Rep. Sara Jacobs insists Inflation Reduction Act only raises taxes on the extremely wealthy
SAN DIEGO (KUSI) – The United States Senate passed the s0-called Inflation Reduction Act, with a tie breaking vote from Vice President Kamala Harris.
The House is set to vote and pass the legislation Friday, sending it to President Biden’s desk, who will sign it into law.
Democrat Congresswoman Sara Jacobs joined KUSI’s Jason Austell to discuss the bill, and share details about why she is voting in favor it, and respond to reaction from those opposed.
The legislation is filled with new climate provisions, as the Democrats believe climate change is an “existential threat” to America, and the world.
Republicans are adamant the “Inflation Reduction Act” will not actually reduce inflation, and Rep. Sara Jacobs even said that President Biden is correct when he said there is zero inflation. KUSI’s Jason Austell then asked why we need an Inflation Reduction Act if we have zero inflation, and why she supports a bill that increases taxes on Americans in the middle of a recession.
Jacobs clarified that “inflation for the month of July is at zero, we still know families are struggling with the cost of things.” She then denied the bill raises taxes on low-income Americans, and insisted “this bill has no new taxes on any making under $400,000. So all of the taxes that are in this bill are for really wealthy individuals and big corporations to make sure they are actually paying into the system they are benefitting from.”
She said over time, the bill will bring down the cost of living and energy, but KUSI’s Jason Austell pointed out that Americans are hurting right now, many of them aren’t able to wait a long period of time for the relief.
RELATED STORY: CBO: Inflation Reduction Act will cost middle class Americans $20 Billion in new taxes
Austell then asked the same question, asserting that a number of economists have said this legislation raises taxes on Americans, even those making as little as $40,000 per year, but Jacobs again denied. “We must be talking to different economists, because all of the economists I’ve talked to, which I believe is over 50 Nobel prize winning economists, have all said this is not going to raise taxes on middle class families or on anyone making under $400,000, and it will have a significant impact on inflation.”
Back in April 2021, Jacobs tweeted her wish for the government to, “Tax Me More.” With the Inflation Reduction Act, it appears her wish came true.
The Inflation Reduction Act allows the federal government to hire 87,000 new IRS agents, as Republicans warn these new employees will be used to make sure low-income Americans are paying their fair share. But Democrats, including Jacobs, say the agents will be used to enforce tax laws on the super wealthy.
Austell brought up a tweet from Republican Dan Crenshaw, who described the two governing philosophies between Republicans and Democrats in Congress. Jacobs said she would love to work with Crenshaw to simplify the tax code, but again insisted the new IRS agents and legislation will not be used to target low-income Americans or middle class families.
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