Inflation Reduction Act – Loveland Reporter-Herald
Americans earning less than $400,000 a year will pay more taxes
During his campaign and since being elected, President Biden has repeatedly stated that under his administration, no one earning less than $400,000 will see their taxes rise. The Congressional Budget Office has revealed that under its Cut Inflation Act, people earning less than $400,000 will see their taxes increased by at least $20 billion, or $20,000 million of course. . In large part, it will be the doubling of the number of IRS agents that drives the increase.
I visited someone who is very knowledgeable about tax issues, and she says that people who work in a company that deals mainly in cash will be the first target. If you have a pizza place, barber shop, hair salon, landscaping company, etc., or work for tips, you better be careful.
How many think the people listed above are in the over $400,000 income bracket? Probably very little.
Democrats celebrate victory while Americans suffer
Democrats celebrate ‘Cut Inflation Act’ as inflation hits 40-year high. While the Democrats are “hitting the five”, the Americans are struggling with rising prices.
Overall American satisfaction and confidence are at their lowest level in 12 months, with 43% of consumers expecting to increase their debt in the coming months. Americans cannot put money aside in savings, with 23% having no emergency savings. The rising cost of basic necessities has an impact on a family’s way of life. In order to make ends meet, Americans – especially parents with young children – expect to increase their credit card debt. They have to rely on their credit cards to buy what they need and can’t afford. Credit card balances are growing, up 13% from the second quarter of 2021. Americans’ financial well-being is at a 12-month low. Their decline in financial confidence is due to more borrowing, less saving with fewer safety nets. As Biden and Democrats dance in the streets, Americans grapple with their finances.
The Cut Inflation Act announced by Biden will have no significant effect on short-term inflation, and GDP declines only slightly in the first decade. Democrats chose the “Cutting Inflation Act” over this tax and spending legislation to “put lipstick on a pig” to hide its failures. Don’t be fooled by the spin of the Democrats! Democrats have proven they don’t have the answers. We have an opportunity to make a change in Washington in November’s midterm.
Larry Roche, Windsor