Biden's "Inflation Reduction Act" will cause inflation to rise.

[Nostra]

Just like all Democrat ideas it will do the opposite of what they claim. It also raises taxes on the poor and middle class. Another Biden promise broken.

This economist agrees with the Joint Committee on Taxation that this bull is a sham.

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says​

The Inflation Reduction Act will drive prices even higher, economist says​

Senate Majority Leader Chuck Schumer and Sen. Joe Manchin's reconciliation bill, the Inflation Reduction Act, is deceptively named since it will actually exacerbate Americans' pain from inflation while simultaneously raising taxes, an economist told Fox News.

"The greatest example of deceptive marketing today is the name that the Democrats have chosen for this piece of legislation," a research fellow at the Heritage Foundation, EJ Antoni, told Fox News. "It does absolutely nothing to address the problem of inflation."

The Inflation Reduction Act, which Manchin and Schumer announced Wednesday, is a slimmed down version of President Biden’s Build Back Better Act with a $433 billion price tag, most of which will be spent on climate provisions. The Committee on Taxation estimates that it will raise $739 billion through a variety of measures, including a minimum tax rate on large corporations and enhanced IRS enforcement.

"It does nothing to address the problem of inflation and instead only exacerbates the existing high prices and will drive prices even higher," Antoni told Fox News. "It's just adding insult to injury."

"Inflation is fundamentally too much money relative to the amount of goods and services in the economy," Antoni told Fox News. "So, if you're just going to raise taxes, all you've done at that point is transfer money from one person to another, the taxpayer to the government."

But you haven't actually changed the amount of goods and services relative to the amount of money in the economy," he continued. "So it does nothing to fight inflation."

Antoni also said the higher taxes will impact consumers.


There will be taxes on energy that will be passed through to the consumer at all different levels, not only in the purchase of energy itself, but because energy affects everything we do and everything we buy," Antoni said. "Those prices will trickle down into everything else, just as we've seen higher prices for diesel and gasoline over the last 18 months trickle down everywhere else into consumers purchases."

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says

An economist said the Inflation Reduction Act is an example of deceptive marketing and will exacerbate the pain felt by Americans struggling with inflation.

www.foxnews.com

 

[TNHarley]

Federal supremacist scum are liars. We all know this.

 

[C_Clayton_Jones]

Just like all Democrat ideas it will do the opposite of what they claim. It also raises taxes on the poor and middle class. Another Biden promise broken.

This economist agrees with the Joint Committee on Taxation that this bull is a sham.

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says​

The Inflation Reduction Act will drive prices even higher, economist says​

Senate Majority Leader Chuck Schumer and Sen. Joe Manchin's reconciliation bill, the Inflation Reduction Act, is deceptively named since it will actually exacerbate Americans' pain from inflation while simultaneously raising taxes, an economist told Fox News.

"The greatest example of deceptive marketing today is the name that the Democrats have chosen for this piece of legislation," a research fellow at the Heritage Foundation, EJ Antoni, told Fox News. "It does absolutely nothing to address the problem of inflation."

The Inflation Reduction Act, which Manchin and Schumer announced Wednesday, is a slimmed down version of President Biden’s Build Back Better Act with a $433 billion price tag, most of which will be spent on climate provisions. The Committee on Taxation estimates that it will raise $739 billion through a variety of measures, including a minimum tax rate on large corporations and enhanced IRS enforcement.

"It does nothing to address the problem of inflation and instead only exacerbates the existing high prices and will drive prices even higher," Antoni told Fox News. "It's just adding insult to injury."

"Inflation is fundamentally too much money relative to the amount of goods and services in the economy," Antoni told Fox News. "So, if you're just going to raise taxes, all you've done at that point is transfer money from one person to another, the taxpayer to the government."

But you haven't actually changed the amount of goods and services relative to the amount of money in the economy," he continued. "So it does nothing to fight inflation."

Antoni also said the higher taxes will impact consumers.


There will be taxes on energy that will be passed through to the consumer at all different levels, not only in the purchase of energy itself, but because energy affects everything we do and everything we buy," Antoni said. "Those prices will trickle down into everything else, just as we've seen higher prices for diesel and gasoline over the last 18 months trickle down everywhere else into consumers purchases."

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says

An economist said the Inflation Reduction Act is an example of deceptive marketing and will exacerbate the pain felt by Americans struggling with inflation.

www.foxnews.com

The thread premise is a lie.

Inflation doesn't 'belong' to a given president.

 

[Nostra]

The thread premise is a lie.

Inflation doesn't 'belong' to a given president.

This is a scaled down version of Veggie Joe's "Build Back Better" scheme.

It's all on him, Dumbass.

 

[Billy_Bob]

BUILD BACK BROKE just got a Pelosi BOTOX INJECTION. I hope it dies in the Senate.

 

[task0778]

But Antoni said raising taxes to fight surging prices shows a misunderstanding of inflation.

"Inflation is fundamentally too much money relative to the amount of goods and services in the economy," Antoni told Fox News. "So, if you're just going to raise taxes, all you've done at that point is transfer money from one person to another, the taxpayer to the government."


"But you haven't actually changed the amount of goods and services relative to the amount of money in the economy," he continued. "So it does nothing to fight inflation."


On top of that, when you raises taxes on anything, ultimately those taxes get passed down to the consumer. So, prices go up for the same damn thing, and we don't need higher prices.

"There will be taxes on energy that will be passed through to the consumer at all different levels, not only in the purchase of energy itself, but because energy affects everything we do and everything we buy," Antoni said. "Those prices will trickle down into everything else, just as we've seen higher prices for diesel and gasoline over the last 18 months trickle down everywhere else into consumers purchases."


I don't think the impact of this bill on inflation and economic growth will be all that much, cuz the amounts we're talking about isn't sufficient to move the needle much. But it's the wrong thing to do and any idiot with half a brain should be able to see that this bill is entirely political that is meant to save jobs. Not ours, theirs - the democrats in Congress.

 

[TroglocratsRdumb]

The Democrat Party depends upon dumb voters.

 

[jwoodie]

It doesn't matter what the Act does, it matters what it is called (i.e., "Inflation Reduction").

 

[task0778]

It doesn't matter what the Act does, it matters what it is called.

True. If the Act was based on what it does then the name woulda been the Political Bullshit To Save Our Jobs Act

 

[BluesLegend]

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says

It's pure Dem SPIN. The bill is nothing to do with reducing inflation. Worse, Manchin is shitting himself now that a non-partisan group has studied the bill and determined it will RAISE TAXES ON THE POOR AND MIDDLE CLASS.

 

[citygator]

You guys are blinded by hate. No one has offered up an tax for anyone making less than $400K. Government spending goes DOWN from the bill. It just shift out of the pharmacy industry and into the environment industry. That is a reduction in government spending GET A CLUE BOYS... Biden worked ya.

This bill provides:

1. Negotiation of Lower Drug Prices for Seniors: Medicare will begin negotiating lower drug prices for seniors and people with disabilities. Drug price negotiation will focus on the highest expenditure drugs that have been on the market for between nine and 13 years. Negotiation will also save the Medicare program $99 billion, which will bolster the program financially.

2. Inflation Caps for Prescription Drugs: The bill caps increases in prescription drug prices to the rate of inflation, putting a much-needed limit on how much manufacturers can raise costs for people who rely on prescriptions to manage their health. The current bill language applies this cap to drugs sold to people in private health plans as well as people in Medicare. These provisions are expected to save private plans and the Medicare program billions of dollars.

3. Improved Medicare Prescription Benefits: Seniors’ out-of-pocket costs for prescription drugs covered by Medicare Part D will be capped at $2,000 a year, benefitting 1.4 million enrollees annually. In addition, cost sharing for vaccines will be reduced to $0. This cap will take an incredible weight off of the shoulders of older adults living on a fixed income.

4. Preventing a Premium Spike for ACA Enrollees: The bill prevents premium increases for 13 million people for the next three years by extending the enhanced premium tax credits for people with Affordable Care Act marketplace coverage. The enhanced credits provided by the American Rescue Plan Act significantly reduce premiums for marketplace enrollees with low/middle incomes and cap premiums at 8.5% of income for all enrollees; without this new bill, the policy will expire at the end of 2022.

5. Investment in Climate, Energy and American Manufacturing: The legislation makes historic public investments in clean energy deployment and domestic manufacturing of clean energy goods. It includes not just wind and solar, but the full suite of technologies that labor traditionally supports—including nuclear, carbon capture and hydrogen. These provisions dramatically lower the cost of clean energy, positioning the U.S. to make deep carbon emissions reductions while preserving and creating millions of jobs, with an especially big boost to manufacturing. Importantly for fairness and diversity, it pushes investment to fossil fuel and underserved communities. While the “union bonus” incentives we advocated for were not included, the bill retains provisions that strengthen prevailing wage, apprenticeship and domestic content standards throughout.

6. Investing $80 Billion in the IRS to Strengthen Enforcement: This provision is expected to increase IRS collections by $203 billion and will not be used to increase taxes on any taxpayer with taxable income below $400,000.

7. Imposing a 15% Minimum Corporate Tax on Corporations with Profits Exceeding $1 Billion: This provision would make sure that the largest corporations, many of which avoid paying taxes altogether, pay a minimum tax of 15% on their net profits. It would raise $313 billion.

8. Closing the “Carried Interest” Tax Loophole: This provision would close the tax loophole that allows wealthy investment fund managers to pay lower taxes than their support staff. It would raise $14 billion.

8 Ways the Inflation Reduction Act Helps Working People | AFL-CIO

On Wednesday, Senate Majority Leader Chuck Schumer (N.Y.) announced an agreement with Sen. Joe Manchin (W.Va.) to bring a slimmed-down version of the bill previously known as the Build Back Better Act to the Senate floor before the start of the August recess.

aflcio.org

 

[Nostra]

You guys are blinded by hate. No one has offered up an tax for anyone making less than $400K. Government spending goes DOWN from the bill. It just shift out of the pharmacy industry and into the environment industry. That is a reduction in government spending GET A CLUE BOYS... Biden worked ya.

This bill provides:

1. Negotiation of Lower Drug Prices for Seniors: Medicare will begin negotiating lower drug prices for seniors and people with disabilities. Drug price negotiation will focus on the highest expenditure drugs that have been on the market for between nine and 13 years. Negotiation will also save the Medicare program $99 billion, which will bolster the program financially.

2. Inflation Caps for Prescription Drugs: The bill caps increases in prescription drug prices to the rate of inflation, putting a much-needed limit on how much manufacturers can raise costs for people who rely on prescriptions to manage their health. The current bill language applies this cap to drugs sold to people in private health plans as well as people in Medicare. These provisions are expected to save private plans and the Medicare program billions of dollars.

3. Improved Medicare Prescription Benefits: Seniors’ out-of-pocket costs for prescription drugs covered by Medicare Part D will be capped at $2,000 a year, benefitting 1.4 million enrollees annually. In addition, cost sharing for vaccines will be reduced to $0. This cap will take an incredible weight off of the shoulders of older adults living on a fixed income.

4. Preventing a Premium Spike for ACA Enrollees: The bill prevents premium increases for 13 million people for the next three years by extending the enhanced premium tax credits for people with Affordable Care Act marketplace coverage. The enhanced credits provided by the American Rescue Plan Act significantly reduce premiums for marketplace enrollees with low/middle incomes and cap premiums at 8.5% of income for all enrollees; without this new bill, the policy will expire at the end of 2022.

5. Investment in Climate, Energy and American Manufacturing: The legislation makes historic public investments in clean energy deployment and domestic manufacturing of clean energy goods. It includes not just wind and solar, but the full suite of technologies that labor traditionally supports—including nuclear, carbon capture and hydrogen. These provisions dramatically lower the cost of clean energy, positioning the U.S. to make deep carbon emissions reductions while preserving and creating millions of jobs, with an especially big boost to manufacturing. Importantly for fairness and diversity, it pushes investment to fossil fuel and underserved communities. While the “union bonus” incentives we advocated for were not included, the bill retains provisions that strengthen prevailing wage, apprenticeship and domestic content standards throughout.

6. Investing $80 Billion in the IRS to Strengthen Enforcement: This provision is expected to increase IRS collections by $203 billion and will not be used to increase taxes on any taxpayer with taxable income below $400,000.

7. Imposing a 15% Minimum Corporate Tax on Corporations with Profits Exceeding $1 Billion: This provision would make sure that the largest corporations, many of which avoid paying taxes altogether, pay a minimum tax of 15% on their net profits. It would raise $313 billion.

8. Closing the “Carried Interest” Tax Loophole: This provision would close the tax loophole that allows wealthy investment fund managers to pay lower taxes than their support staff. It would raise $14 billion.

8 Ways the Inflation Reduction Act Helps Working People | AFL-CIO

On Wednesday, Senate Majority Leader Chuck Schumer (N.Y.) announced an agreement with Sen. Joe Manchin (W.Va.) to bring a slimmed-down version of the bill previously known as the Build Back Better Act to the Senate floor before the start of the August recess.

aflcio.org

Government spending is going down with this $433 spending bill, huh?


And all the tax increases will be passed on to the consumer, Simp.

 

[citygator]

Government spending is going down with this $433 spending bill, huh?


And all the tax increases will be passed on to the consumer, Simp.

We were going to spend on pharma profits now we spend on environment.. its a shift.
People not paying their taxes who will now be audited and pay their taxes were spending that money on something dipshit.
No one is printing money creating additional spending. It is being shifted from ineffective spending to more effective spending.

 

[Lesh]

Just like all Democrat ideas it will do the opposite of what they claim. It also raises taxes on the poor and middle class. Another Biden promise broken.

This economist agrees with the Joint Committee on Taxation that this bull is a sham.

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says​

The Inflation Reduction Act will drive prices even higher, economist says​

Senate Majority Leader Chuck Schumer and Sen. Joe Manchin's reconciliation bill, the Inflation Reduction Act, is deceptively named since it will actually exacerbate Americans' pain from inflation while simultaneously raising taxes, an economist told Fox News.

"The greatest example of deceptive marketing today is the name that the Democrats have chosen for this piece of legislation," a research fellow at the Heritage Foundation, EJ Antoni, told Fox News. "It does absolutely nothing to address the problem of inflation."

The Inflation Reduction Act, which Manchin and Schumer announced Wednesday, is a slimmed down version of President Biden’s Build Back Better Act with a $433 billion price tag, most of which will be spent on climate provisions. The Committee on Taxation estimates that it will raise $739 billion through a variety of measures, including a minimum tax rate on large corporations and enhanced IRS enforcement.

"It does nothing to address the problem of inflation and instead only exacerbates the existing high prices and will drive prices even higher," Antoni told Fox News. "It's just adding insult to injury."

"Inflation is fundamentally too much money relative to the amount of goods and services in the economy," Antoni told Fox News. "So, if you're just going to raise taxes, all you've done at that point is transfer money from one person to another, the taxpayer to the government."

But you haven't actually changed the amount of goods and services relative to the amount of money in the economy," he continued. "So it does nothing to fight inflation."

Antoni also said the higher taxes will impact consumers.


There will be taxes on energy that will be passed through to the consumer at all different levels, not only in the purchase of energy itself, but because energy affects everything we do and everything we buy," Antoni said. "Those prices will trickle down into everything else, just as we've seen higher prices for diesel and gasoline over the last 18 months trickle down everywhere else into consumers purchases."

Inflation Reduction Act is 'deceptive marketing,' will hurt struggling Americans, economist says

An economist said the Inflation Reduction Act is an example of deceptive marketing and will exacerbate the pain felt by Americans struggling with inflation.

www.foxnews.com

And where are these economists from?

The anti-tax Heritage Foundation of course

They're real issue is that this has a tax in it (on corporations)and that's a no no for them

 

[Nostra]

We were going to spend on pharma profits now we spend on environment.. its a shift.
People not paying their taxes who will now be audited and pay their taxes were spending that money on something dipshit.
No one is printing money creating additional spending. It is being shifted from ineffective spending to more effective spending.

If they are just shifting money they wouldn’t need the $433 BILLION, nor would they need to raise taxes on working folks to pay for the spending, Simp.

You aren’t very smart, in fact you are a colossal dumbass.

 

[Nostra]

And where are these economists from?

The anti-tax Heritage Foundation of course

They're real issue is that this has a tax in it (on corporations)and that's a no no for them

And the Joint Committee on Taxation.

Whine and cry all you want. You can’t argue the facts, Simp.

 

[Lesh]

And the Joint Committee on Taxation.

Whine and cry all you want. You can’t argue the facts, Simp.

Quote the JCT saying the Bill is inflationary. Not what someone SAYS about what they said

 

[Lesh]

If they are just shifting money they wouldn’t need the $433 BILLION, nor would they need to raise taxes on working folks to pay for the spending, Simp.

You aren’t very smart, in fact you are a colossal dumbass.

What do you think you’re talking about?

 

[hadit]

The thread premise is a lie.

Inflation doesn't 'belong' to a given president.

The government's response to economic problems most certainly belong to the administration in power at the time, and right now, that's Quid Pro Joe. It's his baby that he's increasingly getting stuck to. Every time he hits at it, it just wraps around his fist and sticks to him. By November, he'll be covered in it.

 

[jbrownson0831]

The thread premise is a lie.

Inflation doesn't 'belong' to a given president.

10-11% certainly belongs to Poopeypants.....is he a given president doofus?