The Inflation Reduction Act, it is now well established, will not reduce inflation and won’t reduce the deficit either, according to the bipartisan Joint Committee on Taxation.
Instead, the party of good intentions is attempting to avoid accountability, while claiming any unfortunate outcomes won’t be their fault. Get it? Nothing here provides actual protection to any lower-income taxpayers. The bill writers, sensing the problem, added this gem: “Nothing in this section is intended to increase taxes on any taxpayer or small business with a taxable income under $400,000.” The bottom line is that the Congressional Joint Committee on Taxation estimates that 70% to 90% of the money raised from unreported income would likely come from those making less than $200,000 per year. Anyone familiar with IRS audits knows that even taxpayers who have done no wrong often capitulate to aggressive harassment. The only purpose of hiring an army of new auditors would be to increase collections. It’s inevitable that the other 98.2%, who make about 75% of the total income, will also receive increased scrutiny. Only 1.8% of American taxpayers earn more than $400,000 yearly. “And we’ll do it without raising taxes a penny on those making less than $400,000 per year.”Īre you joking? Let’s start with the IRS, which received an $80 billion spending boost, an amount the Treasury Department reported would result in 87,000 new FTEs, mostly auditors and examiners. The “IRA will reduce the deficit by $300 billion” claimed huckster-in–chief Joe Biden. They supported the Inflation Reduction Act for $740 billion after sinking (again, thank you) the original $3.6 trillion version.īut what they got was possibly the most deceitful bill in the history of bills. Exhausted by the mental energy required to resist intraparty pressure and not wanting to be responsible for poor election outcomes, they caved. They courageously withstood withering criticism to save the republic from trillions of dollars of inflation–fanning intergenerational theft.īut finally they fell for the oldest trick in the book – the “dad can I have a pony” swindle, traditionally practiced by clever youngsters who were willing to settle for a puppy in the first place. Manchin and Sinema had a chance to go down in history as heroes.
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