The Democrats are adamant that their inflation reduction bill isn’t going to raise taxes. We all know that’s a lie. It’s been a lie for over a year. Joe Biden promised his agenda wouldn’t raise taxes on incomes under $400,000/year. Even the experts didn’t hold much hope that this could be achieved. There are simply too many expensive pet projects the Left wants, which means everyone will have to suffer. Sen. Joe Manchin (D-WV) is saying it won’t raise taxes. He went on a media offensive this weekend, peddling the DNC lines of old. We closed loopholes and didn’t raise taxes. Yeah, we’ve heard that for years. This narrative is as translucent as plastic wrap. You can see the errors and Chinese math from 80 miles away. And a new study plunges the katana deeper into this fugazi bill (via NY Post):
The Congressional Joint Committee on Taxation found that taxes would jump by $16.7 billion on American taxpayers making less than $200,000 in 2023 and raise another $14.1 billion on taxpayers who make between $200,000 and $500,000.
During the 10-year window, the average tax rate would go up for most income categories, the Senate GOP said, citing the data from the joint committee. And by 2031, new energy credits and subsidies would have people earning less than $400,000 pay as much as two-thirds of the additional tax revenue collected that year, the release said.
“Americans are already experiencing the consequences of Democrats’ reckless economic policies. The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000,” said Sen. Mike Crapo, an Idaho Republican who sits on the Senate Finance Committee as a ranking member, and who requested the analysis.
And if we can all see it, you know Sen. Krysten Sinema (D-AZ) sees it. She’s the wild card here. She has all the power regarding whether this latest spending push lives or dies. She’s not for raising corporate taxes. It’s a recession.
Manchin is also brighter than this, making me wonder if this 180-degree pivot on spending means he was threatened in some way; how is the question since any progressive attacks on him only strengthen his re-election position at home. The more national Democrats hate him, the safer he’ll be. If anything, Manchin defending a tax hike will hurt his re-election chances. It’s delusional. Guy wrote yesterday how the talking points are marinated in denial and just outright falsehoods.
Kill this bill. And I think Sinema will deliver that shot.