The Democrats’ So-called “Inflation Reduction Act”

Tuesday, 09 August 2022 11:44

The Democrats’ So-called “Inflation Reduction Act” Featured

Written by U.S. Senator James Lankford
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DC Democrats passed on a party-line vote a three-quarters-of-a-trillion-dollar bill with new taxes on businesses and families and progressive Green New Deal promises. The 750+ page bill was finalized Saturday afternoon, and we voted on it all night Saturday evening into Sunday afternoon (more than 24 hours straight). I strongly opposed the bill. Just like the reconciliation bill Democrats passed on a party-line vote last year that caused the nine percent inflation and wrecked our economy, this latest bill will drive up the cost of energy, reduce cancer drug innovation, and make our economy even worse. It includes provisions that will decrease health care access for seniors, levy punishing taxes on small businesses, place tremendous climate-change burdens on ag and energy producers, and increase taxes on Oklahomans. But it does give Elon Musk billions in new tax credits for his electric vehicles and gives union bosses billions of dollars in subsidies that only union members can get.In the name of “inflation reduction,” the bill will also greatly expand the audit capability of the IRS by hiring more auditors than employees at the Pentagon, the State Department, the FBI, and the Border Patrol…combined. If that sounds like you are likely to have an IRS audit soon, you’re probably right. In fact, for the next 10 yeas, anytime you get an IRS audit, you should remember the “Inflation Reduction” Act. During the debate, we voted more than 24 hours straight on countless amendments, including an amendment I offered regarding Title 42 authority for law enforcement at the southern border, which will keep in place the last policy still in place to turn around even 30 percent of the people illegally crossing the border. Unfortunately, but not surprisingly, Democrats rejected my amendment in support of opening up the southern border even more. I also brought an amendment to fix the huge tax increase in the bill on some of our independent oil and gas companies that will drive up our cost of fuel and reduce hiring at many of our companies. Once again, Democrats passed their tax increase. CLICK HERE to read more about my amendment on Title 42.

CLICK HERE to read more about my energy amendment.CLICK HERE to watch my speech on the Senate floor with details on why I oppose this bill.

CLICK HERE to read my full statement on Democrats’ tax and spending bill.

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