Mark Larson responds to Senate passing Inflation Reduction Act
SAN DIEGO (KUSI) – Congress has passed the so-called “Inflation Reduction Act,” but many critics and opponents say the name is a misnomer.
The Senate voted 50-50 on the legislation, but Vice President Kamala Harris cast the tie breaking vote to send the bill to President Biden’s desk.
Democrats say dedicating massive amounts of money to fight climate change will help the U.S. economy, while Republicans worry spending more in the middle of a recession is the antithesis of what we should be doing.
The bill is packed with green energy handouts and tax hikes of various kinds.
Republicans are concerned Democrats are raising taxes on Americans during a recession. But back in 2021, Rep. Sara Jacobs said the quiet part out loud, tweeting “Tax me more.” Democrats like Jacobs have got their wish, as Biden is expected to sign the so-called “Inflation Reduction Act.”
This bill double the size of the IRS, as 87,000 more agents will be hired by the Biden Administration.
And despite Biden’s constant claims that he will never raise taxes on Americans making less than $400,000, this bill does just that.
In 2023, the following people will see tax hikes:
97.2% of those earning between $100,000-$200,000 would see a tax increase
91.3% of those earning between $75,000-$100,000 would see a tax increase
61.7% of those earning between $40,000-$50,000 would see a tax increase
24.6% of those earning between $10,000-$20,000 would see a tax increase.
KUSI Contributor Mark Larson joined KUSI’s Good Morning San Diego team, and explained why it’s crazy that the Biden Administration believes spending more will decrease inflation.