The Independent Tax Foundation scores impact of the "Inflation Reduction Act".

[Nostra]

Gonna be hard to call this outfit biased.

Their conclusions:

It will increase inflation.
It will add to the long term debt.
It will lower wages for working folks.
It will shrink the GDP.

In short, it does nothing the Democrats claim it will do, and in fact does exactly the opposite.

Details & Analysis of the Inflation Reduction Act Tax Provisions

How will the Inflation Reduction Act tax provisions impact inflation, economic growth, tax revenue, and everyday taxpayers?

taxfoundation.org

 

[Nostra]

Even the White House using their rosiest numbers admits this turd will do nothing for inflation for 9 years, and then lower it by 1/3 of 1%.

What a crock of shit.

White House admits Inflation Reduction Act, pushed by Manchin, Schumer, will barely impact inflation

A White House official admitted the $739 billion Democratic spending plan dubbed the Inflation Reduction Act will barely affect prices over the next decade.

nypost.com

 

[Votto]

But......but......but..........Mansion said it would not increase inflation because he would not vote for it if it did increase inflation since families were suffering as it was with inflation

Plus Diaper Joe says nothing government does impacts inflation. All we can do is sit it out and impeach Trump again.

So it must be all fake news.

 

[Nostra]

More detrimental aspects of this POS bill:

The High Cost Of The Inflation Reduction Act​

The right policy mix to address our current economic malaise is tighter monetary policy and pro-growth tax and regulatory policies. While the Federal Reserve is on the right track for monetary policy, the newly titled Inflation Reduction Act is completely wrongheaded.



The tax provisions – such as imposing a minimum corporate tax rate – will dampen investment and diminish economic growth. Its regulatory provisions – such as the introduction of drug price controls – will weaken the incentives for innovation and ironically cause the prices of drugs to increase. On net, this proposal is a recipe for worsening inflation and persistent economic stagnation.


Starting with the Act’s corporate tax provisions, ultimately corporate taxes are paid by workers through lower wages, shareholders through lower returns, or customers through higher prices. Either way, it is American households that bear the burden from higher corporate taxes.

It is due to this economic reality that the non-partisan Joint Committee on Taxation found that a majority of the tax costs from the Inflation Reduction Act will be borne by households earning less than $400,000. As such, the Act directly violates President Biden’s pledge to not impose taxes on families earning less than $400,000 and worsens the inflation-induced affordability crises plaguing far too many families.


The duplicity of the Act goes even further. It redefines taxable income to create a charade that it is merely imposing a “reasonable” 15% minimum corporate tax. The actual tax burden is much higher and disproportionately harms U.S. manufacturers. Thus, the proposal works against the goal of improving the global competitiveness of U.S. manufacturing.

The Act’s regulatory provisions are no better. Take the key drug pricing provisions that ostensibly allows the government to negotiate the price of certain medicines. A negotiation requires compromises from both sides, however. This Act enables the government to expropriate 95 percent of the revenues (not profits) from the sale of any drug where a manufacturer does not negotiate in good faith as determined by the government. So empowered, the alleged negotiations are nothing more than a means for imposing price controls.


Ironically, the stricter the price controls that the government imposes, the higher the price patients will pay, especially patients and their employers covered by commercial health insurance.

The High Cost Of The Inflation Reduction Act

If truth in advertising applied to Congress, the Inflation Reduction Act would be named the Stagflation Act of 2022. If implemented this act will decrease economic growth, diminish total investment, reduce drug innovations, and raise overall healthcare expenditures.

www.forbes.com

 

[Nostra]

But......but......but..........Mansion said it would not increase inflation because he would not vote for it if it did increase inflation since families were suffering as it was with inflation

Plus Diaper Joe says nothing government does impacts inflation. All we can do is sit it out and impeach Trump again.

So it must be all fake news.

Board Dimtards seem to be avoiding this one.

 

[TroglocratsRdumb]

More detrimental aspects of this POS bill:

The High Cost Of The Inflation Reduction Act​

The right policy mix to address our current economic malaise is tighter monetary policy and pro-growth tax and regulatory policies. While the Federal Reserve is on the right track for monetary policy, the newly titled Inflation Reduction Act is completely wrongheaded.



The tax provisions – such as imposing a minimum corporate tax rate – will dampen investment and diminish economic growth. Its regulatory provisions – such as the introduction of drug price controls – will weaken the incentives for innovation and ironically cause the prices of drugs to increase. On net, this proposal is a recipe for worsening inflation and persistent economic stagnation.


Starting with the Act’s corporate tax provisions, ultimately corporate taxes are paid by workers through lower wages, shareholders through lower returns, or customers through higher prices. Either way, it is American households that bear the burden from higher corporate taxes.

It is due to this economic reality that the non-partisan Joint Committee on Taxation found that a majority of the tax costs from the Inflation Reduction Act will be borne by households earning less than $400,000. As such, the Act directly violates President Biden’s pledge to not impose taxes on families earning less than $400,000 and worsens the inflation-induced affordability crises plaguing far too many families.


The duplicity of the Act goes even further. It redefines taxable income to create a charade that it is merely imposing a “reasonable” 15% minimum corporate tax. The actual tax burden is much higher and disproportionately harms U.S. manufacturers. Thus, the proposal works against the goal of improving the global competitiveness of U.S. manufacturing.

The Act’s regulatory provisions are no better. Take the key drug pricing provisions that ostensibly allows the government to negotiate the price of certain medicines. A negotiation requires compromises from both sides, however. This Act enables the government to expropriate 95 percent of the revenues (not profits) from the sale of any drug where a manufacturer does not negotiate in good faith as determined by the government. So empowered, the alleged negotiations are nothing more than a means for imposing price controls.


Ironically, the stricter the price controls that the government imposes, the higher the price patients will pay, especially patients and their employers covered by commercial health insurance.

The High Cost Of The Inflation Reduction Act

If truth in advertising applied to Congress, the Inflation Reduction Act would be named the Stagflation Act of 2022. If implemented this act will decrease economic growth, diminish total investment, reduce drug innovations, and raise overall healthcare expenditures.

www.forbes.com

This is another great example of how the Dems are liars and greedy thieves.
The first lie is the title of the Bill.
The second lie is that it will lower inflation.
The Democrat LIE about everything.
If we had an honest Press and more intelligent voters, the Democrat Party would go extinct.
What the Democrats are doing is using the taxes and regulations method to impose their socialist utopia.

 

[Independent thinker]

Gonna be hard to call this outfit biased.

Their conclusions:

It will increase inflation.
It will add to the long term debt.
It will lower wages for working folks.
It will shrink the GDP.

In short, it does nothing the Democrats claim it will do, and in fact does exactly the opposite.

Details & Analysis of the Inflation Reduction Act Tax Provisions

How will the Inflation Reduction Act tax provisions impact inflation, economic growth, tax revenue, and everyday taxpayers?

taxfoundation.org

But but but, it is the Inflation Reduction Act!

 

[Nostra]

But but but, it is the Inflation Reduction Act!

Spending money on tens of thousands of IRS thugs will reduce inflation.

Seems logical.