TPA Slams “Inflation Reduction” Act of 2022

For Immediate Release                                                                             Contact: Abigail Graham: (202) 417-7235

July 28, 2022                                                                                                                

Washington, D.C. – The Taxpayers Protection Alliance (TPA) responded to Congressional Democrats relabeling their inflationary Build Back Better agenda and urged all members of Congress to oppose this continued push for reckless government spending and taxation.

TPA President, David Williams, offered the following statement:

“The Inflation Reduction Act of 2022 is just putting lipstick on a pig, hoping the American public doesn’t notice. This is an expensive wish list of progressive spending with tax increases that would harm all Americans. This proposal relies on offsets that would target taxpayers with audits, sell out seniors’ healthcare, increase prices through corporate tax hikes, and discourage investment in American business during an economic downturn.

“The U.S. economy is in peril and a 15 percent corporate minimum tax coupled with tax code changes that dissuade aggressive investment in the economy would spell disaster for consumers and the long-term success of American businesses. With today’s announcement showing a second quarter of negative GDP growth, this legislation would exacerbate the current economic decline.

“This proposal would send the IRS after taxpayers in pursuit of an additional $124 billion dollars in revenue. The agency has already admitted to targeting taxpayers without resources to fight back. Nearly half of all audits conducted in 2021 were directed at America’s poorest taxpayers and this revenue raising mission would only further that practice.

“And also of concern is the included provision for a $15 million study on a “Direct E-File” tax return system. Polling shows that 75% of Americans do not want to expand the authority of the IRS. This is yet another example of Senate Democrats being out of touch with the real priorities of Americans.

“Unfortunately, the supposed Medicare ‘negotiations’ involve price controls, not negotiation. Seniors’ medical care would be jeopardized by price controls to pay for progressive priorities. A reduction in drug development would delay and otherwise hamper lifesaving innovations.  It’s clear the D.C. heat has affected the sensibilities of Senate Democrats.  Time for them to go home and cool off and give taxpayers and consumers a much-needed break from Congress’ fiscal irresponsibility.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.