Government Watch / Politics

Congressional Scorekeeper Confirms Inflation Act Doubles Down on Democrats Inflationary Spending Spree

Inflation

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) released the following statement after the Congressional Budget Office (CBO) released its full score of the so-called “Inflation Reduction Act”, showing the law will add $60 billion in deficits over the next several years while pushing any supposed savings until later in the coming decade.
 
“CBO has confirmed what many – including over 230 economists – have been saying about the Inflation Act: it will further fuel the high prices crushing American families with hundreds of billions more in deficit spending today while punting any potential savings far into the future, if ever,” said House Budget Committee Republican Leader Smith. “Washington Democrats have a bad habit of passing massive spending bills before knowing how much they cost or, frankly, caring how much they will steal from the American people’s wallets by perpetuating the worst inflation crisis in more than 40 years. Last year, Washington Democrats passed their $2 trillion so-called “Rescue Plan” and then sat back and claimed rising inflation was nothing more than a temporary, “high class” problem. House Democrats then passed their Build Back Broke bill, claiming it cost “zero” while CBO later found that the bill actually would have spent $5 trillion and added $3 trillion to the debt. With inflation having risen 13.7 percent since Biden took office, Democrats ignored the pain and suffering their spending has caused and rammed into law the Inflation Act to deliver huge handouts to wealthy environmentalists and corporations while throwing $80 billion at the IRS to hire 87,000 new agents and go after middle-class families. All the while, those same families are being forced to pick up the tab in higher taxes and higher prices.”
 
Key Points on Inflation Act

  • $60 billion added to the debt in first 5 years even with Democrats’ program sunsets
    • 90% of supposed “deficit reduction” does not show up until after 2029
  • The so-called “Inflation Reduction Act” supercharges the IRS.
    • $80 billion funneled to the agency to hire 87,000 new agents.
    • Over 50 percent of funds go towards enforcement purposes while only 4 percent is allotted for taxpayer services.
  • Congressional Budget Office (CBO) Confirms Inflation Act Unleashes IRS Audits and Enforcement on Families Making Less Than $400,000
    • CBO Analysis shows that increased revenues from a supercharged IRS will “be collected from taxpayers with income less than $400,000.”

Click here to view the House Budget Committee Republican Fact Sheet on the Democrats’ Inflation Act.


Reprinted with Permission from - House Budget Republicans

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Michael J
4 months ago

Politicians spend money like it’s someone else’s, because it is. This irresponsible spending is nothing short of using your overdrawn checkbook to pay for something you do not want. They print money at whim, later collecting real assets from taxpayers, while devaluing everyones wealth in the process. Dems have now created an IRS to go after every nickel, then it starts all over again.

Kyle Buy you some guns,and learn how to shoot
4 months ago

Poor me. I only make 200 K a yuear. I must be a moderate.n LOL LOL Who do you know nthat makes 400K a year. ??? Kylkre L>

Linda Sweet
4 months ago

This is what’s happening, folks, as per a quote by Noah Webster: “God commands you to choose for rulers just men (and women) who will rule in the fear of God. The preservation of a republican government depends on the faithful discharge of this duty; if the citizens neglect their duty and place unprincipled men (and women) in office, the government will soon be corrupted; laws will be made, not for the public good, as much as for selfish or local purposes; corrupt or incompetent men (and women) will be appointed to execute the laws; the public revenues will be squandered on unworthy men (and women); and the rights of the citizens will be violated or disregarded. He wrote a great dictionary and was incredibly prophetic, too! Vote with your faith, facts and common sense, which is not too common any more!

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