class Americans,” the analysis explained.
The misnamed “Inflation Reduction Act” is just a smaller version of Biden’s Build Back Better plan, which more commonly is known as Build Back Broker.
The new spending will hand out some $433 billion, mostly to “climate provisions.”
It demands large corporations to pay at least 15% in taxes, which of course are expenses that will be passed along to customers.
Manchin, in interviews, is insisting the new tax bill will not put “a burden on any taxpayers whatsoever.”
However, the Congressional Joint Committee on Taxation has released a report, on which WND reported a day earlier, showing that the Schumer-Manchin scheme blows up Biden’s promise never to raise taxes on those making less than $400,000 a year.
The analysis shows Biden would set up individuals “making less than $10,000 a year” for 3.1% higher taxes during 2023.
For those making $20,000-$30,000, taxes would go up 1.1%. And overall, tax revenue collected from those making $100,000 per year or less would increase by $4.8 billion in 2023. Even with those figures seen through the lens of government math, those income levels all are below the $400,000 mark that Biden established as a boundary for new taxes.
The scheme takes an additional $16.7 billion from those making less than $200,000 a year.
“The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000,” Senate Finance Committee Ranking Member Mike Crapo, R-Idaho, said.
“The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods. Non-partisan analysts are confirming this bill raises taxes on the middle class and produces no meaningful deficit reduction when gimmicks are removed and the full cost is accounted for.”
Sen. Bill Cassidy, R-La., also had concerns.
“The only way the Inflation Reduction Act will decrease inflation is by raising taxes on middle-income and lower-income families so that they don’t have money to spend. In health care, we call that killing the patient to heal the disease. It is not how to treat American taxpayers.”
Democrats continued to insist that those making less than the $400,000 threshold “will not pay one penny” more.
The Tax Foundation said the minimum tax on corporations alone would cost some 27,000 jobs.
And the Penn Wharton Budget Model, at the University of Pennsylvania, concluded the “Inflation Reduction” plan “will have an impact on inflation that is ‘statistically indistinguishable from zero.'”
Democrats have announced their plan to maneuver the tax hikes through the Senate without any GOP support at all.
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