Friend,

A $300 billion reduction in the federal budget deficit over the next ten years sounds like a good thing, right? 

Unfortunately, the Inflation Reduction Act (IRA) is unlikely to do as its name implies. In fact, the government’s own budget scorekeeping agency just reported that the deficit reduction won’t even begin until 2027 — until then, all the spending hikes in the legislation actually make the deficit worse! 

But that hasn’t stopped Democrats from trying to rush this bill through Congress.

Let me introduce myself. My name is Pete Sepp, President of the National Taxpayers Union (NTU). Since our founding in 1969, our mission is to achieve practical policy wins toi improve the lives of taxpayers, using the most effective team on Capitol Hill and in the states. We’ve won many victories in reducing taxes, stopping wasteful spending programs, and protecting your rights as a taxpayer.

Friend, NTU is voicing our concerns over this act. Will you help us lobby on behalf of taxpayers?

Please support NTU’s efforts by donating $25, $50, $100, or any amount today. Click here to send your gift >>>

Over 10 years, the IRA  is projected to reduce the deficit by $300 billion, but the details show this is highly unlikely.

Based on the timing of the new spending and taxes in the bill, it’s almost certain that the IRA would spend more than it saves in the early years. 

Any front-loaded deficits will increase interest payments on the national debt. 

Each $100 million increase in spending in 2023 adds another $27 million to debt interest costs over the decade.

The legislation would also give the Internal Revenue Service more funds for enforcement — claiming to target high earners who are “tax cheats.” 

After 34 years at NTU, working on five separate IRS reform bills, I can tell you that this enforcement ploy doesn’t meet rosy revenue projections – but it does often lead to due process violations for Americans up and down the income ladder.

NTU is working on voicing taxpayer concerns against this bill. Your urgent donation will benefit our lobbying efforts. Click here to show your support >>>

If Congress was serious about fighting inflation, they could take action like clawing back the massive spending hikes enacted in 2021 now taking effect, and increasing energy supplies to stabilize prices.

Then there’s making the Tax Cuts and Jobs Act permanent. NTU led a coalition to pass this landmark tax reform bill in 2017. Since then, the Tax Cuts and Jobs Act has generated economic growth. With a recession potentially on the horizon, Americans need to be able to count on moderate tax bills going forward. 

Instead, Congress is attempting to pass a bill filled with recycled bad policy ideas that will unlikely have any significant impact on inflation.

That’s why I need your help, Friend. Please help NTU lobby against short-sighted policies like the Inflation Reduction Act by clicking below.
 

This legislation could reach President Biden’s desk in just a few days, unless we fight back now. Please do your best! 

Thank you,

Pete Sepp
President
National Taxpayers Union