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Many Americans are already accustomed to the lies of the current administration. However, calling a bill that does nothing to reduce inflation, and only raises taxes on Americans, an “Inflation Reduction Act” is a new level of gall.
The Penn Wharton budget model is one of several studies estimating that Biden’s plan would have a “statistically indistinguishable from zero” impact on inflation. And the Democrats know it, the thing is, the midterm elections are coming up and they have to give some handouts to important groups, as well as pretend (in the face of the people) that they are doing something to control inflation.
What will happen with Biden’s Inflation Reduction Act?
According to the Congressional Joint Committee on Taxation, by 2031 those earning less than $400,000 would be paying up to two-thirds of the tax burden. An army of 87,000 new IRS agents will be hired. A 15% minimum corporate tax and a 1% tax on stock buybacks by companies is created. And according to a Congressional Budget Office analysis the middle class could end up paying as much as $20 billion extra in taxes.
Pretty expensive new lie by the Democrats….
Vanessa Vallejo. Co-editor-in-chief of El American. Economist. Podcaster. Political and economic analysis of America. Colombian exile in the United States // Vanessa Vallejo. Co-editora en jefe de El American. Economista. Podcaster. Análisis político y económico de América. Colombiana exiliada en EE. UU.