Americans making less than $400,000 per year could end up paying $20 billion of the new tax revenue brought in by Democrats' Inflation Reduction Act, one recent analysis of the bill suggests.
President Joe Biden signed the act into law this past August injecting $473billion of new spending on climate and healthcare, yet there are strong concerns it will do little to reduce inflation at all.
In fact, middle class Americans will pay new taxes - directly contradicting Biden's promise to not raise penalties on people earning under $400,000.
Republicans have continued to criticize the bill, claiming it will lead to taxes on middle class Americans and will do little to help reduce soaring costs.
The bill includes $430 billion in spending, raises $737 billion over a decade in revenue, and is projected to shave about $300 billion off the deficit.
The House passed the bill 220-207 on a party-line vote after it squeaked through the Senate 51-50 with all Democrats and Vice President Kamala Harris voting for it.
It jettisoned many of the key social programs from Biden's original Build Back Better proposal.
It raises $265 billion by allowing the government to negotiate with drug companies for lower Medicare prescription drug costs.
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Well...SOME RINOs supported this fiasco...and we all know who the traitors are...they want us starving and failing.
Warroom had a chart of stocks and bonds annual performance since 1871 and 2022 is absolutely the worst by a huge margin. $10T in value lost in our Retirement and Pension funds.
The corruption is so rampant that I truly sad that I even wake up in the morning anymore.
Will do little to help inflation - change that to will help to increase inflation. More and more and more indication that TRAITOR JOE will do anything to hurt the people of the USA.