The Senate on Sunday passed the $700 billion Inflation Reduction Act, a miniature version of the Building Back Better Act.
Senate Been voted To pass HR 5376, otherwise known as the Inflation Reduction Act, 51-50. The legislation passed on a party vote streak, with Vice President Kamala Harris breaking the tie.
The Inflation Control Act arose after Schumer and Senator Joe Manchin (D-WV) struck a deal on a watered-down version of the Build Better Act. The Inflation Control Act focuses on reducing deficits and curbing inflation, expanding the boosted Obamacare subsidy, spending more than $300 billion on climate change programs, and allowing Medicare to negotiate drug prices.
House Republican Study Committee (RSC) Chairman Jim Banks (R-IN) has detailed the 50 most radical aspects of the legislation.
Perhaps ironically for Manchin, the bill would not reduce inflation, according to Ben Wharton’s budget model and the Congressional budget. Desk (CBO).
According to the Joint Commission on Taxes (JCT), the legislation will also hit manufacturers hard by imposing a minimum corporate tax of 15 percent.
The Inflation Cut Act would also add more “fuel” to the “inflation fire,” according to Representative Jason Smith (R-Missouri), the ranking member of the House Budget Committee. He explained that the Inflation Reduction Act uses budget tricks and fictitious compensation to hide the true cost of the bill. Smith said the bill would add $114 billion to the debt when calculating the fake Mansion scams.
The bill goes to the House of Representatives, where it is likely to pass, preventing any major disputes that have yet to surface.
The House Freedom Caucus released a statement after the vote, declaring its opposition to the Inflation Reduction Act:
The truth is that the Democrats’ latest spending boom has more to do with activating the socialist “Green New Deal” agenda than helping Americans with a staggering 9.1% inflation. All nonpartisan experts agree that this legislation will not reduce inflation, and many predict it will have the opposite effect. Worse yet, this bill not only directs $369 billion in grants to climate-change interests, but does so at the expense of American taxpayers. To fund their socialist agenda, Democrats are replacing the Internal Revenue Service with $80 billion (six times the agency’s annual budget) to create an army of 87,000 new enforcement agents to target Americans with up to 1 million additional audits each year on taxpayers who earn less. From $200,000 – the same middle class that suffers the most from skyrocketing inflation.
The Freedom Caucus added, “The error called the ‘Reduce Inflation Act’ is a disaster from every perspective and must be defeated.”
Sean Moran is a congressional reporter for Breitbart News. Follow him on Twitter Tweet embed.