HOW DEMS SPENDING BILL WILL HAMMER THE MIDDLE CLASS

Written by on August 10, 2022

HOW DEMS SPENDING BILL WILL HAMMER THE MIDDLE CLASS

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

 

HOW DEMS SPENDING BILL WILL HAMMER THE MIDDLE CLASS

 

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The Democrat’s $740 billion dollar orgy of green energy and healthcare spending [unethically titled the “Inflation Reduction Act”] is almost certain to pass the House this week, and will probably be signed into law by Joe Biden before the weekend.

 

Detail: The folks over at Americas for Tax Reform have compiled a list of the biggest costs that this bill will have on American families. They pulled their data from the non-partisan Congressional Budget Office and Congress’ Joint Committee on Taxation.

 

Here’s what they found inside the bill:

 

A $6.5 billion regressive tax on American energy companies that will be passed on to families in the form of higher energy costs — and could hike the average household’s natural gas bill by 17%.

 

A new 15% tax on corporations reporting at least $1 billion in profits to shareholders, known as “book value.” Democrats say it will raise an estimated $313 billion, but critics say the tax will also be passed on to Americans in the form of higher prices, less hiring, and wage cuts.

 

$80 billion thrown at the IRS to help the agency collect under-reported income is supposed to return $124 billion to the federal government, but will end up targeting small business owners. Between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from Americans making less than $200,000 annually.

 

$52 billion that will be raised as part of a tax increase on businesses not subject to the corporate income tax, which will hurt mid-sized and family companies.

 

If you want to read their full list, check it out here.

https://www.atr.org/list-of-tax-hikes-in-democrat-reconciliation-bill/

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