Tax Increases Are No Way to Reduce Inflation

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Posted: Aug 06, 2022 12:01 AM

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Inflation has now climbed to a 40-year high of 9.1%. The cost of food, energy, and gasoline are soaring. And GDP just contracted for a second consecutive quarter — the textbook definition of a recession.

Yet Democrats on Capitol Hill are hard at work on a tax-and-spend scheme to fund their ambitious climate agenda at the expense of cash-strapped Americans.

The timing couldn’t be worse. A behemoth spending bill deceptively dubbed the Inflation Reduction Act of 2022 emerged at the end of July from closed-door talks between Sen. Joe Manchin (D-WV) and Senate Majority Leader Chuck Schumer (D-NY). Despite an updated title to reflect the current crisis of rising prices, the Manchin-Schumer bill is just the latest version of the failed Build Back Better Act progressive spending binge.

Many of the provisions are a direct lift from BBB. For example, the Inflation Reduction Act includes

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