Congressman Doug LaMalfa voted against H.R. 5376, the mislabeled “Inflation Reduction Act of 2022.” This Democrat tax and spend bill will significantly increase taxes on capital investment by U.S. companies, expand Obamacare, add $146 billion in new debt and increase taxes on middle- and lower- income Americans – something President Biden promised he wouldn’t ever do. According to Congressional Budget Office estimates, this bill would have a negligible effect on inflation this year and would only reduce inflation by .01 percent at best in 2023. The first time Democrats used the “reconciliation process,” they kickstarted inflation and set a 40-year record. Using reconciliation again is certain to increase prices even more.
“The American people are facing the highest inflation tax in over 40 years; they’re dipping into their savings just to make ends meet. They don’t need more taxes to weigh them down further,” said LaMalfa. “Record breaking inflation doesn’t have to be the new normal. This 18-month government-spending-spree has brought on record inflation, historic gas prices and a recession. When will Democrats learn that increased government spending actually drives up inflation? I voted against this reckless spending package to protect Americans’ pocketbooks from this leftist farce.”
Lowlights of this bill include:
Adds $745 billion in new spending. This includes $248 billion for Obamacare subsidies and more than $400 billion for far-left Green New Deal programs and giveaways to green special interests which will significantly increase our reliance on China – which controls 80 percent of the minerals necessary for supporting the Democrats’ expensive and unreliable green energy agenda. This will funnel of billions of dollars to benefit the Chinese Communist Party and effectively subsidizes their genocide of Uyghur Muslims.
Doubles the size of the Biden Administration’s IRS army to roughly 160,000 agents – larger than the size of the British army – authorized to conduct one million additional audits each year against taxpayers. This wave of auditing agents will be used to intimidate and harass middle-income Americans, not billionaires who can afford the best tax lawyers money can buy.
Adds $599 billion of tax increases on Americans in every tax bracket despite President Biden’s promise to not raise taxes on Americans making under $400K.
Increases the costs of necessary goods and services by adding taxes on crude oil and natural gas production, which trickles down to raised prices at the gas pump for all Americans, while offering electric vehicle and “green” home improvement project subsidies for those who can already afford these luxuries.