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

[Nostra]

I went back and read his post. Supposedly he showed you a tax that worked. Did you find a credible way to dispute that?

No, he didn't.

 

[bripat9643]

When Trump left office the virus was still raging...people were still dying by the thousands and only a tiny fraction of the population had been vaccinated

That explains nothing.

 

[task0778]

The Inflation Reduction Act, introduced last week by Sen. Joe Manchin, D-W.Va., would introduce a 15% minimum tax on corporate book income, or the income that corporations list on public earnings reports. However, the same tax was included in BBB, President Biden's budget proposal that Manchin ultimately tanked over concerns the bill would dampen economic growth and worsen inflation.

The Tax Foundation, a nonpartisan tax policy research group, characterized the provision as a particularly harmful provision of BBB. "The proposed 15 percent minimum tax on corporate book income is the most economically damaging provision in the bill," the Tax Foundation's analysis of BBB stated in December.

The analysis concluded the corporate minimum tax would cost roughly 27,000 jobs and reduce gross domestic product by 0.1%. The tax provision would also lead to lower wages, according to the December study.

While the Tax Foundation hasn't issued a similar analysis of the Inflation Reduction Act, William McBride, the group's vice president of federal tax and economic policy at the Tax Foundation, said the bill would cause economic damage. He noted that the Federal Reserve's attempt to halt inflation from increasing is likely to trigger a recession within the next 12 months. "In such conditions, it would be extremely unwise to raise taxes, especially the type of taxes advocated by this administration, which would do excessive harm to the economy," McBride wrote in a blog post on July 27.

Separate analyses from the Penn Wharton Budget Model and National Taxpayers Union Foundation concluded that the Inflation Reduction Act wouldn't reduce inflation.

Manchin's inflation bill includes BBB's 'most economically damaging provision,' analysis shows

Standard macroeconomics says that you raise taxes to cool off an economy that is too strong, to avoid a subsequent future crash. You do not raise taxes at a time like this when we've had the last 2 qtrs where economic growth is negative, for the very simple reason that it makes borrowing money more expensive. Which is necessary for new startups and existing business expansions, that is how you facilitate economic growth. Moreover, history shows us is that fiscal adjustment packages comprising mostly spending cuts are more likely to lead to lasting debt reduction than those composed of tax increases. NOT more spending.

What we have here is a naked attempt by the democrats to avoid an ass-kicking in November. They don't care one bit about the effects of this bill in 2023 and beyond, this is all about losing control of the House and/or Senate. We are seeing analyses from different source telling us that the Inflation Reduction Act does NOT reduce inflation and it will harm economic growth. This bill is purely political, designed with no other purpose than to bolster the democrats' chances in November.

of the latest massive spending plan, we all wanted to know why he'd
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"Unfortunately, the 'Inflation Reduction Act' doubles down on the same irresponsible fiscal policy that has caused inflation: All of the new government spending is upfront, while the deficit-reducing revenues are backloaded," Matthew Dickerson, the director for the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation, wrote on July 29. "The result would be higher short-term deficits and higher inflation."
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In addition, the Joint Committee on Taxation (JCT) published a report Friday that showed most Americans, including those that make less than $10,000, would face increased costs as a result of the bill. Republicans, including Senate Finance Committee ranking member Mike Crapo, R-Idaho, highlighted the report and slammed Democrats for pushing a bill that "raises taxes on the middle class."
But Democrats argued the JCT analysis was incomplete and didn't factor in the bill's energy, pharmaceutical and health care cost reductions.
CLICK HERE TO READ MORE ON FOX BUSINESS
"The JCT report that we’re currently seeing is incomplete because it omits the actual benefits that Americans would receive when it comes to prescription drugs, when it comes to lowering energy costs, like utility bills," White House press secretary Karine Jean-Pierre told reporters Monday. "It does not include that."

 

[busybee01]

So you have no facts to dispute their findings.

If the pandemic caused inflation why was it about 1.4% when Trump left office?

And the inflation rate for PPI was over 11% for June, Simp.

Wholesale prices shoot up near-record 11.3% in June on surge in energy costs

The producer price index, a measure of the prices received at the wholesale level, increased 11.3% from a year ago.

www.cnbc.com

Some of it was very clearly due to companies increasing their profit margins and blaming it on inflation. Many companies are making more money than they have in decades. This is especially acute in industries where there is little or no competition. They have decided they can make more money by keeping prices high. Secondly, raw products are dropping. Gas has dropped for 7 weeks in a row. The real question is whether these companies will pass these savings on or will they keep it all? Companies are greedy and if they want to be greedy then taxes should be raised and lowered on ordinary people.

 

[BluesLegend]

BOMBSHELL - Inflation Reduction Act will cost 30,000 jobs. So surprise there, that's what happens when Dems jack up taxes $739 billion, f'ing morons!

 

[Nostra]

Some of it was very clearly due to companies increasing their profit margins and blaming it on inflation. Many companies are making more money than they have in decades. This is especially acute in industries where there is little or no competition. They have decided they can make more money by keeping prices high. Secondly, raw products are dropping. Gas has dropped for 7 weeks in a row. The real question is whether these companies will pass these savings on or will they keep it all? Companies are greedy and if they want to be greedy then taxes should be raised and lowered on ordinary people.

I just provided a link showing the PPI up 11%, Simp. So where are "raw products" dropping?

Funny you keep making the same claims but can't provide any links to back them up. And when I provide a link proving you are full of shit you are so stupid you make the same debunked claim.

 

[bripat9643]

Some of it was very clearly due to companies increasing their profit margins and blaming it on inflation. Many companies are making more money than they have in decades. This is especially acute in industries where there is little or no competition. They have decided they can make more money by keeping prices high. Secondly, raw products are dropping. Gas has dropped for 7 weeks in a row. The real question is whether these companies will pass these savings on or will they keep it all? Companies are greedy and if they want to be greedy then taxes should be raised and lowered on ordinary people.

That's bullshit. Why should now be better time for that than any other time? All these leftwing theories about greed are so obviously full of shit that it's hard to believe anyone is stupid enough to fall for them.

Oil companies have already passed price decreases on to consumers. Your data is purely anecdotal. It's horseshit, in other words.

 

[basquebromance]

yup

Joeflation, brought to you by Joe Manchin and Joe Biden

 

[basquebromance]

the nonpartisan Joint Committee On Taxation says this bill is a disaster

 

[struth]

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

of course it will

 

[Nostra]

Can one of the board Dimwingers explain how spending money on tens of thousands of IRS thugs will lower inflation.

Bring graphs please.

 

[LeftofLeft]

The thread premise is a lie.

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

No it doesn’t but the policies a President pursues to address inflation absolutely belong to a President.

 

[Calypso Jones]

Goodbye USA.

Via Breitbart:

ATR also notes that the bill adds $80 billion, and 87,000 new staff members, to the Internal Revenue Service — and there is no guarantee that they will simply focus on wealthy tax evaders rather than auditing ordinary Americans with lower incomes.
The Congressional Budget Office has said the bill will likely have a negligible effect on inflation in the near future, despite its name. The bill passed the Senate on Sunday evening, and now heads to the Democrat-controlled House for likely passage.
Keep reading…

 

[francoHFW]

Federal supremacist scum are liars. We all know this.

you You people are brainwashed functional anti American scum yourselves. These fine American institutions deserve to be respected and your propaganda against them is total garbage. Emails!!!

 

[francoHFW]

No it doesn’t but the policies a President pursues to address inflation absolutely belong to a President.

Putin's war is against wheat and gasoline prices which affect everything. You people are nuts to think this is caused by policies of Biden. Absolute idiocy. People refusing to get vaxxed and believing in election fraud without evidence are much worse than anything biden has done

 

[Calypso Jones]

LOLOL

 

[LeftofLeft]

Putin's war is against wheat and gasoline prices which affect everything. You people are nuts to think this is caused by policies of Biden. Absolute idiocy. People refusing to get vaxxed and believing in election fraud without evidence are much worse than anything biden has done

I never said Biden’s policies caused the inflation. A President is measured on how they address inflation. People refusing to get vaxxed or their views on the election have nothing to do with inflation.

 

[bripat9643]

Goodbye USA.

Via Breitbart:

They will focus on auditing Republicans.

 

[bripat9643]

I never said Biden’s policies caused the inflation. A President is measured on how they address inflation. People refusing to get vaxxed or their views on the election have nothing to do with inflation.

Biden's spending caused the inflation. There is little doubt about that. Don't cut these douchebags any slack.

 

[Lesh]

Biden's spending caused the inflation.

And Trump's much larger spending did not?