Difference between revisions of "Inflation Reduction Act"
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| − | 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. | + | 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> |
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| + | This bill is one of the largest tax increases in history, hiking corporate taxes substantially. 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> | ||
Revision as of 04:46, August 8, 2022
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.[1]
This bill is one of the largest tax increases in history, hiking corporate taxes substantially. 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."[2]
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.[3]
References
- ↑ https://www.nbcnews.com/politics/congress/senate-passes-sweeping-climate-health-tax-package-putting-democrats-cu-rcna41653
- ↑ https://www.politico.com/news/2022/08/07/inflation-reduction-act-climate-biden-00050230
- ↑ So claims the American Clean Power Association, which further asserts that this could power 110 million homes.