Democrats’ ‘Inflation Reduction Act’ will hurt average New Jerseyans (Opinion)
Rosemary Becchi is a federal tax attorney in New Jersey. She's also the founder and president of Jersey First, an organization dedicated to raising awareness of the negative impact of high taxes and regulations.
She joined me to discuss the Democrat's "Inflation Reduction Act" and shine a light on the facts.
As Rosemary reports from the detailed research from her team at Jersey First, The Act will actually raise taxes on people making more than $30,000 a year, add 87,000 new IRS agents and add more than $433 billion in new spending.
I spoke to Rosemary at length about the letter sent to House and Senate leadership from 230 economists which criticized the Act, saying:
...inaptly named ‘Inflation Reduction Act of 2022’ would do nothing of the sort and instead would perpetuate the same fiscal policy errors that have helped precipitate the current troubling economic climate. - quote from foxbusiness.com
Here are the highlights from Rosemary's expert analysis:
- $433 billion in new spending
- Tax hikes on incomes of $30,000 and higher
- 87,000 new agents
- Taxpayer-funded handouts like tax credits for luxury electric vehicles
The Inflation Reduction Act is only going to make our economy and inflation worse. What we need is to go in the opposite direction and actually cut spending in Washington. We don't have a revenue problem. We've hit record tax revenue numbers, but Washington is spending faster than taxes are coming in.
During the Covid pandemic, the US government flooded the economy with cash. Ultimately, and predictably, this led to record levels of inflation. The biggest mistake we could make at this point is to keep going with the status quo of increasing government spending, and subsequently raising taxes on American families and businesses. - Rosemary Becchi
If you want to read the bill, here's a link.
Earlier this week I interviewed Paul DeGroot, the candidate taking on Democratic incumbent Mikie Sherril, who said she wouldn't support a bill that didn't restore the SALT deduction, then she flip-flopped and decided to support the Pelosi/Biden tax increase anyway.
The post above reflects the thoughts and observations of New Jersey 101.5 talk show host Bill Spadea. Any opinions expressed are Bill's own. Bill Spadea is on the air weekdays from 6 to 10 a.m., talkin’ Jersey, taking your calls at 1-800-283-1015.