Kevin Brady: “I include in the Record the following article by Americans for Tax Reform, which debunks the Inflation Reduction Act by…”

“I include in the Record the following article by Americans for Tax Reform, which debunks the Inflation Reduction Act by describing the top five budget gimmicks in this bill, showing over $330 billion in fake savings, more than the so-called deficit reduction in the bill. 5 Gimmicks in Democrats' Reconciliation Bill Democrats' reconciliation bill, improperly named the ``Inflation Reduction Act,'' contains numerous gimmicks designed to deceive voters and circumvent congressional rules. This bill uses several budget gimmicks: a short extension of Obamacare subsidies, a repeal of the ``rebate rule'' that never has nor never will go into effect, and supersizing the Internal Revenue Service (IRS) to ``solve'' an overstated tax gap, This bill attempts to circumvent the Byrd rule by erroneously calling a mandate ``a tax.'' The bill would also violate President Biden's tax pledge to not raise taxes on anyone making less than $400,000 a year. 1. The Obamacare subsidies in this bill are only extended until 2025, despite expectations that they will be extended again. In the American Rescue Plan (ARP), President Biden and congressional Democrats expanded Obamacare subsidies-- specifically the advanced refundable premium tax credit--by increasing benefits for households at every income level and expanding them to households earning more than 400 percent of the federal poverty level.…”