“They should call this the Income Reduction Act — not the Inflation Reduction Act.”
During a Wednesday interview on Fox Business Network’s “Mornings with Maria,” Sen. Bill Hagerty voiced his opposition to Senate Majority Leader Chuck Schumer’s Inflation Reduction Act.
The bill, which experts have said will do little to curb inflation, includes $369 billion aimed at climate spending and has Sen. Joe Manchin’s support. Hagerty disagreed with the notion that the slimmed-down version of the Build Back Better bill would not result in increased taxes. He argued the package should instead be called the “Income Reduction Act.”
“They should call this the Income Reduction Act — not the Inflation Reduction Act,” Hagerty emphasized. “It’s absolutely going to cause prices to go up because … when you raise costs on manufacturers by increasing their taxes, those costs are going to have to be passed on to consumers. That will be borne by the middle class, the lower class. It’s going to be inherently inflationary, and that’s the most pernicious tax of all.
“The Biden administration seems to be more than happy to create and precipitate more and more inflation,” he continued. “We’re also going to have something happen that is the last thing you do when you enter a recession. And you’ve seen Joe Manchin say this in the past; you’ve seen Chuck Schumer say this in the past — the last thing you do is raise taxes as you go into a recession. What they want to do is increase the tax burden on manufacturers.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Would the 'Inflation Reduction Act' Boost Savings or Raise Costs for Americans?Democrats working to pass the 'Inflation Reduction Act' face claims that the bill would lead to higher costs for Americans. See the potential biases and similarities in coverage from foxbusiness, yahoonews and MarketWatch:
Read more »
Opinion | ‘Inflation Reduction Act’ Is an Insult to Used-Car SalesmenFrom WSJopinion: Tear off the absurd Inflation Reduction Act label, and behind it, you will see exactly what it is: another large plank in the Democratic plan to “re-engineer” the economy, with another hefty expansion of government, writes gerardtbaker
Read more »
The Inflation Reduction Act would send $80 billion to the IRS. Some tax experts wonder if it's enough to help the backlogged agencyIn the 2022 tax filing season, the IRS’ customer service workers were able to answer about 10% of the approximate 27 million phone calls people made during open hours, according to an IRS watchdog’s look at operations through March.
Read more »
0.25% or 0.33%? Democrats' Inflation Reduction Act wouldn't lower prices by all that much, analysts say“We estimate that the Inflation Reduction Act will produce a very small increase in inflation for the first few years,” said Penn Wharton Budget Model analysts in a report.
Read more »
Opinion | Bernie Sanders Explains the Good, the Bad, and the Very Ugly of the Inflation Reduction ActThis legislation... has some good features, but also some very bad features.
Read more »
‘Inflation Reduction Act’ passage not as simple as it appears for Dems: ‘It ain’t over till it’s over’While the Democrats have seemingly secured passage of the landmark 'Inflation Reduction Act' bill, the road ahead isn't as simple as it appears. Especially for Senate Democrats.
Read more »