Heritage Expert: Manchin-Schumer Bill an Economically Irresponsible Spending Bill That Will Drive Up Inflation, Raise Prices

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Heritage Expert: Manchin-Schumer Bill an Economically Irresponsible Spending Bill That Will Drive Up Inflation, Raise Prices

Aug 12, 2022 5 min read

WASHINGTON—The U.S. House voted to pass Biden’s tax hike, the deceptively titled “Inflation Reduction Act.” Despite the ongoing economic crisis, Democrats have now passed a bill to spend nearly $600 billion on the left’s radical tax and green energy agenda that will only drive up inflation and increase prices for working families. This bill will do very little to provide relief for working and middle-class Americans struggling under the left’s policies.  

Matthew Dickerson, director of Heritage’s Hermann Center for the Federal Budget, released the following statement Friday in response:  

“It’s time that Washington worked to restore the promise of America for people all across this country. Unfortunately, the deceptively titled ‘Inflation Reduction Act’ fails to do so. 

 

“The new spending, tax increases, manipulative subsidies, and price controls in the act will only make stagflation worse. 87,000 new IRS agents will increase audits for small businesses and middle-class and working taxpayers. Harmful new taxes will reduce investment and be shouldered by workers, violating President Biden’s pledge to not increase taxes on working Americans. Hundreds of billions of dollars in taxpayer-funded corporate welfare will subsidize special interests and drive up energy costs for consumers. And the bill will reduce access to life-saving medical advances.   

 

“The next Congress, and the next president, must reverse the damage and chart a different course to restore a prosperous economy for all Americans.”   

BACKGROUND: For more hard-hitting Heritage research on the disastrous provisions in this bill:  

Expanding the IRS:  

Government Health Care Takeover:  

Tax Increases:  

Radical Climate Provisions:  

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