According to analysis by the Congressional Joint Committee on Taxation, nearly all Americans would see increased taxes by 2023 because of the Inflation Reduction Act passed in the Senate last week. Here are the key points of this disastrous bill:
1 The average tax rates would increase in nearly all income categories, including lower income individuals such as those earning less than $10,000.
2. 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.
3. Overall average tax rates would increase from 20.3% to 20.6% in 2023 alone, according to the analysis.
4. The Green New Deal Bill Imposes domestic corporate minimum taxes of 15% on billion-dollar companies or larger and creates more spending 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.”
5. The bill is a tax increase on nearly everyone because raising the corporate tax rate will create layoffs and will cut wages and salaries for workers.
6. The Inflation Reduction Act includes a socialist drug price setting scheme which will most likely create government favoritism for larger drug companies while killing smaller drug manufacturers. This will kill jobs and cause drug prices to increase for patients all while preventing future cures from ever coming to market.
7. Furthermore, the Inflation Reduction Act includes Green New Deal tax credits of $257 billion and solar company loan guarantees of $250 billion. This will worsen our inflation problems by reducing loan capitol and increasing interest rates. There will be more government favoritism to subsidizeexpensive luxury electric vehicles which will further destroy our car manufacturers as the average car buyer is priced out of the market.
8. This act also increases taxes and fees on oil production and methane, which will result in higher gas prices, larger heating bills and higher consumer prices.
9. The Inflation Reduction Act includes Obamacare bailouts and will increase health care prices and health insurance premiums. That is called massive health insurance inflation.
10. The bill will have the exact opposite on economy and the people.
11. Air travel will become an even worse nightmare. Rising fuel costs, insurance premiums in all services, and the price of maintaining a sufficient work force will be passed on to consumers.
12 The impact on Americans’ health and welfare will be catastrophic because people will not be able to afford travel and enjoyment. That brings depression and more severe mental illness creating an increased need for mental health services and medication. It will also negatively affect the productivity, satisfaction and efficiency of the already strained American work force.
America’s trip to socialism will result in the crumbling of its economy and more government intrusion and takeover of our lives and this bill will be another large step in that direction. Its deceptive name misleads many to think it has been created to help our citizens while in fact, it will do just the opposite and will drive many into despair and poverty.