{"id":46731,"date":"2022-08-11T08:36:21","date_gmt":"2022-08-11T12:36:21","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=46731"},"modified":"2022-08-11T08:36:21","modified_gmt":"2022-08-11T12:36:21","slug":"despite-what-you-are-being-told-the-inflation-reduction-act-is-simply-a-tax-bill","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=46731","title":{"rendered":"Despite What You Are Being Told, The Inflation Reduction Act Is Simply A Tax Bill"},"content":{"rendered":"<p>On Monday, <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/08\/08\/atr-taxes-on-fuel-business-medicines-and-more-in-inflation-reduction-act\/\" target=\"_blank\" rel=\"noopener\">Breitbart<\/a> reported:<\/p>\n<p class=\"subheading\" style=\"padding-left: 40px;\"><strong>Americans for Tax Reform (ATR) has listed several taxes in in the so-called \u201cInflation Reduction Act\u201d that passed the Senate on Sunday \u2014 which Democrats now hail as a \u201cclimate\u201d bill, since the Congressional Budget Offices says it will hardly reduce inflation.<\/strong><\/p>\n<p style=\"padding-left: 40px;\"><strong>These taxes include taxes on fossil fuel, which will raise energy costs for working-class families, still struggling with high gas prices; taxes on businesses that will affect consumers and entrepreneurs; taxes on medicines; and taxes that affect pensions.<\/strong><\/p>\n<p>The article lists the taxes:<\/p>\n<p>The full list, as published by ATR, is summarized below.<\/p>\n<ul>\n<li><strong><span style=\"text-decoration: underline;\">Taxes on fossil fuels<\/span>:\u00a0These include a $6.5 billion tax on natural gas production; a \u201c16.4 cents-per-barrel tax on crude oil and imported petroleum products\u201d; and a $1.2 billion coal tax. All of these would likely raise energy costs for typical households.<\/strong><\/li>\n<li><strong><span style=\"text-decoration: underline;\">Taxes on corporations<\/span>: The bill includes a 15% minimum tax on large corporations, which ATR argues will be passed onto consumers, and which will hit the manufacturing industry particularly hard as it is still struggling with supply chain problems.<\/strong><\/li>\n<li><strong><span style=\"text-decoration: underline;\">Taxes on medium-sized businesses<\/span>:\u00a0ATR says the bill extends a limit on loss deductions for \u201cpassthrough\u201d businesses \u2014 S corporations and sole proprietorships \u2014 for two years, without extending a corresponding 20% deduction on income.<\/strong><\/li>\n<li><strong><span style=\"text-decoration: underline;\"><em>Indirect tax on pensions through taxing stock buybacks<\/em><\/span>: The bill taxes companies that buy their own stock back, ignoring the fact that doing so often raises the price of the stock. The tax therefore hurts 401(k) savings, and even union pension funds.<\/strong><\/li>\n<li><strong><span style=\"text-decoration: underline;\">Tax on\u00a0pharmaceuticals unless they accept price caps<\/span>: The bill imposes a 95% excise tax on pharmaceuticals that do not accept government price controls, which could affect the ability of drug companies to develop new treatments in the future.<\/strong><\/li>\n<\/ul>\n<p>As Ronald Reagan used to say, &#8220;Here they go again.&#8221;<\/p>\n<p>The article concludes:<\/p>\n<p style=\"padding-left: 40px;\"><strong>The Congressional Budget Office has\u00a0<a class=\"x5l\" href=\"https:\/\/www.budget.senate.gov\/ranking-member\/newsroom\/press\/cbo-confirms-to-graham-dems-inflation-reduction-act-wont-reduce-inflation\" target=\"_blank\" rel=\"noopener external\">said<\/a>\u00a0the bill will likely have a negligible effect on inflation in the near future, despite its name. The bill passed the Senate on Sunday evening, and now heads to the Democrat-controlled House for likely passage.<\/strong><\/p>\n<p>Why am I not surprised that the bill will not immediately impact inflation? The way to stop inflation is to stop spending and bring back energy independence.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Monday, Breitbart reported: Americans for Tax Reform (ATR) has listed several taxes in in the so-called \u201cInflation Reduction Act\u201d that passed the Senate on Sunday \u2014 which Democrats now hail as a \u201cclimate\u201d bill, since the Congressional Budget Offices &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=46731\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[15120,10348,15597],"class_list":["post-46731","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-americans-for-tax-reform","tag-breitbart","tag-inflation-reduction-act"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/46731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=46731"}],"version-history":[{"count":1,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/46731\/revisions"}],"predecessor-version":[{"id":46732,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/46731\/revisions\/46732"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=46731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=46731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=46731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}