Changes

The '''Inflation Reduction Act''' is absurdly named [[Democrat]] legislation that passed the [[U.S. Senate]] in on August 7, 2022 by a vote of only 51-50, without a single [[Republican]] supporting it and the [[Vice President]] [[Kamala Harris]] having to cast the tie-breaking vote.  Overall this legislation spends a total of $430 billion, which its health care expenditures are included.<ref>https://www.nbcnews.com/politics/congress/senate-passes-sweeping-climate-health-tax-package-putting-democrats-cu-rcna41653</ref>

The '''Inflation Reduction Act''' is absurdly named [[Democrat]] legislation that passed the [[U.S. Senate]] in on August 7, 2022 by a vote of only 51-50, without a single [[Republican]] supporting it and the [[Vice President]] [[Kamala Harris]] having to cast the tie-breaking vote.  Overall this legislation spent a total of $430 billion, including massive expenditures on "green" initiatives and additional spending on government-run healthcare.<ref>https://www.nbcnews.com/politics/congress/senate-passes-sweeping-climate-health-tax-package-putting-democrats-cu-rcna41653</ref>

This bill is one of the largest tax increases in history, hiking corporate taxes substantially for the first time in decades.  It is for that reason it is falsely named an inflation reduction bill, because it will supposedly narrow the deficit.  In fact, raising taxes rarely reduces the deficit because economic activity decreases.

This bill is one of the largest tax increases in history, hiking corporate taxes substantially for the first time in decades.  It is for that reason it is falsely named an inflation reduction bill, because it will supposedly narrow the deficit.  In fact, raising taxes rarely reduces the deficit because economic activity decreases.

The bill wastes $369 billion on so-called [[climate change]] and energy-limiting provisions that, according to [[liberal]] cheerleaders for this [[boondoggle]], "will transform how Americans get their energy and shape the country’s climate and industrial policy for decades."<ref>https://www.politico.com/news/2022/08/07/inflation-reduction-act-climate-biden-00050230</ref>

The bill wastes $369 billion on so-called [[climate change]] and energy-limiting provisions that, according to [[liberal]] cheerleaders for this [[boondoggle]], "will transform how Americans get their energy and shape the country’s climate and industrial policy for decades."<ref>https://www.politico.com/news/2022/08/07/inflation-reduction-act-climate-biden-00050230</ref>

Sen. [[Joe Manchin]] (D-WV) caved into providing the vote to enact an anti-coal, anti-oil energy bill when [[Dem]]s fraudulently called it the Inflation Reduction Act. After the bill passed by 51-50 in the Senate, suddenly liberals began referring to it as the climate change bill.

Sen. [[Joe Manchin]] (D-WV) caved into providing the vote to enact an anti-coal, anti-oil energy bill when [[Dem]]s fraudulently called it the Inflation Reduction Act. After the bill passed by 51-50 in the Senate, suddenly liberals began referring to it as the climate change bill.

This boondoggle is a massive handout to California, the electric car company Tesla, and other suppliers of inefficient green energy. Electric cars are California’s largest manufactured export, and this federal bill removes existing limits on a $7,500 tax credit for purchasing an electric car.

This boondoggle is a massive handout to California, the electric car company Tesla, and other suppliers of inefficient green energy. Electric cars are California’s largest manufactured export, and this federal bill removes existing limits on a $7,500 tax credit for purchasing an electric car. Immediately after Biden signed the bill, [[General Motors]] raised the cost of its electric vehicles by $7,500, and the [[Ford Motor Company]] raised the costs of their electric vehicles by $8,500.<ref>https://www.dailywire.com/news/bidens-inflation-bill-made-7500-electric-vehicle-tax-credits-ford-and-gm-just-raised-their-prices-by-the-same-amount</ref>

This bill also creates a $4,500 tax credit for buying a used electric car, which harms the Detroit-based producers of the more efficient gasoline-power autos. People now have a taxpayer-subsidized reason to buy a used electric car, rather than a new traditional car from Ford.

This bill also creates a $4,500 tax credit for buying a used electric car, which harms the Detroit-based producers of the more efficient gasoline-power autos. People now have a taxpayer-subsidized reason to buy a used electric car, rather than a new traditional car from Ford.

==See also==

==See also==

*[[Biden recession]]

*[[Biden recession]]

== References ==

== References ==