Inflation Reduction Act - A Misnomer!

[audiophile]

A 15% minimum corporate tax based on gross book income WILL NOT REDUCE INFLATION, it will increase it. Of course, that is tip of the iceberg:

$6.5 Billion Natural Gas Tax Which Will Increase Household Energy Bills

$12 Billion Crude Oil Tax Which Will Increase Household Costs

$1.2 Billion Coal Tax Which Will Increase Household Energy Bills

Corporate Income Tax Hike on U.S. Businesses Which Will Be Passed on to Households

$124 Billion Stock Tax Which Will Hit Your Nest Egg — 401(k)s, IRAs and Pension Plans

95% Federal Excise Tax on American Pharmaceutical Manufacturers

$52 Billion Income Tax Hike on Mid-Sized & Family Businesses

Supersizing the IRS to Increase Audits – $124 Billion

https://www.atr.org/list-of-tax-hikes-i ... tion-bill/

[km1125]

As is we need to make the IRS even LARGER??? We need to SIMPLIFY the tax code, with a side benefit of making the IRS SMALLER!!

I read that part of the expected tax revenue was for "deficit reduction", which sounds good. It would amount to something like 300 billion dollars over TEN years.

How much is our current deficit?? Around 1 trillion every year??

I guess it's the thought that counts.

[audiophile]

They should work for Hallmark, if it is the thought that counts.

[bmw]

Just what we need - 87,000 more IRS agents.

So if I'm doing my math correctly:

$80 billion to IRS
1.2 million new audits

That amounts to a cost of $66,667 per additional audit. Sounds like money well spent to me!

[MotorCityRadioFreak]

I would say reducing insulin to no more than $35 is busting inflation. The rest of these allegations are incomplete at best, lies at worst.

[km1125]

I'm not sure how much it actually costs to make insulin, but if it's more than $35, who is going to continue to make it?

[Rate This]

I'm not sure how much it actually costs to make insulin, but if it's more than $35, who is going to continue to make it?

So if they require a couple tablets of Tylenol to go for .50 instead of $900 we should expect them to not make Tylenol too?

[MotorCityRadioFreak]

I'm not sure how much it actually costs to make insulin, but if it's more than $35, who is going to continue to make it?

It costs $8 to make it. I am so sorry that big pharma will only make $27 now.

[Deleted User 15846]

Right wing scare tactics for bitter middle aged white men.

[TC Talks]

Just what we need - 87,000 more IRS agents.

So if I'm doing my math correctly:

$80 billion to IRS
1.2 million new audits

That amounts to a cost of $66,667 per additional audit. Sounds like money well spent to me!

Since many Republicans feel that cheating on taxes is patriotic, I hope enforcement does increase. Let's start with the Lawn Care industry...

[bmw]

Has the CBO weighed in on the assumptions regarding deficit reduction?

Yes. They say it will add $115 billion to our debt over the next 10 years. https://www.cbo.gov/system/files/2022-0 ... chumer.pdf

[Rate This]

Has the CBO weighed in on the assumptions regarding deficit reduction?

Yes. They say it will add $115 billion to our debt over the next 10 years. https://www.cbo.gov/system/files/2022-0 ... chumer.pdf

Considering the size of the bill that seems a win. It’s a shade bigger than $115 Billion. The 2017 tax cuts by contrast blew a several trillion dollar hole in the budget…

[audiophile]

Even USA Today is calling this bill BS!!!


‘Inflation reduction’ bill? Don’t buy Democrats’ fantastical twisting of reality.
Opinion by Ingrid Jacques, USA TODAY - 10h ago

https://www.msn.com/en-us/news/opinion/ ... r-AA10ymOY