HOW DEMS SPENDING BILL WILL HAMMER THE MIDDLE CLASS

HOW DEMS SPENDING BILL WILL HAMMER THE MIDDLE CLASS

Written by Peter Boykin on August 10, 2022

HOW DEMS SPENDING BILL WILL HAMMER THE MIDDLE CLASS

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

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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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