Just when it seemed Joe Biden’s economic agenda was dead in the water and voters were beginning to experience the consequences of his progressive agenda, the so-called ‘moderate’ Democratic Senator Joe Manchin swoops back in to revive it.
Manchin and Biden are seemingly teaming up after the West Virginia Democrat all but destroyed the President’s “Build Back Better” agenda to push a bill that ostensibly lowers inflation by forcing corporations to pay more in taxes.
Meanwhile, the so-called Inflation Reduction Act of 2022 does much, much more than that.
While on the campaign trail, Joe Biden vowed never to raise taxes on any American earning less than $400,000 — a point which his followers were quick to repeat. The cognitively deficient President is now going back on that promise.
The Inflation Reduction Act of 2022 will lower health care costs for millions of Americans. And, for the first time in a long time, make the largest corporations pay their fair share without any new taxes on people making under $400,000 a year.
— President Biden (@POTUS) July 31, 2022
An in-depth analysis of the Inflation Reduction Act of 2022 published by non-partisan organization bucks all claims made by Manchin and Biden that the bill won’t raise taxes for middle-and-low-income Americans.
The Joint Committee on Taxation (JCT), a non-partisan group, found that taxes will in fact skyrocket in 2023 if the Inflation Reduction Act passes. Only one group of taxpayers (those earning between $10,000-$30,000) will be exempt from the tax hikes needed to pay for the legislation.
Those making under $10,000 will see a .3% increase in their federal taxes; those making between $30,000 and $75,000 will see a .1% increase; those making between $75,000 and $100,000 a .2% increase; those making between $100,000 and $500,000 a .3% increase; those making between $500,000 and $1,000,000 a .5% increase; and those making over $1,000,000 a year will see a .6% increase, according to the JCT.
CNN broke down the new taxes a different way, reporting that the tax increases next year would total $16.7 billion for Americans making less than $200,000 per year; $14.1 billion for those making between $200,000 and $500,000 a year, and $23.5 billion for those making $500,000 or more per year.
Republicans have begun to expose the truth behind the Inflation Reduction Act following the JCT report.
It will subsidize the wealthy at the expense of working families, raise taxes on workers making as little as $10K a year, and unleash an army of IRS agents on taxpayers. Oh, and it won’t reduce inflation anytime soon. https://t.co/sktYivdD2O
— Senator John Cornyn (@JohnCornyn) July 31, 2022
The median household income in West Virginia is $48,037. This bill will raise taxes of Americans making well below those levels in order to help families making more than five times those levels purchase electric cars. https://t.co/04pe40FHV3
— Senator John Cornyn (@JohnCornyn) August 1, 2022
Manchin is largely ignoring the JCT’s findings, claiming the bill only raises taxes for corporations worth $1 billion or more.
Joe Manchin on Fox News: "All we're doing is basically saying the largest corporations in America, that have $1 billion in value or greater, have to pay a minimum of 15 percent to help this great country. That's all." pic.twitter.com/vDZrMYYMRu
— Aaron Rupar (@atrupar) July 31, 2022
Meanwhile, as innocent as Manchin claims the bill to be, it actually would wreak havoc on America’s already-troubled economy.
Obamacare will receive another injection of taxpayer cash were the bill to pass. It also provides additional funding for Biden’s radical climate agenda as well as handing the IRS barrels of cash for tax enforcement purposes.
Author: Elizabeth Tierney