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I hope you saw my latest weekly column.



ROGER WICKER: Democrats Plan to Raise Taxes in Middle of Recession
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President Biden’s new tax-and-spend legislation is totally disconnected from
the needs of our country. After causing massive inflation with last year’s $1.9
trillion stimulus bill, President Biden and his party are now pushing a massive
tax hike on job creators and working Americans, all but guaranteeing that we
will sink further into a recession.

For months, Democrat Senator Joe Manchin had blocked his party’s attempts to
raise taxes, citing concerns over inflation. Last fall, he said the President’s
tax-and-spend proposal was full of “shell games” and “accounting gimmicks,” and
that he could not support a tax hike in the current economic climate.
Stunningly, he has done a 180. The West Virginian is now locking arms with
President Biden and Majority Leader Chuck Schumer to support a $739 billion tax
bill, which they are dishonestly calling the “Inflation Reduction Act.”

New Taxes Would Impact Everyone

President Biden has repeatedly vowed not to raise taxes on anyone making less
than $400,000. This tax-and-spend bill would shatter that promise. The biggest
item listed in the bill is a $313 billion tax on job creators and
manufacturers, which are already struggling to survive inflation. The
nonpartisan Tax Foundation predicts that this tax alone would reduce our gross
domestic product and cost roughly 30,000 jobs. It would also depress worker
wages while causing further price increases across the economy. The tax would
fall hardest on coal workers, whose industry would face a net tax increase of
7.2 percent. It would also hit wireless telecom providers, potentially hurting
efforts to build 5G networks across the country.

American energy would take a huge hit from this legislation. Natural gas,
which is already under assault by the President’s regulations, would be taxed
at an estimated $8 billion, costing some 90,000 jobs. This tax would drive up
the average family’s natural gas bill by 17 percent, according to the American
Gas Association. In addition, the bill’s tax on oil imports would put needless
upward pressure on gas prices, which are still far too high.

Despite this bill’s name, it would do virtually nothing to quell our inflation
crisis, which Democrats unleashed with last year’s stimulus bill. According to
Moody’s Analytics – one of President Biden’s preferred sources – this bill
would cut inflation over the next decade by a mere 0.33 percent, equal to about
two weeks of inflation at today’s rate. Experts at the University of
Pennsylvania are even less optimistic, saying the bill would have little to no
impact on inflation. Calling this bill the “Inflation Reduction Act” is false
advertising.

Green Subsidies for the Wealthy

After taxing manufacturers and workers, Democrats plan to spend $250 billion
in tax revenue on wasteful subsidies that would largely benefit the wealthy.
Their bill would provide $7,500 in tax credits for those who buy electric
vehicles costing up to $80,000. These credits would be available for families
making as much as $300,000. This is an obscene form of socialism for the rich –
taking money from middle class taxpayers and giving it to high-end car buyers.
If this legislation becomes law, Democrats will bear even more responsibility
for government waste, continued inflation, and the recession we will all have
to endure.



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Senator Roger Wicker






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