Inflation Reduction Act

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.

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."

Leftists point out that this is four times the size of the wasteful green energy incentives in Obama's American Recovery and Reinvestment Act of 2009.

In addition to raising corporate taxes, this bill would supposedly more than triple green energy production, by allegedly adding 550 gigawatts of electricity from wind, solar and other renewable energy sources.

Breaking ATR anti-tax pledge?

As of August 7, 2022, 44 senators, 181 representatives, and 16 governors have signed the pledge against increasing taxes by Americans for Tax Reform (ATR).

Those levels fluctuate with elections. For example, as of November 2012, 238 representatives and 41 senators had signed the ATR anti-tax pledge. In the next Congress sworn in January 2013, "ATR claims 219 representatives and 39 senators as adherents-although a small handful have already backed away from their commitments."

See also

• Biden recession