CBO: Inflation Reduction Act will cost middle class Americans $20 Billion in new taxes

WASHINGTON D.C. (KUSI) – Over the weekend, the House of Representatives passed the Inflation Reduction Act, sending the legislation to President Biden’s desk.

The House vote comes after VP Kamala Harris cast the tie breaking vote in the Senate, as Democrats tout the massive spending bill as success for climate change and making the wealthy “pay their fair share.”

But not everyone agrees.

The legislation will raise taxes on most Americans, even those making as little as $40,000 per year. KUSI’s Jason Austell recently spoke with San Diego Congresswoman Sara Jacobs, who repeatedly denied the legislation raises taxes on anyone making under $400,000 per year.

The United States just entered a recession, and the Democrats first order of business is to raise taxes.

Now, the nonpartisan Congressional Budget Office has come out with a report that found the Inflation Reduction Act will cost middle class Americans and small business $20 Billion in new taxes.

 

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RELATED STORY: Rep. Sara Jacobs insists Inflation Reduction Act only raises taxes on the extremely wealthy

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