1) Manchin-Schumer Bill Just Another Blue State Bailout
Where is all this green energy money – more than $300 billion in tax dollars for climate change – going to end up?
Surprise, surprise. It will be pipelined into blue states that have “invested” in the uneconomical wind and solar farms and require their local utilities to purchase as much as half of their power from unreliable green energy sources. These are also the states where most electric vehicles are sold, so blue staters will get the Tesla tax credits.
The chart below from E&E News shows that virtually all of the green energy states are run by Democrats – with Texas, which generates a lot of wind energy - one of the few exceptions.
It’s curious isn’t it, that all of Biden’s policies are payoffs to blue state pols and voters?
“Extensions of wind and solar tax incentives in the federal legislation could further politically divide states that have welcomed renewable energy sources and states that have put up roadblocks.” (E&E News)
One of our readers cleverly calls the new IRS supersized budget and enforcement agents: the “stop and frisk tax collection policy.” Tax court is arguably the only area of American jurisprudence where you are virtually guilty until you prove yourself innocent. Isn’t it a little annoying when the Democrats pat us on the head and assure us: if you’re not cheating on your taxes, you have nothing to worry about,
We have a MUCH better idea than doubling the budget and auditors at the IRS.
Pass the Steve Forbes Flat Tax. Postcard return. Low rates as a disincentive to cheating. Make it simple and comprehensible. Eliminate special interest care expenses outs – like tax credits for buying pricey electric vehicles.
As CTUP cofounders Steve Forbes and Steve Moore pointed out over the weekend in The New York Post:
Why not do the opposite of what President Joe Biden and congressional Democrats aim to do? Lower rates and eliminate scores of special-interest carve-outs for lobbyists.
The flat-tax plan we have long endorsed (on which one of us ran for president) would solve all these problems: A 17% single rate, and the only deductions would be for yourself, your spouse and your children. A postcard return. Not much to audit. No special-interest giveaways and no favors for the rich to hide their income.
3) The IRS Union Gives 99% Of Its Donations To Democrats
Democrats are going to take in a lot of campaign cash from doubling IRS agents and auditors. As our friends at ATR note:
The IRS employee union is a major funder of the Democratic party. Senate Democrats will vote for a bill today to hire and deploy 87,000 new agents — a doubling of the size of the agency which will further swell Democrats’ political campaign war chests.
In the past decade, the IRS union has given $601,759 in PAC funding to Democrat party committees.
Given this heavy IRS Union political bias in favor of Dems, is there any doubt which taxpayers are going to get audited? These are hardly impartial enforcement officials.
5) By Two To One Margins Americans Think “Inflation Reduction” Bill Will Make Inflation Worse
Less than two of 10 Americans polled believe the “Inflation Reduction Act will live up to its name. Most voters think it will add to inflation or make no difference at all.
We’ve been pounding our heads to conjure up a good alternative title for this $700 billion monstrosity. Ways and Means Ranking Member Kevin Brady has nailed it, we think. He calls the bill the “Not Made in America bill.” That’s because the higher tax rates on steel, coal, and capital-intensive industries will chase jobs and factories OUT of the U.S. Under Trump, America was insourcing blue-collar jobs. – particularly in energy. This bill rewards outsourcing.
