LTP News Sharing:
By Joe Hoft | Gateway Pundit
It was a mad rush to pass Biden’s “Inflation Reduction Act” and now we know why.
This act from the corrupt and now communist left is named like other bills they manufacture in that it is the opposite of what it claims. This bill will not reduce inflation and will likely add to it. The funding will occur by taxing Americans of all classes and increasing the US debt.
These people are hellbent on destroying America.
They cheered when the bill passed – those Democrats that were there.
According to Redstate around 35 percent of those voting, did so remotely. But the bill charged ahead. Now you have to wonder what’s really in it.
The CBO (Congressional Budget Office) said that they won’t complete its assessment of the bill for weeks:
The CBO said on Thursday that it needs more time to fully score the current Senate-passed version of the bill but it’s been scheduled for a House vote anyway.
“Given the scope of the amendments to title I, Committee on Finance, CBO expects that it will be a few weeks before we can fully analyze and estimate those budgetary effects, at which point we will provide a complete cost estimate for the legislation,” CBO Director Phillip Swagel wrote on Thursday in a letter to Sen. Bernie Sanders (I-Vt.), the chairman of the Senate Budget Committee.
But the CBO is busting the lie about not raising taxes one penny on people making less than $400,000. The GOP proposed an amendment regarding people making less than $400,000 that said they would be protected from the impact of the bill.
The CBO said that they had “not completed a point estimate of this amendment but the preliminary assessment indicates that amendment 5404 would reduce the ‘non-scorable’ revenues resulting from the provisions of section 10301 by at least $20 billion over the FY2022-FY2031 period.”
In other words, the CBO is saying the Biden/Manchin/Schumer monstrosity bill anticipates grabbing $20 billion from lower and middle-class people. So much for the claim that this is just going after the billionaires. It’s never just “billionaires,”
It is very likely that if Americans knew where the money being manufactured to pay for this bill was going, they would be outraged.
This bill won’t help inflation at all. The only thing that will decrease inflation is the removal of the corrupt and dishonest Biden-Obama regime once and for all.
Author: Frances Rice