President Joe Biden is being blasted after insisting that the Inflation Reduction Act would not raise taxes amid continued economic downturn.
On Thursday, Biden said on Twitter that the Democrats’ newly passed reconciliation bill would not raise taxes on anyone in the middle class.
Biden blasted for claiming Inflation Reduction Act won’t raise your taxes: ‘Not telling the truth’ https://t.co/aHSmgTvchb
— Fox News (@FoxNews) August 4, 2022
“When we pass the Inflation Reduction Act, not a single American in the middle class will pay higher taxes. It’s that simple,” the president tweeted.
The controversial tweet prompted many users to vent their frustration at Biden, including Arizona Republican state congressional candidate Christian Lamar, who claimed that the act would make life harder for the average American.
“How exactly is raising the corporate tax rate by 15% going to reduce inflation? American Corporations will pass this tax cost over to US consumers causing higher inflation. The Biden gas hike was passed on to US consumers as 40 year record high inflation,” Lamar wrote.
Film producer Errol Webber also replied to Biden, stating, “Congress introduced the Inflation Reduction Act, which is really just one more ploy to tax Americans and spend endlessly on nonsense. At some point we need to quit asking who needs to pay more taxes, and focus on where the heck all of this money is going! Stop the madness!”
Additionally, Heritage Foundation research fellow EJ Antoni told Fox News that the bill will “exacerbate Americans’ pain from inflation while simultaneously raising taxes.”
“President Biden’s Build Back Better Act with a $433 billion price tag, most of which will be spent on climate provisions” will “be passed through to the consumer at all different levels, not only in the purchase of energy itself, but because energy affects everything we do and everything we buy,” said Antoni.
This comes as Americans suffer from financial strain, thanks to the Biden administration’s incompetent handling of economic issues.
According to economists at the San Francisco Federal Reserve, an analysis in March concluded that Biden’s COVID-19 stimulus checks have caused an imbalance in supply and demand.
“Since the first half of 2021, U.S. inflation has increasingly outpaced inflation in other developed countries,” the study read. “Estimates suggest that fiscal support measures designed to counteract the severity of the pandemic’s economic effect may have contributed to this divergence by raising inflation about 3 percentage points by the end of 2021.”
