According to The Center Square, the so-called Inflation Reduction Act not only raises taxes on large businesses but enables the IRS to conduct more audits that will target small businesses and middle class families. Despite Democrat denials, even middle class families can be bankrupted by the costs of going through an audit even though they did nothing wrong.
The Center Square points out that the so-called green energy and climate giveaways in the legislation. They include nearly $300 billion in tax credits for making solar panels, wind turbines, batteries, green energy technologies and electric vehicles. This on top of the socialized medicine schemes in the bill such as price controls on insulin that will result in shortages.
An analysis by the Penn Wharton Budget Model predicts the recently passed so-called Inflation Reduction Act would increase inflation over the next two years, along with a .01% inflation reduction over five years but no measurable effect on inflation by 2028. Additionally, the Tax Foundation noted that the Democrat’s bill will increase inflation by hindering the productive capacity of the economy resulting from the new taxes and regulations in it.
The Biden administration says the IRS audits will be sufficient to pay for the new spending, but (if a recent IRS job posting is any indication) what it really amounts to is destroying lives and allows for a new war on the middle class and self employed. The only thing being built back better is the enhanced size and scope of government to manage people’s lives by making people slaves to the left’s ancien regime.