Sen. Mike Lee denounced Senate Democrat’s passage of the so-called Inflation Reduction Act. The bill spends hundreds of billions of dollars and raises taxes at a time when inflation has grown to 9.1% nationally and nearly 15% in Utah.
Democrats passed President Biden’s legislation through what’s known as the budget reconciliation process, meaning the bill could pass with a simple majority rather than the sixty votes customarily needed to advance legislation.
The non-partisan Joint Committee on Taxation estimates that the Inflation Reduction Act will raise taxes by $313 billion over the next ten years. The Penn Wharton budget model broke this down and concluded that this bill has no deficit reduction until at least 2027.
Sen. Lee was joined by all of his Republican colleagues in rejecting the legislation.
Of the bill, Sen. Lee said, “You shouldn’t judge a book by its cover, and you certainly shouldn’t judge this bill by its title. Despite its name, this bill will not reduce inflation.” Sen. Lee continued,“American families cannot afford the Biden administration’s latest tax and spend scheme. If the definition of insanity is doing the same thing and expecting different results, then spending more money and increasing taxes to reduce inflation meets that definition.“
Ahead of the late-night kickoff of the amendment process known as vote-a-rama, various GOP Senators took to the Senate floor to voice their opposition to the bill.
Sen. Crapo (R-ID) said, “It’s too many taxes, too much spending, too big of a burden on American people across all income categories. if anything, the taxes will drive prices up. Madam president, I encourage all of my colleagues to reject this reckless bill.”
Sen. Lankford (R-OK) said, “It doesn’t reduce the deficit. They joined in the chorus talking about the beauty of the emperor’s new clothes. I’m willing to say what a lot of people in this room know in their gut but they’re afraid to say, it doesn’t reduce inflation, it doesn’t reduce the deficit, the emperor has no clothes. Let’s reject this bill.”
Sen. Blackburn (R-TN) said, “These hundreds of billions of dollars will serve a purpose, but not to reduce inflation or bring relief. Blue states, unions, radical activists will once again come out on top. Meanwhile, families, working hard to make ends meet, workers, business owners, local leaders are still on the verge of losing everything.”
Sen. Portman (R-OH) said, “The nonpartisan joint committee on taxation, not a partisan group, nonpartisan, says this will hurt Americans in every tax bracket. They say more than half of the burden of the over $300 billion in new taxes will fall on folks making less than $400,000 a year. Well, that directly contradicts promises made not to increase taxes on Americans at that level.”