On the recordJuly 28, 2022
Mr. President, say it isn't so, Joe. Yesterday afternoon, Democrats, Senator Manchin--Joe Manchin from West Virginia--and their leadership announced the latest version of their Build Back Better tax-and-spending spree, which they are, bizarrely, calling the Inflation Reduction Act. Now, I have to say that when they announced it, I think it certainly blindsided the Republicans, but I think it also blindsided, I am told, an awful lot of Democrats who didn't know or hadn't been consulted about what was going to be in this so-called Inflation Reduction Act. Let me just tell you a few of the things the bill does. It imposes a new tax on job creators. It provides funding to the IRS to harass small businesses and nonprofits. It provides tens of billions of dollars in tax credits for Green New Deal projects and the purchase of costly electric vehicles. It extends increased government subsidies for people on ObamaCare. Well, I think the question you have to ask is, What exactly is any of that going to do to address inflation? How are more IRS audits going to help Americans who wonder how they can continue to afford to pay more than $4 a gallon for gas? How is a new tax on businesses going to drive down the price of chicken or milk or fruits or vegetables? As for electric vehicle tax credits, they might make purchasing an electric vehicle slightly less painful, but that is if you can afford to purchase one in the first place, especially in the midst of an inflation crisis.…





