Byron Donalds: Inflation Reduction Act Will Raise Taxes, Worsen Economy – ‘That is Insane Policy’
August 8, 2022 Updated 10:27 A.M. ET
WASHINGTON (FLV) – Florida Republicans slammed Democrats for supporting the “Inflation Reduction Act” that would invest billions of dollars in climate initiatives while the country is in a recession.
The U.S. Senate passed the Inflation Reduction Act on a party-line vote with Vice President Kamala Harris breaking the tie Sunday.
The legislation moves to the U.S. House of Representatives where U.S. Rep. Byron Donalds voiced intense opposition.
“To be frank, I don’t like anything about this bill. It’s not necessary. This is all about Democrats needing something for their elections coming up in November,” Donalds said in a Newsmax interview Monday.
“This is the government pushing more money into an economy that doesn’t need more money. Inflation is going to rise. Taxes are going to rise. These senators are out to lunch. they don’t know what they’re doing.”
The Inflation Reduction Act will increase tax revenue by about $739 billion. It will cost an estimated $433 billion with most of the money being invested in climate provisions. The legislation would also extend subsidies for health insurance under the Affordable Care Act. About 87,000 new IRS agents would be hired under the legislation.
The Congressional Budget Office said the bill will would have a “negligible” effect on inflation.
Senator Marco Rubio said the bill does not address the real concerns of Americans.
“There isn’t a single thing in this bill that helps working people lower the price of groceries, or the price of gasoline, or the price of housing, or the price of clothes,” Rubio said.
“There isn’t a single thing in this bill that is going to keep criminals in jail. There isn’t a single thing in this bill that is going to secure our border. And those happen to be the things working people in this country care about,” Rubio said.
U.S. Rep. Val Demings signaled that she would support the legislation in the House.
“Experts and economists say that the Inflation Reduction Act will save Florida households thousands of dollars. This bill will reduce the cost of prescription drugs, make health insurance more affordable, cap out of pocket costs, reduce your energy bill, reduce the federal deficit, and bring down inflation,” Demings said. “As the daughter of a maid and a janitor, every dollar mattered in our household, and I’ll always fight to protect working families.”
Senator Rick Scott called the Senate’s passage of the bill a “reckless tax-and-spending spree” that does nothing to combat inflation.
“With their new reckless tax-and-spending spree, Democrats have launched a WAR ON SENIORS and a WAR ON AMERICAN JOBS that hikes taxes and will result in far fewer life-saving drugs,” Scott said.
“The only thing that will come from this is even MORE SPENDING, HIGHER TAXES AND MORE INFLATION. The Democrats are destroying our country, killing retirements and crushing the American Dream for millions, but they don’t care,” Scott said.
