This week, Senate Majority Leader Chuck Schumer and Senator Joe Manchin reached an agreement to advance President Biden’s Big Government Socialism agenda. While our economy is in the midst of a recession and inflation is at a 40-year high, Senate Democrats’ solution is to increase the pain families are already feeling by raising taxes and doubling down on their failing policy agenda. Sen. Joe Manchin’s (D-W.V.) so-called Inflation Reduction Act is nothing more than Build Back Better 2.0.
Greenlit by the misguided passage of the CHIPS-Plus Act, this latest attempt to ram through President Biden’s failed policy agenda without a single Republican vote has disaster written all over it. Over $400 billion in spending for left-wing priorities and $700 billion in tax hikes, this package will only worsen matters.
Raising Taxes and Ignoring Spending
- $313 billion corporate tax hike that will be passed on to American families.
- $124 billion for IRS bureaucrats.
- $14 billion increase on capital gains taxes that will discourage investment.
- The package makes NO meaningful effort to curtail reckless spending in Washington.
Unfortunately, Build Back Better 2.0 buys into the ridiculous notion that heavy-handed government policies can improve healthcare. In reality, socialized medicine reduces access to lifesaving pharmaceuticals and stifles innovation.
- $70 billion extending Obamacare subsidies while at the same time implementing Medicare price negotiation.
- $288 billion in socialized prescription drug pricing that will make lifesaving medicine more scarce and stifle innovation.
Green New Deal Policies
Democrats claim that their package will bolster domestic energy production. But what the bill really does is supply hundreds of billions of dollars in tax credits and subsidies for green energy. Build Back Better 2.0 is a grab bag of green corporate welfare and left-wing priorities such as environmental and climate justice.
- $369 billion in total of spending for Green New Deal priorities.
- Over $60 billion in so-called “environmental justice” grants, subsidies, and tax credits.
- $20 billion for climate-smart agriculture.
- $20 billion in loans to build new clean vehicle manufacturing facilities.
- $30 billion in tax credits for the production of electric vehicles, solar panels, and wind turbines.
Americans must make clear that the problems facing the United States are not a result of a lack of taxes. Instead, the reckless spending habits and big government policies are directly responsible for the dire economic situation families find themselves in. This package will not reduce inflation; it will only make matters worse.
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