The “Inflation Reduction Act” Will Do Almost Nothing That Joe Manchin Says It Will

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Editors Note: The following is an excellent analysis of this atrocious piece of legislation. While the “devil is in the details”, we cannot forget that our own Senator, Krysten Sinema, and Joe Manchin are the two people that previously held the line against Build Back Better, only to cave on a slightly less expensive version. But, they were hardly alone as it took complete Democrat Party loyalty to pull this off. But closer to home, when you think of a hoard of bureaucrats driving up the price of gasoline and auditing your returns, remember BOTH Senators from Arizona voted for this monstrosity. They are betting we will forget. We won’t. We have a chance to vote out Kelly this fall. Let’s get on with it. Donate time, money, and effort. If it is not worth the effort now, then when?

 

In a major reversal, U.S. Senator Joe Manchin (D–WV) struck a deal with Senator Chuck Schumer (D–NY) to enact a major climate, entitlement, and tax bill. This legislation has been praised by President Biden, Al Gore, and other proponents of highly progressive policies.

Dubbed the “Inflation Reduction Act of 2022,” Senate Democrats voted to pass this bill only 11 days after releasing its 725 pages of text. Democrats are pushing this bill so rapidly through Congress that the Congressional Budget Office estimates it won’t be able to “provide a complete cost estimate for the legislation” until more than a week after Congress is expected to pass it.

Manchin’s press release claims the law will:

  • “address record inflation by paying down our national debt, lowering energy costs and lowering healthcare costs.”
  • “displace dirtier products” and ensure “American energy is affordable, reliable, clean and secure.”
  • bring “good paying energy and manufacturing jobs back to America.”
  • “make America more energy secure” and “financially sound.”
  • not raise taxes on “families and small businesses making less than $400,000 a year.”
  • “lower the cost of healthcare for working families and small businesses.”
  • support “the everyday hardworking Americans we have been elected to serve.”
  • adopt “a tax policy that protects small businesses and working-class Americans….”

In reality, the legislation will do almost none of what Manchin claims it will—and often the exact opposite. If it becomes law, the Inflation Reduction Act of 2022 will:

  • have no material impact on inflation.
  • increase pollution by subsidizing electric vehicles, which emit more toxic pollutants over their lifespans than normal cars.
  • enrich “green” energy investors while doing little-to-nothing to help workers.
  • raise energy costs and make America poorer by subsidizing products that are much more expensive.
  • harm the manufacturing sector.
  • enact hidden taxes that fall on Americans of all income groups.
  • reduce incentives to work by giving people more welfare.
  • increase the costs of prescription drugs for working Americans by pushing more of the research and development costs onto them.
  • target wealthy people with IRS audits while letting the vast bulk of tax dodgers continue cheating the honest taxpayers of America.

For more details and thorough documentation of these facts, continue reading.

The very name of the “Inflation Reduction Act” and nearly everything Joe Manchin has said about it is a farce that betrays his promise to support “the everyday hardworking Americans we have been elected to serve.” Contrary to Manchin’s claims that his bill will:

  • reduce inflation, there is no credible evidence it would do so.
  • “displace dirtier products,” it heavily subsidizes electric vehicles, which emit more pollution over their lifespans than normal cars.
  • will bring “good paying energy and manufacturing jobs back to America,” it will enrich green energy investors while neglecting workers and harming the manufacturing sector.
  • lower energy costs, it enacts a form of stealth spending to subsidize energy products that are far more costly than other options.
  • not raise taxes on “families and small businesses making less than $400,000 a year,” it does exactly that by enacting hidden taxes that fall on Americans of all income groups.
  • “lower the cost of health insurance,” it will make taxpayers pick up the tab by forcing them to pay Obamacare subsidies for people with incomes above 400% of the poverty line.
  • “lower the cost” of prescription drugs, it will simply shift more of those costs onto working Americans.
  • ensure people “making less than $400,000 and small businesses will not be targeted” by the IRS “because they are already paying their taxes,” the bill will let the vast bulk of tax dodgers continue cheating the honest taxpayers of America.

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This article was published by Just Facts and is reproduced with permission.

 

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