Senate Passes ‘Inflation Reduction Act’ Which Promises to ‘Make Everything Worse’

Share:

With the senate split 50/50 along party lines, Kamala Harris cast the tie breaking vote on the $740 billion ‘Climate, Health and Tax Bill,’ also called “The Inflation Reduction Act.”

Senate Majority Leader Chuck Schumer (D-NY) claimed, “Our bill reduces inflation, lowers costs, creates millions of manufacturing jobs, enhances our energy security and is the boldest climate package in U.S. history.”

The bill is supposed to slash prescription drug costs, fund green energy with a massive injection of $370 billion and raise the minimum corporate tax to 15%.

It also increases the Internal Revenue Services budget six fold, allowing it to hire 80,000 more auditors and agents.

The bill’s name claims it lowers inflation, but according to researchers at the University of Pennsylvania’s Wharton Budget Model, the Inflation Reduction Act will not do anything to change inflation in the long term, and will actually add to inflation until 2024.

Republican Sen. Lindsey Graham (R-SC) told CNN, “It says it would reduce the deficit by a hundred billion dollars. We’re gonna spend almost a trillion dollars. It’s not gonna help inflation. It’s gonna make everything worse.”

The conservative Tax Foundation says the bill would increase taxes on those in every income group and reduce economic growth.

“American families actually see the impact of what happens whenever you put new taxes on our economy,” warned Senator Mike Rounds (R-ND) to ABC, “Now, they talk about it being on big corporations, but big corporations raise prices. They do pass it all down.”

For the rest of this article, visit our content partners at CBNNews.com. {eoa}

Share:

Leave a Reply


More Spiritual Content
ICC Issues Arrest Warrant for Netanyahu, Gallant
Disney Pulls Episode Featuring Transgender Character from Children’s Series
Matt Gaetz Withdraws from Attorney General Nomination Amid Allegations
Surprising Christian Roots of SpaceX’s Mars Mission
Russia Strikes Back! US Closes Kyiv Embassy
Woman Miraculously Reverses Abortion: How She Saved Her Baby’s Life
Morning Rundown: Once-in-a-Decade ‘Bomb Cyclone’ Just Hit the US
Preparing for an Inspiring Thanksgiving
Amanda Grace’s Call to Prayer for Donald Trump
Ancient Mosaic from Israel Equating Jesus with God on Display in US
previous arrow
next arrow
Shadow

Most Popular Posts

Latest Videos
77.8K Subscribers
1K Videos
7.7M Views
Share