Friend,
Last week, Senators Joe Manchin and Chuck Schumer made a backroom deal to spend hundreds of billions of taxpayer dollars, take aim at American manufacturers, and raise taxes on working families.
They have dubbed the legislation the "Inflation Reduction Act" -- but that is just false advertising. Analysis shows that this behemoth of a bill will increase inflation and, contrary to President Biden's promises, raise taxes on hardworking Americans.
The bulk of this tax burden will fall on Americans earning below $400,000 and nearly $17 billion in new taxes will be imposed on those earning less than $200,000. With Americans’ paychecks already stretched thin, President Biden wants to take even more of Americans’ hard-earned money to pay for his agenda.
This bill would also super-charge the IRS. This plan would pay for 87,000 new IRS agents (to put that in perspective, we only have about 20,000 border patrol agents) to turn around and audit working families and small businesses, with nearly half of these audits targeting Americans making $75,000 or less.
When I am on the road in our district meeting with Iowans and holding town halls, I continue to hear about the devastating consequences of inflation. Whether it is a small business owner who can’t keep the lights on, a working mom who can’t afford back to school shopping this year, or a farmer who has no clue how he’ll pay for fertilizer, it is simply cruel to push through legislation that is going to worsen inflation and make life harder and less affordable for Iowans.
You don’t have to be an economist to know that spending more money during record-high inflation and raising taxes during a recession are terrible ideas. I will stand strong against this tax-and-spend proposal and work on solutions to get our economy back on track.
