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