The $740 billion Inflation Reduction Act of 2022 (IRA) is a prime example of how to gaslight Americans with a title. However, most Americans will not fall for it. 12% of Americans believe it will not reduce inflation, and 60% believe the bill will drive inflation up. Common sense alone would tell you that $369 billion for largely unnecessary Green New Deal policies will push crushing regulations on corporations, eventually resulting in fewer jobs and higher costs.
This bill will drive the American economy "deeper into recession, by raising taxes on American families, manufacturers, and energy producers." It just isn't serious to argue that a bill chock full of spending on healthcare, the environment, and adding an army of 87,000 IRS agents will reduce inflation or the deficit. The Committee to Unleash Prosperity reports that the bill will destroy 900,000 jobs.
Table/Committee To Unleash prosperity.
Republican Amendments Fail
The bill was passed by Democrats only in the Senate via the process of budget reconciliation and will now go to the House, where it is expected to pass. Amendments put forward by Senate Republicans repeatedly failed, including one from Senator Cruz (R-TX) to prohibit DOJ targeting of parents—Susan Collins (R-Maine) voted with the Democrats. Other failed amendments include:
- Cruz's motion to prohibit oil shipments from the Strategic Petroleum Reserve to China. Four Democrats crossed over to vote with the Republicans.
- Cruz's motion to prohibit students from being excluded from school based on COVID vaccination status. Susan Collins again voted with the Democrats.
- Six environmental amendments.
- Cruz's motion to remove the $80 Billion in funding for the additional 87,000 IRS agents.
- Tim Scott's (R-SC) motion to redirect IRS funding to help students who fell behind in school due to school closures during the pandemic.
- Rubio's (R-FL) motion to put forward spending for the reduction in violent crimes.
- Shelby's (R-AL) amendment to require approval of coal leases.
- Kennedy's (R-LA) amendment to open up offshore oil and gas leasing.
- Collin's motion to prohibit the hiring of more IRS agents until work shifts back from remote to in-person.
- Capito's (R-WV) amendment to include Manchin's permitting deal instead of waiting for Pelosi to "do it later."
- Marshall's (R-KS) amendment to use the funding earmarked for the IRS to fund access to drugs for Alzheimer's, HIV/AIDS, Parkinson's Disease, and Sickel Cell instead.
- Scott's (R-SC) amendment to hold back on funding of IRS agents until at least 18,000 border agents are hired first.
- Crapo's (R-ID) motion to limit audits by newly hired IRS agents to individuals or companies with $400,000 or more.
- Lankford's (R-OK) motion to increase funding for Title 42 border enforcement.
- Capito's (R-WV) amendment to remove a paragraph that "sneaks greenhouse gases" into 9 sections of the Clean Air Act, creating a backdoor to the Paris Accord.
- Barrasso's (R-WY) amendment to increase oil and gas leasing.
- Graham's (R-SC) amendment to remove the crude oil tax from the Manchin bill.
52 Reasons Not to Pass the IRA
Chairman Jim Banks' Republican Study Committee report reveals 52 reasons not to pass this legislation. Contrary to Biden's promise to avoid raising taxes on low and middle-class Americans, this bill will increase taxes by over $16.7 billion for income earners of $200,000 and below. Even Obama knew not to raise taxes during a recession.
Graph/https://gop.com/rapid-response/bidens-middle-class-tax-hike/
This bill is about as tone deaf as it gets for anyone but those who are members of the jet-setting elite. After two-plus years of nonstop witch hunts and pandemic shut-downs due to China's release of the COVID-19 virus, Americans need some good news. Good news, this is not. China is responsible for 80 percent of the earth's rare mineral imports. And yet, this bill will ensure that American taxpayers will effectively subsidize China because of Biden's push for green energy. Other hikes and funding include:
- $52 billion tax hike on small businesses.
- $124 billion tax on American pensions.
- Price controls on drugs that could save lives "to force certain drug manufacturers to accept whatever price the Biden administration thinks is reasonable, or face a potential 95 percent tax."
- Obamacare expansion, subsidized by taxpayers.
- Picking and choosing industry to subsidize, favoring green energy—"forc[ing] taxpayers to give $60 billion in corporate welfare to green energy corporations while artificially holding back oil and gas development."
- Tax breaks for green appliances, solar panels, "fancy green corporate offices," green homes, electric vehicles, green special interests, and environmental justice initiatives, etc.— all most likely benefitting the wealthy.
- Makes energy, in general, more expensive and discourages and obstructs the use of our plentiful and rich coal, oil, and gas reserves. It "raises the Superfund excise tax rate on crude oil and imported petroleum from 9.7 cents/barrel to 16.4 cents/barrel. This amounts to a $12 billion tax hike that will fuel higher energy costs and violate President Biden's pledge not to raise taxes on Americans making less than $400,000."
- Increases energy costs for consumers "by permanently extending certain taxes paid by coal mining operations."
IRA/Expensive energy/RSC report
It completely ignores the border crisis, one of the most consequential security threats we face as a nation. The bill spends $500 million to ensure that the DHS carries out "sustainability and environmental programs." However, never fear; we will have $3 billion for a new fleet of electric Postal trucks. This bill is transformative in the stupidest of ways during a period in history when Americans need relief. The only ones who win are those most likely to benefit from loopholes.
