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Analysis: Inflation Reduction Act Would Increase Taxes on Nearly All Americans

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Analysis: Inflation Reduction Act Would Increase Taxes on Nearly All Americans

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Everything they say, is 100% the opposite. ~ CC

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“O come, let us worship and bow down: let us kneel before the LORD our maker.”  Psalms 95:6 (KJV) 

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Listen to the article below

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[fusion_dropcap boxed=”no” boxed_radius=”” class=”” id=”” color=”” text_color=””]T[/fusion_dropcap]he Inflation Reduction Act of 2022 would increase taxes on nearly every American despite claims made by President Biden.

“When we pass the Inflation Reduction Act, not a single American in the middle class will pay higher taxes,” Biden tweeted.

According to an analysis by the Congressional Joint Committee on Taxation, nearly all Americans would see increased taxes by 2023. The average tax rates would increase in nearly all income categories, according to its analysis, including lower-income individuals such as those earning less than $10,000.

Federal taxes will increase by $1.9 billion on those earning between $50,000 and $75,000 and by $10.8 billion on those earning between $100,000 and $200,000 in 2023.

Overall average tax rates would increase from 20.3% to 20.6% in 2023 alone, according to the analysis.

According to the bill summary, “There are no new taxes on families making $400,000 or less and no new taxes on small businesses – we are closing tax loopholes and enforcing the tax code.”

U.S. Sen. Joe Manchin, D-W.Va., who’s spearheaded the bill, says it will pay down the national debt, and lower energy and healthcare costs.

“Over the last year, leaders in Washington have ignored repeated warnings about the severe threat of inflation and the consequences of unprecedented domestic spending,” Manchin said. “Despite these concerns and my calls to give the country time to fully realize the impacts of such historic levels of spending and our inflation crisis, many Democrats have continued to push for trillions more in spending to meet a political deadline.

“Contrary to foolish talk otherwise, America cannot spend its way out of debt or out of inflation.”

The way to do this, he argues, is through “tax fairness,” including imposing a domestic corporate minimum tax of 15% on billion-dollar companies or larger. The bill also would spend more money on “technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible.” The technologies will help reduce domestic methane and carbon emissions and “decarbonize around the world as we displace dirtier products.”

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