Author Topic: Inflation Inferno: Manchin-Schumer ‘Inflation Reduction’ Bill Gimmicks Exposed, Proposal Actually In  (Read 65 times)

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Inflation Inferno: Manchin-Schumer ‘Inflation Reduction’ Bill Gimmicks Exposed, Proposal Actually Increases Spending, Inflation

Sean Moran 2 Aug 2022

The Inflation Reduction Act will add more fuel to the “inflation fire,” a study of the bill’s provisions by a top Republican lawmaker showed Tuesday.

Rep. Jason Smith (R-MO), the ranking member of the House Budget Committee, released a fact sheet on Tuesday detailing how the Inflation Reduction Act uses budget gimmicks to and false sunsets to hide the true cost of Manchin’s alleged deficit reduction bill.

For instance, the Inflation Reduction Act would extend enhanced Obamacare subsidies for three years, which would cost $64 billion; however, if the program were extended to a ten-year window, the provision would cost $248 billion.

The legislation would also create $369 billion in climate change and energy security-related programs. The House Budget Committee Republicans found that the bill would cost well over $400 billion if the two-year sunsets were eliminated.

The legislation would also spend $80 billion to supersize the IRS’s ability to audit Americans’ taxes.

Smith also noted that many of the tax increases and offsets for the bill amount to “gimmicks:”

    Less than two percent of the prescription drug price control “savings” arrive before 2025
    The bill says it would create $122 billion in “fake savings” by again delaying the Trump-era Rebate Rule that never went into effect
    The Congressional Budget Office (CBO) said it would not score potential savings that arise from increased audits from the IRS
    The bill’s 15 percent corporate minimum tax amounts to a “tried and failed 1980s tax policy” that was repealed by Democrats

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