Patriot,

Democrats in Washington are scrambling now to pass a massive
tax-and-spend bill while they still have a majority, and Senator
Joe Manchin (D-WV), who once said, "I don't think during a time
of recession you mess with any of the taxes, or increase any
taxes," is now pushing the tax hike.

Like Joe Biden, Manchin told a bald-faced lie, claiming it
doesn't raise taxes.

But the Joint Committee on Taxation, a nonpartisan staff
committee in Congress, is reporting that nearly every single tax
bracket, including everyone earning less than $100,000 per year,
would pay more in taxes under the bill, with those making below
$10,000 per year seeing the largest hike.

As Campaign for Liberty Chairman Ron Paul explains in his latest
column below, the bill - falsely named the "Inflation Reduction
Act" - would raise taxes, spend hundreds of billions of dollars
on subsidies on "green corporate welfare," and ultimately, it's
only going to make inflation much worse.

Check out Dr. Paul's column below and take a moment to send a
quick note to your representative and senators to let them know
you aren't fooled by the Biden administration's lies and strongly
OPPOSE them raising your taxes.
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For Liberty,

John McCardell
Executive Director
Campaign for Liberty


Inflation Reduction Act: Another DC Lie
by Ron Paul

The Affordable Care Act, No Child Left Behind, and the USA
PATRIOT Act received new competition for the title of Most
Inappropriately Named Bill when Senate Democrats unveiled the
Inflation Reduction Act. This bill will not only increase
inflation, it will also increase government spending and taxes.

Inflation is the act of money creation by the Federal Reserve.
High prices are one adverse effect of inflation, along with
bubbles and the bursting of bubbles. One reason the Federal
Reserve increases the money supply is to keep interest rates low,
thus enabling the federal government to run large deficits
without incurring unmanageable interest payments.

The so-called Inflation Reduction Act increases government
spending. For example, the bill authorizes spending hundreds of
billions of dollars on energy and fighting climate change. Much
of this is subsidies for renewable energy - in other words green
corporate welfare. Government programs subsidizing certain
industries take resources out of the hands of investors and
entrepreneurs, who allocate resources in accordance with the
wants and needs of consumers, and give the resources to the
government, where resources are allocated according to the
agendas of politicians and bureaucrats. When government takes
resources out of the market, it also disrupts the price system
through which entrepreneurs, investors, workers, and consumers
discover the true value of goods and services. Thus, "green
energy" programs will lead to increased cronyism and waste.

The bill also extends the "temporary" increase in Obamacare
subsidies passed as part of covid relief. This will further
increase health care prices. Increasing prices is a strange way
to eliminate price inflation. The only way to decrease health
care costs without diminishing health care quality is by putting
patients back in charge of the health care dollar.

The bill's authors claim the legislation fights inflation by
reducing the deficit via tax increases on the rich and a new 15
percent minimum corporate tax. Tax increases won't reduce the
deficit if, as is going to be the case, Congress continues
increasing spending. Increasing taxes on "the rich" and
corporations also reduces investments, slowing the economy and
thus increasing demand for government programs. This leads to
increasing government spending and debt. While there is never a
good time to raise taxes, the absolute worst time for tax
increases is when, as is the case today, the economy is both
suffering from price inflation and, despite the gaslighting
coming from the Biden administration and its apologists, is in a
recession.

The bill also spends 80 billion dollars on the IRS. Supposedly
this will help collect more revenue from "rich tax cheats." While
supporters of increasing the IRS's ability to harass taxpayers
claim their target is the rich, these new powers will actually be
used against middle-class taxpayers and small businesses that
cannot afford legions of tax accountants and attorneys and thus
are likely to simply pay the agency whatever it demands.

Increasing spending and taxes will increase the pressure on the
Federal Reserve to keep interest rates low, thus increasing
inflation. If Congress was serious about ending inflation, it
would cut spending - starting with overseas militarism and
corporate welfare. A Congress that took inflation seriously would
also take the first step toward restoring a free-market monetary
system by passing Audit the Fed and legalizing competition in
currency.

Demand your congressman and senators vote NO on new taxes and
more spending in the so-called "Inflation Reduction Act!"
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