FOR IMMEDIATE RELEASE
July 29, 2022
Logan Elizabeth Padgett
Statement from The James Madison Institute on the proposed “Inflation Reduction Act of 2022”
The numbers don’t lie. We are in a recession. Yesterday, the majority party in the United States Congress decided that the best way to attack our current challenges of an official recession coupled with near double-digit inflation is to print more money and increase taxes on job creators and Americans. What they are calling the “Inflation Reduction Act of 2022” will do the opposite of what the name suggests.
Make no mistake – the White House promises that no individual making under $400,000 will have their taxes increased are a lie. There is no other word that can accurately capture the idea that raising taxes on job creators and small businesses will somehow not result in higher prices for all of us. This policy proposal also flies in direct opposition to their own direct comments over the past:
· “If we’re in a recession….I don’t think Sen. Obama or anyone else is going to raise any taxes. You don’t want to take money out of the economy when the economy is shrinking.” – Senator Charles Schumer, 10/27/08
· “I don’t think during a time of recession you mess with any of the taxes or increase any taxes.” – Senator Joe Manchin, 10/18/10
· The last thing you want to do is to raise taxes in the middle of a recession.” – President Barack Obama, 08/05/09
The principles guiding the Left’s current approach have failed time and time again. They are grounded in a reality that does not exist. Floridians will see higher prices, less economic activity, and a prolonging of the current crises.
It is our sincere hope that the few voices of fiscal and economic responsibility in Congress can somehow prevail in the days and weeks ahead.