Most people pay little attention to bills being passed in DC. Some people will listen to the summaries on TV and are satisfied that they have been told the truth. Others will go so far as reading the full summary and initially agree with the bill in question.
Those in DC rely on the fact that MOST people will NEVER read the fine print though!
This is how they manage to hide spending in seemingly good bills and get them approved!!!
Most people Hate Trump but he did teach us one thing – Follow the Money – which does require extensive reading and research!!!
Many people reading this wrongfully assume I am a Trump supporter. I support neither side since both sides are corrupt. (But that is a debate for a different article)
This Inflation Reduction Act is nothing more than a new spending bill for pet projects AND hidden in the fine print they KILL programs that have actually been helping Americans and reroute those funds to pay for their pet projects!!!
The Inflation Reduction Act claims it will only tax those with incomes over $400,000 – however, it is the poorest who will ultimately pay the price with increased prices at the register when the richest pass those expenses down the chain!!!
How does that work you ask? I have a perfect example for you!
That is a link to a documentary called Fire, Power, Money – it was compiled over the California wildfires and PG&E’s involvement. PG&E are convicted killers! They have been sued and LOST and must pay victims BILLIONS of dollars that their insurance will not cover. They lobbied the state to allow them to increase power / gas bill rates to the general customer to help them raise the money to pay the lawsuits. The state agreed and permitted PH&E to raise residential power rates with no real cap or end date on this request.
The problem came when PG&E has NOT used the new money to pay off the lawsuits. Instead, they have donated it to politicians campaigns, lobby firms and pretty much everything EXCEPT what they claimed it was for.
But this is HOW the tax over incomes of $400,000 will be passed on to the general citizen. Upper income people have NEVER actually paid the taxes imposed on them without passing the cost down the ladder to those who can least afford it!!!
Now that you understand how that works, we can move on. By the way, that link above is an amazing expose you should watch it ALL.
Now, some people think THIS link is the link to the actual bill text – it is NOT – this is the link to what the Democrats WANT you to see and contains nothing that they do not want you to see. The actual bill text link will be below.
An interesting line item in this bill worries me.
IRS funding. Appropriates approximately $80 billion over the next decade for IRS enforcement activities including the hiring and training of new auditors, IT systems modernization, and taxpayer services.
In 2021, the legislature in DC passed a bill that gave the IRS trillions of dollars to do this SAME thing to monitor bank transactions over $600!!! So tell me why they need even more money to audit and track citizens?!?!?!
Also, a simple search on the Congress website is NOT easily displaying this particular bill!! But it has revealed some interesting other bills you might now like!!!
A second search using the actual HR 5376 displays ONLY proposed amendments to HR 5376 but NOT the actual text of 5376!!!
So, I must ask – what are they hiding that they do NOT want the general public reading???
I was able to find a copy on the Democrats link – however it is less than 800 pages and listening to Republicans discuss this bill they claim it is well over 2,000 pages – so where are the rest of the pages???
Here is a summary of the goal of THIS bill – read it CAREFULLY!
A decrease in spending on prescription drugs combined with increases in revenues from personal income taxes and business taxes lead to a decrease in government debt, which declines by 8.4 percent by 2050. This decrease in government debt crowds-in investment in productive private capital. Nonetheless, this effect is offset by the effects of higher personal and business taxes, which discourage saving and investment.
Note increased personal income tax and business tax along with discouraging savings and investments!!! It is NOT the wealthy this bill is going after – it is going after those who can least afford another crippling tax!!!
Another provision is continued support to discourage people to work. Democrats do NOT want people out in the work force – but their logic on raising personal income tax yet discouraging workers makes zero sense!!
Each of the spending provisions in the Inflation Reduction Act has different economic effects. For example, the additional ACA subsidy benefits are transfers or payments to households, which reduces the incentive to work. This effect contributes to the 0.1 percent decline in hours worked in 2031, 2040, and 2050.
Another summary of this bill will CUT certain direct payments to citizens, specifically those complying with the clean energy requirements that are supposed to be receiving direct payments!!!! What they want to do instead will make you sick – especially after you have put out so much of your own hard earned money to comply with their bullshit!!!
This summary also details how ONLY large corporations will be getting any benefit from this bill. The general public will be taxed to pay for this bill though AND be inflicted with higher prices at the register and on power bills!!!
Direct Pay. While the Build Back Better Act included a direct-pay election that would have allowed taxpayers to receive a cash refund, the new bill generally would limit direct pay to certain tax-exempt and governmental entities. The direct-pay election would be available to taxpaying entities in restricted situations, including with respect to the clean hydrogen production credit, the carbon sequestration credit and the advanced manufacturing production credit. The ability to elect direct pay for certain credits would be tied to the satisfaction of domestic content requirements. The direct-pay election would be made on a facility-by-facility basis and generally would have to be made in the year the facility is placed in service.
Corporations will also receive credits for inserting “green” energy into low income areas – places where people cannot afford rent or power bills NOW and certainly are not able to afford the “clean” energy being forced upon them and already have too many factories and corporations making their neighborhood unsafe for the children!!! Power companies placed HUGE power lines near schools and playgrounds years ago, now they are being sued successfully over cancer clusters – look it up!!!
This bill also encroaches more into Native American Land with policies the Native Americans do NOT want and have openly said they do not want!! This bill would permit corporation to take MOORE land away from the Native Americans in order to build this “clean” energy production on Native American soil! It also gives tax credits to corporations who make this stuff happen!!!!
Increased ITC for Investments in Low-Income Communities. Projects receiving an allocation of environmental justice solar and wind capacity limitation could receive an additional 10% credit if located in a low-income community or on Indian land, or an additional 20% credit if such project is part of a qualified low-income residential building project or qualified low-income economic benefit project.
How can it be “social justice” to strip Native American’s of even MORE of their land? We should be giving them land back – not taking more of it under false pretenses!!!!
Even the Wall Street Journal, who typically support everything the Democrats do, HATE this bill!!!
‘Inflation Reduction Act’ Is an Insult to Used-Car Salesmen
Democrats hide a power grab behind a purported solution to rising prices—a problem they themselves caused.
The real question here is how much longer are we going to permit Congress raping the American people for their own benefit????
Even social justice warriors are speaking out against the Inflation Reduction Act!!!
This article is from a social justice law firm that analyzed the bill and has found it will impose new taxes and fees on American Oil Production – which ALWAYS leads to higher prices at the pump for American consumers!!!
Renowned Economists are speaking out against the Inflation Reduction Act. I do find it interesting that NO actual economist can be found speaking on legacy media such as MSNBC, ABC, CBS, CNN etc. I was able to find one on Fox though.
Senate Majority Leader Chuck Schumer and Sen. Joe Manchin's reconciliation bill, the Inflation Reduction Act, is deceptively named since it will actually exacerbate Americans' pain from inflation while simultaneously raising taxes, an economist told Fox News.
"It does nothing to address the problem of inflation and instead only exacerbates the existing high prices and will drive prices even higher," Antoni told Fox News. "It's just adding insult to injury."
"Inflation is fundamentally too much money relative to the amount of goods and services in the economy," Antoni told Fox News. "So, if you're just going to raise taxes, all you've done at that point is transfer money from one person to another, the taxpayer to the government."
Another social justice warrior that hates the Inflation Reduction act https://earthworks.org/releases/statement-on-inflation-reduction-act/
The simple fact that even social justice warriors HATE this bill should be truth enough that it should NOT pass EVER!!! But, Congress is owned by corporations, not the people who elected them….. Congress will do what best benefits corrupt corporations and puts cash in their pockets!!!