The Democrats have voted to pass the radical new spending measure which they have laughably named the “Inflation Reduction Act,” and Republicans are warning Dems will pay the price big time.
The vote was cast strictly along party lines with all 50 Democrats voting for the bill, while all 50 Republicans voted against it. Vice President Kamala Harris broke the tie vote.
The legislation is $740 billion in total, making it borderline offensive for the Democrats to push the narrative that spending MORE money will somehow reduce inflation.
The largest portion of the bill is a whopping $369 billion climate spending package, including an additional tax on crude oil imported into the U.S.
The bill also raises taxes, imposing a 15% minimum tax on companies with more than $1 billion in profits and forcing companies to follow “generally accepted accounting principles when reporting income to the IRS,” according to the Hill. The bill also imposes a 1% excise tax on stock buybacks, which is estimated to take in some $74 billion in new taxes.
In a statement following the vote, Republican National Committee Chairwoman Ronna McDaniel said that Democrats are going to face major consequences come midterms.
“Democrats will pay the price in November for raising taxes on families during a recession,” McDaniel told Breitbart News.
Republican Sen. Ted Cruz also said that with the passage of this legislation, the Democrats essentially catered to their “radical leftist base at the expense of middle-class Americans.”
“The Schumer-Manchin bill will drive up inflation and prices, hammer small businesses and American manufacturing, increase the price of gas, and sic the IRS on Americans, all while raising taxes on Americans in nearly every tax bracket including those who make less than $400,000 a year,” Cruz said in a statement.
Sen. John Kennedy (R-LA) called the bill a “special kind of stupid” in a statement on Twitter.
“It’s a special kind of stupid to raise taxes during both a recession and inflation—that’s called stagflation, which is what we have right now as a result of President Biden’s policies,” tweeted Kennedy.
“The Democrats’ reckless tax and spending plan includes nearly $370 billion to fund the Green New Deal, $64 billion for Obamacare, and hundreds of billions in new taxes on American businesses and manufacturers,” tweeted Sen. Marsha Blackburn (R-TN).
“The spending spree also includes $80 billion to double the number of IRS agents — practically giving every American a personalized tax auditor. We should be cutting taxes, not increasing them,” she added. “It is a shame that Senate Democrats have forced through a socialist agenda that will make life more difficult and expensive for Tennesseans.”
The House Freedom Caucus hammered the bill’s passage as a “spending bonanza” for the Democrats to enact a socialist Green New Deal on the country as Americans face radical inflation.
“A host of non-partisan experts all agree that this legislation will not decrease inflation, and many forecast that it will have the opposite impact,” said the caucus. “Worse still, not only does this bill direct $369 billion in handouts to climate change special interests, but it does so on the backs of the American taxpayer.”
“To finance their socialist agenda, Democrats are supersizing the Internal Revenue Service with $80 billion (six times the agency’s annual budget) to create an army of 87,000 new enforcement agents to target Americans with as many as one million additional audits per year on taxpayers earning less than $200,000 – the same middle-class suffering the most from the skyrocketing inflation of Bidenomics,” the Caucus added.
