August 2, 2022 2:00am EDT
Democrats rely on misleading messaging to sell Manchin-Schumer bill
Manchin-Schumer bill will bring tax hikes to most Americans, study says, despite Biden's past promises
By Jessica Chasmar , Thomas Catenacci | Fox News
A deal reached last week by Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.Va., after months of party in-fighting is being billed as the "Inflation Reduction Act," but studies suggest it will have little impact on reducing inflation while bringing tax hikes to middle- and working-class Americans.
The Inflation Reduction Act, a slimmed down version of President Biden’s Build Back Better (BBB) Act, will cost an estimated $433 billion, most of which will be invested in climate provisions, while increasing tax revenue by $739 billion. The bill will require large corporations to pay at least 15% in taxes, which is projected to raise tax revenue by $313 billion, as well as boost IRS enforcement, estimated to raise tax revenue by another $124 billion, and it will close the carried interest loophole, estimated to raise $14 billion.
Manchin’s agreement to the legislation ended a months-long stalemate on Biden’s multi-trillion dollar BBB Act, which Manchin repeatedly blasted as exorbitant and inflationary.
"If I can’t go back home and explain it, I can’t vote for it," Manchin said in December.
On Sunday, Manchin insisted the new bill will reduce inflation while "not putting a burden on any taxpayers whatsoever."
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https://www.foxnews.com/politics/democrats-rely-misleading-messaging-sell-manchin-schumer-bill
