America First Policy Institute: Inflation Reduction Act Will Raise Prices and Taxes, Kill 218,000 Jobs

On Fox News @Night, Aug. 1, Lotter said, “The National Association of Manufacturers says this bill will cost 218,000 blue-collar workers their jobs next year. Your electric and heating bills are going up, your gas is going to go up by $25 billion as a tax increase for oil companies that’s going to get passed along at the pumps.”

“This is just going to make the inflation problem even worse,” he added.

“This administration reminds me of George Costanza from Seinfeld,” Lotter went on to say. “They should do the opposite of all of their natural instincts because — whether it’s the Wharton school, whether it’s the Joint Committee on Taxation — they all say it’s going to increase inflation and raise taxes on Americans who make under $400,000.”

The Biden Administration reminds me of George Costanza from Seinfeld. They should do the opposite of all their instincts.

Their new reconciliation bill will make INFLATION WORSE and RAISE TAXES on people making under $400K. @ShannonBream @foxnewsnight pic.twitter.com/Q2JQXHmfLV

— Marc Lotter (@marc_lotter) August 2, 2022

As reported by National Review, the reconciliation bill, tagged as the Inflation Reduction Act, would spend $385 billion on energy and climate; $80 billion for the IRS; and “$228 billion over ten years if the subsidies” for expanding Obamacare are made permanent.

In a press release, Jay Timmons, president and CEO of the National association of Manufacturers said, “This proposal is nothing more than a repackaging of the same bad ideas with a new name slapped on it. It is especially harmful because it will undermine manufacturers’ competitiveness at a time when the industry is reeling from supply chain disruptions and record inflation.”

By increasing taxes on manufacturers investing and raising wages, this bill will do more harm to the economy and, despite the title, little to relieve pricing pressures. Manufacturers will be less likely to invest in their communities and businesses. https://t.co/0lTE7JvGFr

— Jay Timmons (@JayTimmonsNAM) July 28, 2022

“Manufacturers kept our promises after the 2017 tax reforms, hiring more workers, investing in our communities and raising wages and benefits,” said Timmons. “Raising taxes now will hurt manufacturers’ ability to keep delivering for our people and mean fewer opportunities for Americans already worried about their financial future.”

“Government price controls on pharmaceutical manufacturers are no less destructive,” he added. “They will weaken our ongoing work to develop lifesaving cures to complex diseases like cancer and Alzheimer’s, and harm our responses to health crises. It’s bad for Americans’ health. It’s wrong for our economy.”