Democrats Alter Middle Class Taxes
House Budget Committee Republican Leader Jason Smith (MO-08) stated, “Right now, the worst inflation crisis in a generation – sparked by $2 trillion in spending Democrats enacted last year – is stealing more and more money out of the pockets and paychecks of the American people. Rather than help those Americans who are suffering, Washington Democrats are barreling ahead with their agenda that will only prolong the inflation crisis and make it worse. At $745 billion in spending and $146 billion in debt, this bill will throw more fuel on the inflation fire while at the same time it hammers American families and businesses with $599 billion in tax increases and budget gimmicks.
House Budget Committee (HBC) Speaks Out Against Inflation Reduction Act
“Democrats are not just raising taxes – including over $10 billion on families making less than $200,000 per year – they are also throwing $80 billion at the IRS so it can hire 87,000 new agents to go after those families. Under their plan, the IRS will be able to conduct 1 million more audits per year on the middle-class. And for what? So, Washington Democrats can spend over $400 billion on the Green New Deal. The message to the American people is simple: while families are struggling under the weight of Biden’s inflation crisis, they will pay more in taxes, become targets of the IRS, and see no relief from the high prices they are paying, all so President Biden and Washington Democrats can give welfare to the wealthy and big corporations.”
What Will the Inflation Reduction Act Do?
• Spend $745 billion
• Increase debt by $146 billion
o $54 billion in the first five years
o Americans won’t see 80% of deficit reduction until after 2029
• Increase taxes by $599 billion
• Give the IRS $80 billion to double its current size and audit 1,000,000 more Americans making below $200,000 annually – such as farmers, women, minorities, and the poor.
To learn more, continue reading how Democrats Vote to Increase Inflation, Raise Taxes and Audits on Middle-Class Americans, & Throw Green New Deal Handouts to the Wealthy.
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