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BIDEN HAS said that inflation was transitory, that it had already peaked, and people close to him said it was a high-class problem, insisting that we would not face a recession. And the recession arrived, although in the midst of their desperation, Biden and the Democrats have tried to modify the dictionary, which for them is obviously easier than correcting their disastrous economic policies of excessive spending and discouraging domestic energy production, among others. They still don’t seem convinced, but they’ve gotten it into their heads to promote yet another attempt to pass another spending and tax package in Congress, similar to their agenda to Build Back Broke, only this time disguised as an initiative supposedly aimed at reducing inflation.
So inflation, which recently for Biden and the Democrats didn’t even exist, has now become their top domestic priority. They seem to have realized that the last time inflation was so out of control, the then-Democratic president had to settle for a single term in the White House, and from there, the Republicans won the next three presidential elections. In today’s reality, things are not looking good for the ruling party. A recent NewsNation/Decision Desk HQ poll found that 76% of registered voters are very concerned about inflation; in fact, 72% of them believe that rising prices for goods and services are the most serious problem we face, while only 10% consider it to be COVID-19.
Last week, Biden and congressional Democrats released a new $400 billion-plus tax and spending proposal designed to revive his radical agenda to Build Back Broke and raise taxes on American businesses and families. This is despite the fact that the U.S. economy is in a recession, having contracted for two consecutive quarters and meeting the definition of a recession that Democrats, and Biden’s own economic advisers, had previously promoted. The Biden and Democrats bill is not an “Inflation Reduction Act,” it is a scam. This bill would double the size of the IRS, increase energy costs for working Americans, and give the wealthy a financial boost.
The Bidenflation Scam Bill not only harms working Americans but also fails to achieve its main goal: to reduce both inflation and the deficit. Penn Wharton’s budget model found that Biden’s plan would have a “statistically indistinguishable from zero” impact on inflation and, in fact, slightly increase inflation through 2024. Moody’s Analytics, a “Wall Street” firm that Biden loves to quote, estimates that the bill would have virtually no impact on inflation for years, and would only reduce inflation by 0.33 percent over a decade. The National Taxpayers Union has estimated that under more realistic assumptions, the Democrats’ bill would actually add $285 billion to the deficit over the next decade.
These tax increases break Biden’s promise not to raise taxes on Americans earning less than $400,000. Those earning less than $200,000 per year will see a $16.7 billion tax increase in 2023, and taxpayers earning between $200,000 and $500,000 will pay an additional $14.1 billion. By 2031, the Joint Congressional Committee on Taxation projects that Americans earning less than $400,000 will bear up to two-thirds of the tax burden. Additionally, Biden wants to give the IRS $80 billion for additional audits and an army of 87,000 new IRS agents. Last year, the IRS audited Americans earning $25,000 a year at five times the rate of other groups, meaning this army of new IRS agents would disproportionately target the poorest Americans. Under the Obama-Biden administration, the IRS admitted to persecuting conservative groups.
Jaime Florez is the Hispanic Communications Director - Republican National Committe. Public Relations, Public Affairs, Communications, and Marketing Executive with extensive experience in politics, international trade, publishing, and mass media // Jaime Florez es Director de Comunicaciones Hispanas - Comité Nacional Republicano. Ejecutivo de Relaciones Públicas, Asuntos Públicos, Comunicaciones y Marketing con amplia experiencia en política, comercio internacional, publicaciones y medios de comunicación.