08/01/2022 | Press release | Distributed by Public on 08/01/2022 11:41
American families are being crushed by 40-year high inflation thanks to Democrats' $2 trillion spending package last year. Now that we've entered a recession, Democrats are doing their best to raise taxes to pay for even more spending, and make the economy worse. Here's what Senator Joe Manchin (D-WV) claimed during his recent weekend interviews about the bill:
CLAIM: The Schumer-Manchin tax increases simply close loopholes and focus on large corporations, without new taxes on regular Americans.
FACT: Democrats send 87,000 new IRS agents after you and your family-owned business.
FACT: The non-partisan Joint Committee on Taxation shows that the burden of new tax increases falls on lower- and middle-income earners.
FACT: The new Made-in-America tax targets American manufacturing.
READ: One-Pager: Democrats' "Inflation and Recession Act" Makes Biden's Cruel Economy Even Worse
CLAIM:This bill would reduce the deficit and address inflation.
FACT: The Penn-Wharton Budget Model couldn't be any clearer that this is false, having found that it doesn't contain any net deficit reduction until 2027, "indicating low confidence that the legislation will have any impact on inflation."
As the Wall Street Journal notes, "If the first deficit reduction doesn't come for five years, what's the help on inflation today?"
CLAIM: This bill would rein in prescription drug costs.
FACT: Democrats' socialist drug price control scheme will kill up to 342 cures according to a study by the University of Chicago.
CLAIM: This bill would reduce the cost of health care.
FACT: Democrats want to put a downpayment towards spending $220 billion in permanent Obamacare subsidies even as their current spending has already resulted in higher health care prices and 17 percent health insurance inflation.
CLAIM: Democrats promise to cut red tape on energy production after passing this bill.
FACT: This bill is merely the latest step in President Biden and congressional Democrats' war on domestic energy, with up to $20 billion in taxes on American-made oil and gas, more red tape, and new fees and royalties for domestic energy.
CLAIM: This bill doesn't send out inflationary checks.
FACT: It does, particularly for politically connected green energy companies.