Just when you thought your personal financial situation couldn’t get much worse, the Democrats over the weekend decided to raise your taxes during a period of record-high inflation — and a recession!
The Senate passed the Inflation Reduction Act along party lines following hours of debate and a flurry of amendments that stretched through Saturday night and into Sunday afternoon.
Vice President Kamala Harris cast the tiebreaking 51st vote for the Democrats after a grueling vote-a-rama on the roughly $740 billion budget reconciliation measure that forewent the 60-vote threshold, securing another policy win for the Biden administration. The House, also controlled by Democrats, will reconvene from the August recess on Friday to pass the legislation in the lower chamber.
The Inflation Reduction Act that this Senate Democratic Majority has passed will endure as one of the defining legislative feats of the 21st century:
It reduces inflation, lowers costs, creates millions of good-paying jobs, and is the boldest climate package in U.S. history.
— Chuck Schumer (@SenSchumer) August 7, 2022
Biden urged the House to pass the legislation quickly and promised to sign it.
The cognitively deficient President claimed in a statement after the Senate vote that the Inflation Reduction Act “lowered the cost of everyday energy costs” while “making the wealthiest corporations finally pay.” This is a horrifically reductive statement and indicative of the insidious level of obfuscation required to convince Americans that Democrats actually hold their best interest at heart.
As a matter of fact, the nearly $1 billion dollar bill merely compounds the financially stress put on American families by raising taxes during a period of record high inflation while introducing some of the most ridiculous aspects of our new woke culture.
For example, Senate Democrats unanimously voted against defining pregnancy as a function unique to biological females.
Democrats also ensured that major job providers in America are strapped with additional tax bills, once again disincentivizing business and the free market — all while claiming the bill helps create jobs. Instead, the bill spends taxpayer dollars to beef up the IRS.
The Internal Revenue Service will get a funding increase, enough to bring on 87,000 new employees whom Democrats hope can crack down on wealthy tax evaders — but we all know their true intentions.
Data shows that a large portion of all tax revenue is paid by the wealthiest Americans. When Democrats claim their new beefed-up IRS is to clamp down on wealthy tax evaders, what they really mean is small and medium-sized businesses will face new tax scrutiny, as will freelancers, contractors, and self-employed Americans.
Adding insult to injury, the Democrat bill allows contains several key Green New Deal policies that directly benefit wealthy Americans while adding more tax burdens to the average, middle-income American. If adding additional tax burdens to the oil and gas industry is the Democrats’ solution to high gas prices and staggering electric bills, then Republicans should have no problem sweeping the midterm elections.
Meanwhile, the current level of inflation will only get worse as a result of the “Reduction Act”. Economists agree that adding nearly a billion dollars in federal spending will only create more stress on markets, and any reduction won’t occur for another decade.
The legislation was the result of a compromise among Democrats, approved by centrist Sens. Joe Manchin and Kyrsten Sinema, falling somewhat short of what the Biden administration wanted. The agreed-upon legislation, heading into the weekend, included $400 billion in tax credits to incentivize renewable energy, including for consumers who choose electric vehicles instead of gas-powered and for energy companies to prioritize wind and solar energy sources. This is the single largest spending commitment to combat global warming the federal government has ever approved.
Manchin, who holds particular allegiance to the oil and gas company, claimed that his vote for the bill comes with assurances that the Biden admin will allow new oil drilling leases in Alaska and the Gulf of Mexico.
Beginning in 2026, Medicare will now be permitted to negotiate with drug companies on the price of medication, thus allowing the federal government to essentially control prices. Republicans sounded the alarm on this measure, saying the lack of market forces would destroy medical innovation. And they’re right! with 10 initial drugs.
Meanwhile, the financial situation of most American households has been severely compromised thanks to Joe Biden and the increasingly radical Democrats.
We’ve all witnessed a significant drop in quality of life since Biden assumed office all while the White House attempts to pull the wool over our eyes — but now it’s even worse.
Hold on to your wallets people, the Democrats just raised screwed you over royally!
Author: Ann Taylor