Guest Post by Martin Armstrong
Experts have stated that the Inflation Reduction Act will not reduce inflation in any meaningful way. So why is the White House spending $739 billion on this failed act? They have no idea! No Republican voted to pass the act, and the Democrats are yet again spending recklessly without reason.
The Congressional Budget Office analyzed the proposal and found it negligible at best. In fact, the CBO believes inflation could possibly rise in 2023 due to this expensive proposal. Estimates range from the act reducing inflation by 0.1% to increasing it by 0.1%. Furthermore, the Obamacare subsidies will be given to families earning up to $304,000 annually who do not need government handouts. The CBO also found that the 15% corporate tax minimum within the proposal will hurt businesses and prevent them from expanding.
“When you look at your next paycheck, remember that the Democrats voted to spend $740,000,000,000 of your hard-earned money to double the size of the IRS and to pay for their reckless tax & spending spree,” Senator Thom Tillis tweeted. So why is the White House expected to pass this legislation?
ABC News anchor Jonathan Karl questioned clueless White House Press Secretary Karine Jean-Pierre. “But let me ask you, it’s called the ‘Inflation Reduction Act,’ but the Congressional Budget Office, which is nonpartisan, said that there would be a negligible impact on inflation this year and barely impact inflation at all next year, isn’t it almost Orwellian?” Karl asked. “How can you call it inflation reduction when the nonpartisan experts say it’s not gonna bring inflation down?”
Jean-Pierre did not have an answer. She simply stated that the proposal is “making sure that billions in corporate America are paying their fair share.” We know from data that the IRS will target everyone and has historically gone after lower-income Americans. Another Democrat-backed reckless spending bill that taxpayers will pay for without ever having the opportunity to cast a vote.
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I know there are a lot of people that think the biggest con ever played on the public was Cov-19 but, at best, it was the second biggest con. Hands down, the biggest con was that businesses pay taxes. Businesses don’t pay taxes, well not like you and I do anyway. When we pay taxes, it come directly from the fruit of our labor. When businesses pay taxes, it comes from the built-in cost of the widgets they produce. Or, to put it more precisely, it comes from the consumer that buys the widget they produce. So when they tell you “business needs to pay their fair share”, they really mean me and you.
Fiat money and central banking will always be the biggest scam.
Mmmmkaaayyyy.
Now tell us how things will go if businesses are EXEMPT from taxes.
Boy! I just bet that all the prices will just drop right down, huh?
And none of OUR taxes will even go up, huh?
The fact is that ONLY businesses should be paying taxes. Normal flesh and blood persons should not.
But you keep tryin’. I’m sure your invite to an oligarch cocktail party will show up any day now.
Nothing new here. Taxation through inflation.
But I do see the irony in the title of the bill.
Stupid to debate if this will reduce inflation, when inflation is the cause of printing too much money. Our economy isn’t hot, so fed rate hikes are doing nothing and only making things worse. They keep “solving” inflation by creating inflation.
Someday the people will rise up….okay, probably not.
Nothing fights inflation better than a tax credit to buy an electric car. /sarc
At this point, it’s probably a lot easier to list what’s not Orwellian (yet).
When corps are taxed it means every consumer of their goods is taxed. Duh. When do we admit bankruptcy?
Dying empires always, always, send out their agents to collect more taxes from their serfs.
It will probably reduce inflation for the elites and trough eaters. The suffering for all else will increase exponentially. .
As an aside, was reading an article about the crypto carnage where trillions in frn’s were stolen and wondered how much, if any, of the trillions in bailouts made whole any of the elite that were taken.