Democrats spent trillions in the last twelve months. They must be trying to destroy the economy. After the spending on COVID and the lockdowns, this is madness.
WHAT’S IN THE BILL
The bill imposes a 15% minimum tax on corporations. Essentially, it is the Biden globalist minimum tax and will hurt America’s edge and ability to compete.
We now have a 1% tax on corporate stock buybacks, which is only the beginning.
The inflation bill allows for direct negotiations on drug prices; if companies don’t join in negotiations, they will be taxed 95%.
There are huge hikes in IRS funding and earmarks $369 billion to fight climate change nonsense, including fixing so-called racist neighborhoods in the looney Lala land of the Left.
Most of the climate change rules force manufacturing to China. It’s a serious national security threat.
Green welfare for companies will include $27 billion for a Green Bank to dole out the money. Democrats want their own central bank.
Another tax is added on imported oil and petroleum- from 9.7 cents to 16.4 cents per barrel. Minimum royalties for companies to extract oil and gas will increase.
The bill is a tax increase on the middle class, and it empowers the IRS with $80 billion in new funding to hire 87,000 new IRS agents to hound taxpayers.
According to Bernie Sanders, the bill does nothing to fight inflation (see below).
BIDENFLATION
Kevin “Mr. Wonderful” O’Leary on the Bidenflation Scam:
“Naming it ‘anti-inflation’ is a joke. This is gonna be very inflationary almost immediately because we’re printing billions of dollars.” pic.twitter.com/NVXwImUJTp
— RNC Research (@RNCResearch) August 8, 2022
Bernie on the inflation bill. News flash, you can’t spend $700 billion+ and increase taxes on the middle class to cut inflation.
BERNIE SANDERS: The “so-called Inflation Reduction Act…will, in fact, have a minimal impact on inflation.”pic.twitter.com/gE9H2cJIgg
— RNC Research (@RNCResearch) August 7, 2022
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