President Joe Biden is expected to sign the $740 billion Inflation Reduction Act later this week and in celebration, the White House is preparing “an aggressive effort to promote the benefits of the President’s accomplishments and the Inflation Reduction Act.”
According to a report from Biden’s Deputy Chief of Staff and Senior Adviser, the White House believes “that the Inflation Reduction Act is overwhelmingly popular with the American people” and it plans to laud the legislation in support of Democrats in the upcoming midterm elections. But while the administration insists that the president “delivered what was best for the American people,” Biden seems to be hiding important details about the legislation from the country.
Throughout the 2020 election, Joe Biden avowed that no one making less than $400,000 a year would pay more in taxes under his administration–a claim President Donald Trump frequently challenged. A new analysis from the U.S. House of Representatives Ways and Means Committee reveals, however, “[a]t least $20 billion of the revenue Democrats hope to collect from taxpayers with a supercharged IRS would come from lower- and middle-income earners and small businesses.”
To make matters worse, all 50 Senate Democrats voted against Republican Senator Mike Crapo’s amendment to the legislation that would have exempted “taxpayers with taxable incomes below $400,000.”
It might sound like good messaging to tell voters the President successfully passed an Inflation Reduction Act during a time of record high inflation, but many argue the bill won’t actually do anything to slow inflation, and these reports now suggest it may be financially harmful to American families.
It’s not at all surprising that Biden broke his campaign promise. Nor is it surprising that the politicians in Washington are more interested in buying kudos from the American people (hence enabling them to stay in power) than actually delivering meaningful results and solutions to our problems.
The corruption in our nation’s capital is outstanding. Thankfully, you and I can do something about it. By signing the Convention of States petition, we can encourage our states to call an Article V Convention, something our Founders intended for us to do if our government ever became this far removed from the will of the American people.
Learn more today and sign the petition below!
Report: Biden's Inflation Reduction Act will rob billions from lower- and middle-income families
Published in Blog on August 15, 2022 by Jakob Fay
