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I hope you saw my latest weekly column.



ROGER WICKER: Recession Likely to Get Worse After $739 Billion Tax Bill
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As our economy enters a recession, Democrats in Washington have chosen to use
the last remaining months of the congressional term to impose new taxes on the
American people. Their $739 billion tax-and-spend bill, dishonestly titled the
“Inflation Reduction Act,” has now passed both the House and Senate without a
single Republican vote. As a result, job creators are now bracing for higher
taxes and an economic slump with no end in sight.



It is stunning that Democrats approved this tax increase days after poor
economic news had come to light. Last week, the Labor Department reported
jobless claims had reached their highest level all year. The department also
reported July inflation at 8.5 percent – only a meager drop from June’s
dangerously high rate of 9.1 percent. Grocery prices rose by 13.1 percent in
July and electricity costs soared by 15.2 percent, the largest increase since
2006. Meanwhile, workers took home three percent less in real weekly earnings
as the dollar continued to lose value. This new round of taxes and spending
will likely make inflation even worse and is the opposite of what working
Americans need.

Small Businesses Brace for Impact

Small businesses are the backbone of our economy, employing nearly half of the
American workforce. Many of these small businesses did not survive the
pandemic, and those that did are now treading water amid high inflation and a
chronic worker shortage. The Democrats’ bill completely ignores these
challenges. Under their legislation, small businesses that file as individuals
will now have to shoulder an additional $50 billion in tax burden. They will
also be much more likely to face audits from the IRS, which will now be hiring
an army of 87,000 new agents. Because of this bill, Main Street businesses can
expect more IRS harassment and higher compliance costs, making it that much
harder to keep the doors open.

Another Step Toward Socialized Medicine

In addition to hurting our economy, this bill will likely undermine medical
innovation, resulting in fewer life-saving drugs for American patients. The
bill puts in place government price controls for prescription drugs, making it
more risky and costly for drug developers to come up with new treatments and
cures. Democrats who voted for this change want to make our system more like
Europe, where socialized medicine has made many drugs “cheaper” but far less
available. Between 2011 and 2018, for example, patients in France, Belgium, and
the Netherlands had access to just66 percent
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of new cancer drugs while Americans had access to96 percent
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. With this step toward socialized medicine, we can expect fewer drugs to be
developed and made available to seniors through Medicare.

Democrats Neglect Urgent Priorities

While Democrats were advancing this legislation, Republicans offered dozens of
amendments to address the actual concerns of the American people. These
included measures to lower energy prices by promoting U.S. energy production,
including through the sale of oil and gas leases in the Gulf of Mexico. We also
sought to address the crisis on our southern border by hiring more border
agents and extending the President’s deportation authority. In addition, we
proposed measures to stop abortion providers from receiving special tax breaks
and to prohibit the IRS from targeting religious nonprofits. Unfortunately,
Senate Democrats blocked each of these amendments, revealing how out of step
they are with the American people. With each passing month, Americans are
losing patience with single-party rule in Washington that ignores their
priorities.



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Thank you for your support,

Senator Roger Wicker






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