SHEFFIELD: Even Democrats Used To Know Raising Taxes During A Recession Is Bad. What Changed?

During a recession is precisely not the time to raise taxes — even Democrats used to believe that. In the past, Sen. Chuck Schumer, Janet Yellen, Sen. Joe Manchin, and former President Barack Obama all warned about the dangers of raising taxes during a recession. But that was then, this is now.

Today, Democrats are trying to pass the falsely named “Inflation Reduction Act.” (IRA) This $740 billion in new tax hikes and spending reconciliation bill is an homage to Green Energy Greed. It will spawn a new generation of failed Solyndra-like pet projects that will harm low-income Americans and do almost nothing to slow global emissions.

Instead, government must unleash the U.S. energy sector to liberate oil production and restore U.S. energy independence so that we are not reliant on foreign oil producers. (RELATED: SHEFFIELD: Here’s How One Red State Is Beating Back Woke Activism On Wall Street)

The “Inflation Reduction Act” proposes to reduce the deficit and lower inflation by increasing taxes, but it will fail to do what its name claims. According to preliminary estimates from the Penn Wharton Budget Model (PWBM), this bill would actually slightly increase inflation for the next two years.

American Enterprise Institute’s Michael Strain

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