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Biden lied: Tax hikes from Inflation Reduction Act will hit families making less than $400k/year

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Democrats promised Americans their spending would help Americans; not so, says a new analysis. President Joe Biden, who signed the Inflation Reduction Act in November, asserted Americans who make less than $400,000 a year would not be affected. In reality, they could “end up paying $20 billion of the new tax revenue it brings in,” reports the Daily Mail.

In the Inflation Reduction Act, there are three major energy taxes that are projected to increase household energy bills. One of the taxes is a regressive tax on American oil and gas development, which is estimated to increase taxes by $6.5 billion. According to the American Gas Association, this methane tax could result in a 17 percent increase in the average family’s natural gas bill just on its own.

Even “officials from the Biden administration have acknowledged that this type of tax, which raises consumer energy prices, goes against President Biden’s $400,000 tax pledge,” adds the Daily Mail.

Biden’s act injected $473 billion of new spending on climate change and healthcare, but will it actually reduce inflation? “In fact, middle-class Americans will pay new taxes- directly contradicting Biden’s promise to not raise penalties on people earning under $400,000,” adds Daily Mail.

The bill passed the House on a party-line vote of 220-207 after a close Senate vote of 51-50, with all Democrats and Vice President Kamala Harris voting in favor of it. The bill includes $430 billion in spending, raises $737 billion over a decade in revenue, and is “expected” to shave roughly $300 billion off the deficit.

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