NEWExperience the convenience of listening to Fox News articles!
It has been one year since the passage of the Inflation Reduction Act (IRA) by Joe Biden and Congressional Democrats. Unfortunately, this law has failed to address inflation and has actually contributed to a growing deficit. Even President Biden himself has admitted that the IRA’s name is misleading, as its focus is not on reducing inflation.
While the wealthy and well-connected benefit from this law, working families are burdened by its adverse effects. Inflation continues to erode workers’ wages while taxpayer dollars from the IRA flow into the pockets of billion-dollar corporations and big banks. The IRA is not providing the relief that the working class and Main Street businesses need.
BIDEN ADMITS INFLATION REDUCTION ACT HAD ‘LESS TO DO WITH REDUCING INFLATION’ THAN HE ORIGINALLY SAID
The so-called “green” special interest tax breaks included in the IRA were initially projected to cost $650 billion, but the actual cost is now estimated to be 240% higher. These tax credits primarily benefit big businesses and Wall Street, with 90% of the credits going to large corporations earning a billion dollars or more in sales.
In fact, Democrats modified the rules of these tax credits to facilitate their transfer to the wealthy. Financial institutions will receive three times more of these tax benefits than any other industry. So, while President Biden talks about the wealthy paying their fair share, his policies ultimately support the lifestyle of the wealthy and well-connected.
To make matters worse, the implementation of these tax credits by the Biden administration fails to protect our critical supply chains for minerals and instead directs taxpayer dollars to adversarial nations like China. For instance, the electric vehicle credit included in the IRA will cost seven times more than initially claimed and will result in less critical mineral and battery components being sourced and manufactured in America.
MANCHIN BACKTRACKS, DOWNPLAYS INVOLVEMENT IN INFLATION REDUCTION ACT AFTER CLAIMING HE ‘WROTE’ IT
This means that the USA’s critical supply chains will not be reshored as a result of this law. Furthermore, the Brookings Institution has confirmed that 73% of electric vehicle owners who qualify for the IRA’s $7,500 EV tax credit would have purchased those vehicles regardless.
Meanwhile, American companies benefiting from these credits are also sending tax dollars to foreign countries like China. For instance, Ford is using the IRA’s special interest tax credits to hire Chinese workers at a Michigan plant as part of a partnership with a Chinese company allegedly under the influence of the Chinese Communist Party and with a history of forced labor practices.
In summary, Democrats and President Biden are perpetuating America’s dependence on the Chinese Communist Party while disregarding bipartisan concerns about global human rights issues in pursuit of their extreme environmental agenda.
The implementation of this law has been so problematic that even members of the president’s own party are criticizing it. Senator Joe Manchin, the architect of the IRA, has called it a “betrayal.” These special interest tax breaks will only enhance China’s dominance over America’s energy and critical supply chains. The United States cannot prioritize the radical green agenda over our national security and economy.
CLICK HERE FOR MORE FOX NEWS OPINION
Instead of spending $650 billion on tax subsidies for the wealthy and corporate elite, Congress should consider policies that build upon the economic renewal spurred by the Tax Cuts and Jobs Act (TCJA).
The TCJA had tangible benefits for the working class, with lower earners experiencing greater wage growth and a significant reduction in federal taxes. Unfortunately, President Biden is determined to burden the middle class with higher prices while targeting American energy producers with increased taxes. Despite all evidence, he insists that workers and families are benefiting from his failed economic agenda.
During President Biden’s first two years in office, inflation outpaced wage growth, a trend that had only occurred for two months in the previous nine years. While Americans struggle with high prices and diminished retirement savings, the Biden administration attempts to twist the data and euphemistically calls their agenda “Bidenomics,” which primarily benefits the wealthy, Wall Street, large corporations, and the Chinese Communist Party.
CLICK HERE TO GET THE FOX NEWS APP
Ironically, the president’s namesake agenda disregards the study of economics and perpetuates the worst aspects of it. It disrespects hardworking American taxpayers who are trying to make ends meet and provide for their families, as their money goes into the pockets of the wealthy, Wall Street, large corporations, and the Chinese Communist Party. Perhaps President Biden should spend more time studying economics before subjecting taxpayers to further wealth redistribution.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
