White House Press Secretary Karine Jean-Pierre slammed Republicans for doing propaganda against the Inflation Reduction Act (IRA) of 2022.
Republicans have truly exposed the IRA, as it will increase taxes on every American, but the White House is still turning a blind eye toward the suffering of Americans and accusing the GOP of undermining the potential of the newly passed legislation.
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Calling Republicans’ claims “blatant lies,” Jean-Pierre suggested that the GOP wants to protect the interest of the rich people by compromising the welfare of every other social class. The press secretary reiterated President Biden’s promise that the IRA will not increase the taxes on anyone making less than $400,000 a year.
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Republican lawmakers, Jean-Pierre continued, are willing to defend the rich corporations, which are earning more than $1 billion per year but are paying $0 in taxes.
Sooo... Just to review: the Inflation Reduction Act, "reduces inflation" by printing billions of dollars, increasing taxes on the middle class... then giving that money to corporations and special interest groups who pretend they have the power to control the weather... got it.
— Tim Young (@TimRunsHisMouth) August 8, 2022
Although the White House is claiming that the IRA will only tax rich people, many nonpartisan platforms have already established that this is not the case at all. The nonpartisan Joint Committee on Taxation (JCT) has already found out that the legislation will impact every American in one form or another.
JCT has even claimed that imposing the Minimum Corporate Taxes will urge big investors and shareholders to increase the prices of their products, so they will end up increasing the burden on an average American consumer. Similarly, the minimum wage is likely to be decreased as corporations will struggle to maintain their profits.
While the JCT estimated that people making from $0 to $30,000 would not pay anything more in the direct taxes, it also noted that this income group would pay higher to their employers which will be forced to contribute more to health insurance and the other medicare benefits. So, eventually, every American will end up paying more in indirect taxes under the controversial IRA.
People who are making in the range of $75,000 to $100,000 will be charged much higher income taxes as their tax rate will increase from 15.8 % to 16 %. Likewise, the average tax rate of people in the income group of $100,000 to $500,000 will be increased by 0.3 %.
Biden promised no tax hikes if you make less than $400K per year
— John Hasson (@SonofHas) July 30, 2022
The “Inflation Reduction Act” raises taxes for everyone making over $30K per year pic.twitter.com/4D4gwsqjdu
Nonpartisan Congressional Committee Slammed Dems
Due to this assessment of the JCT, Republican lawmakers and stakeholders have lambasted the idea of increasing taxes on average Americans at a time when they are already facing the burden of high inflation.
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Tommy Pigott, the spokesperson of the Republican National Committee, stated that Democrats are extremely “out of touch” for passing a purely partisan bill through the US Senate, which increases the taxes on middle-class people and makes inflation worse for every American.
Likewise, Piggott suggested that the newly passed act will strangle the economy in times of recession, while it will further empower IRS agents to enforce taxation laws.
In addition to that, Ronna McDaniel, the chairwoman of the RNC, claimed that American voters would hold Democrats accountable in the midterm elections for raising taxes on every single income class.
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