WTAS: Biden spending bill hurts American families

Biden and Schumer are patting themselves on the back as they get ready to pass massive tax and spending hikes, but families at home aren’t so excited. Their bill would be devastating for American workers, and headlines this week tell the tale:

“won’t reduce inflation at all”

Bloomberg: The Inflation Reduction Act of 2022, the breakthrough US legislative deal on key parts of President Joe Biden’s agenda, likely won’t reduce inflation at all, according to a study. And that’s coming from researchers influential with the senator whose vote was crucial to sealing the deal, Joe Manchin of West Virginia.

“could make things worse”

Washington Times: Democrats have named their new tax-and-spend package the Inflation Reduction Act, but the party is battling economists who say the legislation won’t do anything to spare consumers from the rising cost of goods and services, and it could make things worse.

“vast majority of Americans will pay more in taxes”

Fox Business: The vast majority of Americans will pay more in taxes as a result of Democrats’ inflation bill despite President Biden’s pledge not to raise taxes on those making under $400,000 per year. The Inflation Reduction Act would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year, according to a nonpartisan analysis from the Joint Committee on Taxation (JCT) published Friday. Nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick, the analysis showed.

“average tax rate would go up for most income categories”

New York Post: The Congressional Joint Committee on Taxation found that taxes would jump by $16.7 billion on American taxpayers making less than $200,000 in 2023 and raise another $14.1 billion on taxpayers who make between $200,000 and $500,000. During the 10-year window, the average tax rate would go up for most income categories, the Senate GOP said, citing the data from the joint committee. And by 2031, new energy credits and subsidies would have people earning less than $400,000 pay as much as two-thirds of the additional tax revenue collected that year, the release said.

“eliminate about 30,000 full-time equivalent jobs”

Tax Foundation: Using the Tax Foundation’s General Equilibrium Model, we estimate that the Inflation Reduction Act would reduce long-run economic output by about 0.1 percent and eliminate about 30,000 full-time equivalent jobs in the United States. It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run. By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.

“would hurt manufacturers”

Washington Examiner: An analysis from the nonpartisan Joint Committee on Taxation requested by Republicans found that nearly 50% of the tax would be borne by the manufacturing industry, a projection the GOP said would hurt manufacturers at a time when they are particularly vulnerable because of inflation, supply chain issues, and a potential recession.

“$25 million to combat enteric emissions produced by cows”

Washington Examiner: The Democratic climate and healthcare bill includes $25 million to combat enteric emissions produced by cows and farm animals, largely through burps and manure. The $369 billion Inflation Reduction Act announced by Senate Democrats this week includes funding to address “enteric methane emissions from ruminants,” including by finding alternatives to the animals’ diets, according to the text of the bill.

“larger tax bills”

Wall Street Journal: Manufacturers and other companies making capital investments could pay the bulk of the new corporate minimum tax in Senate Democrats’ fast-moving fiscal legislation, according to an analysis of the plan…An analysis from the Tax Foundation, which favors simpler tax systems with lower rates, found that the coal, automobile and utilities industries would face larger tax bills.

“barely affect prices over the next decade”

New York Post: The $739 billion Democratic spending plan dubbed the Inflation Reduction Act will barely affect prices over the next decade, experts say — and even the White House admitted it Monday… However, experts say the inflation cure prescribed by the Democrats is likely to be ineffective and could be worse than the disease.