The Inflation Reduction Act of 2022 would increase taxes on nearly every American despite claims made by President Biden.
“When we pass the Inflation Reduction Act, not a single American in the middle class will pay higher taxes,” Biden tweeted.
According to analysis by the Congressional Joint Committee on Taxation, nearly all Americans would see increased taxes by 2023. The average tax rates would increase in nearly all income categories, according to its analysis, including lower income individuals such as those earning less than $10,000.
Federal taxes will increase by $1.9 billion on those earning between $50,000 and $75,000 and by $10.8 billion on those earning between $100,000 and $200,000 in 2023.
Overall average tax rates would increase from 20.3% to 20.6% in 2023 alone, according to the analysis.
According to the bill summary, “There are no new taxes on families making $400,000 or less and no new taxes on small businesses – we are closing tax loopholes and enforcing the tax code.”
U.S. Sen. Joe Manchin, D-W.Va., who’s spearheaded the bill, says it will pay down the national debt, and lower energy and health-care costs.
“Over the last year, leaders in Washington have ignored repeated warnings about the severe threat of inflation and the consequences of unprecedented domestic spending,” Manchin said. “Despite these concerns and my calls to give the country time to fully realize the impacts of such historic levels of spending and our inflation crisis, many Democrats have continued to push for trillions more in spending to meet a political deadline.
“Contrary to foolish talk otherwise, America cannot spend its way out of debt or out of inflation.”
The way to do this, he argues, is through “tax fairness,” including imposing a domestic corporate minimum tax of 15% on billion-dollar companies or larger. The bill also would spend more money on “technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible.” The technologies will help reduce domestic methane and carbon emissions and “decarbonize around the world as we displace dirtier products.”
The $400 billion bill won’t raise any taxes, he argues.
But The Wall Street Journal editorial board argues that’s exactly what it will do. The bill is “a tax increase on nearly every American,” they write. “Raise the corporate tax rate, and you’re cutting wages and salaries for workers.”
Republicans on the House Ways and Means Committee argue the same. They warn it’s full of “hundreds of billions of dollars in wasteful inflationary spending [and] won’t reduce the deficit.”
“Rather than reduce inflation, it puts inflation on steroids,” they argue. It includes a “socialist drug price setting scheme [that] will likely cause drug prices to increase for patients for the next few years, all while killing future cures from ever coming to market.”
It also includes “expensive wasteful Green welfare,” they add, including Green New Deal tax credits of $257 billion and solar company loan guarantees of $250 billion that “will worsen our inflation problem, on top of government checks to subsidize luxury electric vehicles.”
Rather than tax the richest companies, it instead includes “handouts to the wealthy,” they argue, including “tens of billions of dollars in Obamacare subsidies [that] will flow to the well-off. It also increases taxes and fees on oil production and methane, which Republicans argue will result in higher gas prices, larger heating bills and higher consumer prices.
“When made permanent, Obamacare bailouts will cost $248 billion, four times higher than what Democrats’ bill admits. Meanwhile, Obamacare has already resulted in higher health care prices and 17 percent health insurance inflation,” they add.
The bill also includes a provision to hire 87,000 new IRS agents to begin auditing more than a million Americans, including lower income taxpayers.
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Former Democratic Judges Declare Invasion, Now Run for Reelection as Republicans in Texas Border Towns
Two life-long Democrats are now running for judicial reelection as Republicans in Texas border communities. Both women say they are fighting against the Biden administration’s open border policies that they argue are wreaking havoc in their small communities.
The single reason they switched parties, they say, is because the Biden administration's policies led to more than 2 million people coming through the southern border from over 150 countries. The costs of crime stemming from an open border – increased trafficking and smuggling of people, weapons and guns – to their communities has prompted them to say, “enough is enough” and do something about it.
Both judges were among the first to declare an invasion on July 5, citing an imminent threat to the lives of their residents.
First elected as a Democrat, Terrell County Judge Dale Carruthers is now running for reelection as a Republican.
On Tuesday, at a campaign event in Fort Stockton, Texas, she said, “I come from a Hispanic heritage, which was prominently Democrat. The chaos at the border and everything that’s been going on makes me realize that I needed to switch parties.
“I am very happy to be a Republican and to represent this great state of Texas as a judge.”
“Judge Dale Carruthers switched parties due to Biden's failed open border policies,” Gov. Greg Abbott, who attended the event, said. “She's now running for re-election as a Republican, joining a growing number of Hispanics who have walked away from the Democratic Party. Together, we'll secure the future of Texas.”
Presidio County Judge Cinderela Guevara also was a life-long Democrat until Biden came into office and her residents began grappling with record high inflation, increased crime and fear stemming from an open border. She also issued a disaster declaration and declared an invasion at the Texas-Mexico border.
“I’ve been a Democrat since 1992," Guevara said. "I’ve always ran as a Democrat and this is my first year to run as a Republican. I’m very grateful for Gov. Abbott for all he has done for Texas and continues to do for Texas, especially with our border crisis.”
On July 5, six counties and one city declared an invasion at the southern border, including Terrell and Presidio counties. They also expressed their commitment to uphold the Constitution, arguing they needed to take such an extraordinary measure to defend the lives of their residents.
When declaring the invasion, Carruthers said her county with a small population of roughly 1,000 people has been inundated with foreign nationals illegally entering through Mexico.
“We have experienced an invasion that is something of every language,” she said. “We are trying to protect the sovereignty of Texas. I am a constitutional judge and we are standing behind the constitution.”
After the counties of Kinney, Goliad, Terrell, Jeff Davis, Edwards, Presidio and the City of Uvalde declared an invasion, two additional counties declared an invasion on Monday: Parker and Atascosa.
Other Republican women running for office in Texas border communities are Monica De La Cruz and Cassie Garcia, who are both running for Congress in Districts 15 and 28, respectively. Mayra Flores, of Hidalgo County, recently won a special election to become the first Mexican-born Republican woman elected to Congress.
(The Center Square) – Police in northern Wisconsin are not recommending charges against a Wisconsin state senator following a deadly car wreck last week.
Ashland Police say Sen. Janet Bewley, D-Mason, pulled out in front of a mom who was driving along U.S. Highway 2 last Friday, causing a wreck.
“The preliminary investigation showed that the accident occurred when a vehicle driven by Janet Bewley, age 70 of Mason, WI, pulled out from the entrance of Maslowski Beach to turn east onto US Hwy 2,” the police report read. “That vehicle collided with a vehicle that was westbound on US 2 driven by Alyssa Ortman, age 27 of Clearfield, PA. That vehicle then spun across the highway and was struck by an eastbound vehicle driven by Jodi Munson, age 45 of Mason, WI.”
Police say Ortman died at a local hospital, her five-year-old daughter died at the scene.
Ashland Police say it does not appear that alcohol was a factor in the crash.
Bewley, who is the top Democrat in the Wisconsin Senate, was not injured. Her office issued a statement on Monday.
“Senator Bewley was involved in a three-vehicle accident in Ashland, Wisconsin on Friday, July 22nd. Tragically, two people lost their lives. This is a heartbreaking event for the community. Our thoughts and prayers are focused on the individuals involved, their families and their loved ones,” the statement read. “A police investigation is ongoing. Out of respect for that investigation and the privacy of all the families involved, our office will be withholding further comment at this time.”
Ashland’s police chief told the local newspaper that he has not recommended charges in the case.