Democrats Vote to Increase Inflation, Raise Taxes and Audits on Middle-Class Americans, & Throw Green New Deal Handouts to the Wealthy
House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after House Democrats passed the Inflation Act – their plan to raise consumer prices, impose higher taxes and more IRS audits on middle-class families and businesses, and provide taxpayer-funded handouts to the wealthy and corporations:“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.
“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.”
Key Points: Democrats’ Inflation Act
- $745 billion in new spending
- $146 billion in new debt
- $54 billion added to the debt in first 5 years
- 80% of deficit reduction does not show up until after 2029
- $599 billion of tax increases and offset gimmicks
- $400+ billion for the Green New Deal – over 50% of the bill’s total spending
- $80 billion for IRS to double in size and conduct 1 million more audits per year on taxpayers making less than $200,000
- CBO Confirms Democrats’ Plan for More IRS Audits Will Hit Americans Earning Less Than $400,000
- Tax Scorekeeper: Democrats Inflation Act Hits Families Making Under $200,000 with $10.6 Billion Tax Hike
- CBO Confirms Democrats’ Plan Won’t Reduce Inflation, Showers Benefits on Wealthy, and Harms America’s Economy
- As Inflation Crisis Continues, Democrats Push More Spending, Taxes, and Debt
- Congressional Scorekeeper Confirms Democrats’ Reconciliation Bill Raises Drug Prices
- Democrats In Their Own Words: Don’t Raise Taxes During a Recession
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