On Friday, House Democrats, including all of Arizona’s Democrat Representatives passed the massive $739 billion IRS expansion bill that also includes some money to address climate change, and healthcare issues.
In a 220-to-207 party line vote, the House approved the “anti-inflation legislation,” H.R. 5376, which the Congressional Budget Office says will have a “negligible” effect on inflation in 2022 and into 2023.” Republicans claim the spending in the bill will make inflation worse.
According to the nonpartisan Joint Committee on Taxation, the Biden administration tax hikes in the bill will raise taxes on Americans making as little as $20,000 per year.
“The reality is this bill does nothing to reduce inflation,” Rep. David Schweikert said after voting against the bill. “What this legislation really does is subsidize big Pharma and energy companies hand-picked by Democrats while taxing and destroying small businesses, some of which may offer vital competition in those same sectors.
“We should be supporting new businesses entering the market with disruptive and more efficient technology that would alleviate supply chains while competing with large pharmaceutical and climate-driven companies to lower costs. Instead, Democrats put a bill on the Floor today that stifles competition and hinders innovation by raising taxes on lower-and-middle-income families and small businesses to subsidize their unions and donors in the industry,” concluded Schweikert.
Rep. Ruben Gallego said the bill, for which he voted, will create “cheaper prescription drugs, lower healthcare costs, thousands of climate friendly jobs,” in a tweet:
Cheaper prescription drugs, lower healthcare costs, thousands of climate friendly jobs, and making billionaire corporations finally pay their fair share in taxes. That’s what’s in the Inflation Reduction Act–and it’s soon to be law.
Democrats deliver. Again and again.
— Ruben Gallego (@RepRubenGallego) August 12, 2022
Rep. Andy Biggs said he voted against the “Democrat’s Inflation (Enhancement) Reduction Act, in a tweet:
I voted against the Democrats’ Inflation (Enhancement) Reduction Act today.
Here’s why: pic.twitter.com/LzbG7yfKmM
— Rep Andy Biggs (@RepAndyBiggsAZ) August 12, 2022
Reps. Tom O’Halleran and Greg Stanton, who are both vulnerable and facing Republican candidates Eli Crane and Kelly Cooper were largely silent on the issue on social media platforms.
“Even after Joe Biden repeatedly promised middle-class Americans would not “pay a penny more in taxes” under his administration, O’Halleran and Stanton passed a bill to do just that,” said Ben Petersen with the Republican National Committee in a press release. “Democrats aren’t done making life harder for middle-class Americans. This morning, Democrat Rep. Richard Neal admitted that if they keep the majority, Democrats will raise taxes again next year.”
Arizona Senators Mark Kelly and Kyrsten Sinema earlier voted in favor of the bill, but not before Sinema came to the wealthy’s rescue when she announced that she would back the legislation only on the condition that the carried interest tax provision was dropped for the benefit of hedge funds.