Joe Manchin (D.WV) visited the Sunday programs to persuade viewers that his agreement with Chuck Schumer, Senate Majority Leader (D.NY), was a positive thing. But as we’ve previously explained, slapping the name “Inflation Reduction Act” on it doesn’t mean that it reduces inflation. It does not, contrary to the Penn-Wharton Budget Model. Inflation is even increased in the initial two years.
But there’s another problem with it, and that’s what Fox’s Bret Baier tried to get at when he was questioning Manchin on his show — that it’s going to raise taxes. Manchin claimed that it did.
Fox News @BretBaierJoe Manchin confronted by Democrat Joe on his statement in 2010 that “I don’t think during a period of recession you mess about with any of the taxes, or increase any taxes.”
Baier: According to several different organizations, [Bidenflation Act] does raise taxes.” pic.twitter.com/Z3UFUqrw8X
— RNC Research (@RNCResearch) July 31, 2022
Manchin speaks out about the minimum 15% corporate tax provision included in the bill. That’s likely to cost everyone, as businesses are then going to pass along anything more they have to pay to the consumers. People will be subject to tax increases due to changes in the carried interest provision. Perhaps one of the more concerning things is the more than 80,000 new IRS agents, who aren’t just going to be going after billionaires. Sen. Ted Cruz (R-TX) and Dana Loesch explained what a problem that’s going to be.
Democrats demand 80,000 additional IRS agents.
That’s like asking for an infestation of locusts and lice!
Instead, let’s ABOLISH IRS pic.twitter.com/IpSXYDlRVN
— Ted Cruz (@tedcruz) July 29, 2022
You should also be prepared for an increase in your taxes.
U.S. Senate Finance Committee Member Mike Crapo, (R-Idaho), explained the findings of the Joint Committee on Taxation.
JCT
In 2023, taxes will increase by $16.7 billion on American taxpayers earning less than $200,000—a nearly $17 billion tax targeted solidly at low- and middle-income earners next year, amidst stagflation.
Only the $17 Billion hit is evidence that the Biden promise to not increase taxes on people earning below $400,000 has been broken by the new tax-andspend bill.
It would allow taxpayers who earn between $200,000 to $500,000. $14.1 billion additional revenue.
JCT data shows that 98 percent (of all the tax returns) filed by people in the $200,000-$500,000 income range are from individuals earning between $200,000 & $400,000; at least three quarters of those who earn below $400,000 also file tax returns in this category. This means it’s likely at least half the new tax revenue will come from taxpayers earning less than $400,000.
The average tax rate would rise for almost all income levels over the 10-year period.
In 2031 when green energy credits or subsidies will provide a greater benefit for those with higher incomes than before, people earning less than $400,000 could bear two-thirds more of the increased tax revenue.
Now, of course, this puts paid to Joe Biden’s lie about no one making less than $400,000 would get a tax increase.
Biden said that there would be no tax increases if your annual income is less than $400K
The “Inflation Reduction Act” raises taxes for everyone making over $30K per year pic.twitter.com/4D4gwsqjdu
— John Hasson (@SonofHas) July 30, 2022
You can see that every person who makes more than $30,000 gets their rate increased. The largest percentage rise is seen for those with incomes below $10,000.
When will you be honest and open about your tax increases?
This is especially true for minimum wage workers. pic.twitter.com/jHfZSxs2lt— mallen2010 (@mallen_2010) July 31, 2022
Here is the complete breakdown.
They’re going to do this in the middle of a recession. It’s insane. We’ve already got the “increased tax” of Bidenflation, and now they would increase it more.
The costs associated with the Democrats’ tax and spending proposal will assuredly be passed on to the consumer.
This bill is a bad idea.
— Lindsey Graham (@LindseyGrahamSC) July 31, 2022
I don’t know what Manchin got for this, but he’s lost his mind. We should all pray Sen. Kyrsten Silena (D-AZ), has more commonsense and will stick with her guns. Because she is very opposed to raising taxes.
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