Tuesday, August 09, 2022

The misnamed Inflation Reduction Act

It's no shock to me that this Inflation Reduction Act is the opposite of the words, but a tax grab--exactly the intention of the Democrats. It's the government that got us into this mess by throwing money at anything that moved from 2019-2022, and that includes the Trump years.

"Using the Tax Foundation’s General Equilibrium Model, we estimate that the Inflation Reduction Act would reduce long-run economic output by about 0.1 percent and eliminate about 30,000 full-time equivalent jobs in the United States. It would also reduce average after-tax incomes for taxpayers across every income quintile over the long run.

By reducing long-run economic growth, this bill may actually worsen inflation by constraining the productive capacity of the economy." https://taxfoundation.org/inflation-reduction-act/

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