SENATE PASSES CLIMATE BILL THAT WILL RAISE YOUR TAXES

SENATE PASSES CLIMATE BILL THAT WILL RAISE YOUR TAXES

Written by Peter Boykin on August 8, 2022

SENATE PASSES CLIMATE BILL THAT WILL RAISE YOUR TAXES

Shared By Peter Boykin – American Political Commentator / Citizen Journalist

Every single Democrat just voted to raise taxes in the middle of a recession while we’re experiencing sky-high inflation.

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The U.S. Senate passed the so-called Inflation Reduction Act, with all 50 Republicans voting against it and all 50 Democrats voting for it.

Vice President Kamala Harris had to cast the tie-breaking vote.

Democrats claim the $739 billion dollar spending package will deal with climate change, healthcare prices, and fight inflation.

$369 billion goes towards fighting climate change

$64 billion funds Obamacare

$80 billion for the IRS to audit your taxes

What this bill really does is raise taxes on working-class Americans and small businesses.

It also doubles the size of the IRS so they can better monitor your tax filings and make sure you don’t pay a penny less than you owe.

More IRS agents: The bill will add 87,000 new IRS agents and auditors to squeeze Americans on their taxes.

The Joint Committee on Taxation reported that under this provision of the bill:

78-90% of the taxpayer money raised will come from American households earning less than $200,000 per year.

Just 4-9% will come from those earning more than $500,000.

Raising your taxes: As we discussed last week, according to data released by The Joint Committee on Taxation, here’s what that looks like in dollars, broken down by income:

Americans making less than $75k: 26.5%

Americans making $75k – $200k: 29.6%

Americans making $200k – $1 million: 24.1%

Americans making $1 million+: 19.8%

Republicans tried to add an amendment to the bill that would only allow taxes to be raised on people making over $400,000 per year, but Democrats killed the amendment.

Sen. Ted Cruz said: “The Schumer-Manchin bill will drive up inflation and prices, hammer small businesses and American manufacturing, increase the price of gas, and sic the IRS on Americans, all while raising taxes on Americans in nearly every tax bracket including those who make less than $400,000 a year.”

Big picture: This bill won’t reduce inflation. It’s going to do the opposite.

As the great economist Milton Friedman once warned: “Every time there’s the threat of a contraction in the economy, they’ll over stimulate the economy, by printing too much money. The result will be a rising roller coaster of inflation, with each high and low being higher than the preceding one.”

[Source: Post Millennial, Joint Committee on Taxation]

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