The “Inflation Reduction Act” passed the Senate Sunday morning with not one vote to spare. Kamala Harris cast the tiebreaker as was expected. The Democrats’ tax and spend bill will be gleefully signed by Biden. But Americans will not be so happy when the tab comes in. The bill passed after a 15 hour “vote-a-rama” in which Senators were allowed to offer amendments – none of which passed the chamber. It will now go to the House and then on to Biden’s desk. $700 Billion in taxes, $400 Billion in spending. And as usual, Democrats were dishonet about their intentions.
“We did it without a single vote to spare. To do something with 50 votes is rough. To do small things with fifty votes as well, to pass such a major piece of legislation with only 50 votes and intransigent Republican minority, a caucus running from Bernie Sanders to Joe Manchin. Wow.”
Sen Schumer
The vote-a-rama didn’t produce major substantive changes to the bill, but it did produce some interesting 2022 campaign fodder. Republicans forced Democrats into difficult votes on energy taxes and the Title 42 immigration policy – an issue on which some Democrats up for reelection have publicly broken with the White House.
In both cases, Democrats unanimously defeated the GOP amendments on 50-50 party-line votes before introducing similar amendments which procedurally require 60 votes to pass. This freed up moderates and Democrats in tough reelection races to vote for those amendments, knowing they would not pass.
The act, as we previously reported, contains numerous tax increases for all Americans, though they were hidden in parts of the bill. Only people who know something of Democrat shenanigans could see the issues inside the tax and spend bill.
Last-week’s Democrat-sponsored Inflation Reduction Act (IRA), successor to the House-passed Build Back Better Act of late 2021, has been touted by President Biden to, among other things, help reduce the country’s crippling inflation. Using the Tax Foundation’s General Equilibrium Model, we estimate that the Inflation Reduction Act would reduce long-run economic output by about 0.1 percent and eliminate about 30,000 full-time equivalent jobs in the United States. It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run.
By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy.
Republicans promise revenge at the ballot box in November, but they surely are aware that cheating Democrats spell trouble for the country. While Schumer touts passage of this tax and spend bill as “one of the defining legislative feats of the 21st century,” the rest of us know that huge problems are coming down the pike. With the gigantic issues in the recent primaries in places like Arizona, the cheater’s plan is still in play. The way we overcome it is by sheer numbers in a landslide.
Will this presidential election be the most important in American history?
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H/T Uncle Sam’s Misguided Children
Related:
- The “Inflation Reduction Act”- Another Democrat Lie
- Average American Has Lost $3,400 this Year Due to Joe Biden’s Inflation
- Inflation Cracks 9.1 Percent, Highest Since 1981, As Imminent Recession Looms
- ‘Painfully High’: Inflation Skyrockets To Highest Level In 40 Years
- Biden Welcomes Inflation As ‘Good’ Opportunity For Green Agenda (Video)
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