We have momentum to continue to unrig our tax code and invest in working families, but first we need to sell this new law to the American people.
John,
Yesterday, Democrats in the House passed the Inflation Reduction Act, and this historic bill is now headed to President Biden’s desk to be signed into law.
It will lower prescription drug prices for seniors and cap their costs at $2,000 a year, keep healthcare affordable for 13 million Americans, cut household energy costs by about $1,000 a year, address the climate crisis by lowering carbon emissions and more. It’s fully paid for by cracking down on wealthy tax cheats and making billion-dollar corporations pay at least a 15% tax rate. It will even reduce the deficit by about $300 billion.[1]
In order to sell this new law to the American people, we need to fight back against disinformation from the GOP, Big Pharma, Big Oil, and Wall Street.
This moment would not be possible without you. Thank you.
Andrea Haverdink
Digital Director
Americans for Tax Fairness Action Fund
[1] “Key Facts: Democrats’ Inflation Reduction Act,” Americans for Tax Fairness, Aug. 9, 2022
-- Frank's email --
John,
You made this victory possible!
It’s taken 40 years and multiple elections, but we are beginning to break the Republican fraud of trickle-down economics―where cutting taxes on the wealthy and corporations supposedly trickles down to working people.
The Inflation Reduction Act, passed today by the U.S. House and last week by the U.S. Senate, will allow Medicare to negotiate some drug prices while capping seniors’ out-of-pocket prescription drug costs at $2,000 a year, keeps healthcare affordable for 13 million Americans, cuts household energy bills by about $1,000 a year, and addresses the climate crisis by reducing carbon emissions by a lot. It’s completely paid for by cracking down on wealthy tax cheats and making billion-dollar corporations pay at least a 15% tax rate. It will even reduce the deficit by about $300 billion.[1]
Congressional Republicans along with Big Pharma, Big Oil, and Wall Street know how popular this new law is when people learn what’s in it. That’s why they’re launching a disinformation campaign, claiming that the bill will raise taxes on working families and small businesses and fund the IRS to hire 87,000 IRS agents to audit working peoples’ tax returns.
Let me be clear: No one making less than $400,000 a year will pay any more in taxes, as confirmed by the Washington Post’s highly-regarded Fact Checker.[2]
And, based on the text of the bill Treasury Secretary Janet Yellen sent this letter to IRS employees: “[C]ontrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited.”[3]
We have momentum to continue to create a fairer tax system and use the funds to reduce the costs of essentials to working families. But first we need to make sure the American people understand how much this new law―the Inflation Reduction Act―will benefit them and help save the planet.
Thank you for never giving up on creating a tax system and economy that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] "Inflation Reduction Act: Talking Points and Key Facts," Americans for Tax Fairness, Aug. 8, 2022
[2] “The Senate bill and Biden’s pledge to not raise taxes on people making less than $400,000,” The Washington Post Fact Checker, Aug. 9, 2022
[3] “Secretary of the Treasury Janet L. Yellen Sends Letter to IRS Commissioner in Support of Funding for IRS to Improve Taxpayer Service & Combat Evasion By High Income Earners and Corporations,” U.S. Department of the Treasury Press Release, Aug. 10, 2022
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