Spending More To Fight Inflation?

New York City NY

Description

A $740 billion dollar of green energy and healthcare spending [wrongly and unethically titled the "Inflation Reduction Act"] is almost certain to pass the House this week, and will probably be signed into law by Joe Biden before the weekend. Americas for Tax Reform have compiled a list of the biggest costs that this bill will have on American families. They pulled their data from the NON-PARTISAN Congressional Budget Office and Congress' Joint Committee on Taxation. Here's what they found inside the bill: A $6.5 billion regressive tax on American energy companies that will be passed on to families in the form of higher energy costs — and could HIKE the AVERAGE HOUSEHOLD'S natural GAS bill by 17%. A new 15% tax on corporations reporting at least $1 billion in profits to shareholders, known as “book value.” Democrats say it will raise an estimated $313 billion, but critics say the tax will also be passed on to Americans in the form of higher prices, less hiring, and wage cuts. $80 billion thrown at the IRS to help the agency collect under-reported income is supposed to return $124 billion to the federal government. Reportedly it will end up targeting small business owners. Between 78% and 90% of the estimated additional $200 billion the IRS will collect will come from Americans making less than $200,000 annually. A violation of a promise not to increase taxes on those earning less than $400,000. $52 billion that will be raised as part of a tax increase on businesses not subject to the corporate income tax, which will hurt mid-sized and family companies.