Today, Congressman Blake Moore issued the following statement after his vote against H.R. 5376:
“On behalf of Utahns who are struggling with inflated prices of everyday goods, rising energy costs, and overreaching big government policies, I voted “no” today on the Senate Amendment to H.R. 5376 – the Democrats’ Inflation “Reduction” Act. Behind a misleading name, this $700+ billion package comes on the heels of Democrats passing trillions in new spending over the past year and a half, contributing to inflation and negative economic growth. It pushes the Biden Administration’s progressive agenda—as Democrats are vying to keep their majority in the House—at the expense of hardworking American families.
Over 50% of the spending in this bill goes toward Green New Deal initiatives—over $380 billion through direct spending and tax breaks—which includes a proposal to expand a Department of Energy program by $250 billion to subsidize “green” energy technologies. In reality, this will become a $250 billion slush fund that will enable more bureaucratic waste, fraud, and abuse. When President Obama attempted a similar green energy initiative—the failed Solyndra operation—it cost $500 million. Compare that to $380 billion—with a “b”— in taxpayer dollars. We cannot put this much federal spending ahead of private, marketplace investment. This bill redistributes the paychecks of low and middle-income Americans toward $7,500 electric vehicle tax credits for wealthy Americans who can afford such expensive vehicles. As Utah’s domestic energy producers struggle with delayed permitting and drilling bans, Democrats are giving money to the rich to buy new cars. I have personally looked into purchasing an electric vehicle, and the backlog is over a year.
As I have previously communicated, Utah’s First District is home to thousands of IRS workers, and my team and I enjoy working with them on constituent casework and engaging with them at district events. I’ve heard their concerns, and they are in desperate need of advanced technologies and enhanced customer service capabilities. They are not, however, in need of the Democrats’ push to spend $80 billion on IRS expansion, much of which will be used to hire 87,000 new agents to conduct new audits. Low and middle income earners will be hit with an estimated 700,000 new audits, hurting small businesses and low-income Americans. Obama’s own IRS commissioner said there is no way to spend even half of this money.Even after Republicans repeatedly tried to place guardrails to protect everyday Americans from intrusive audits, Democrats will deputize the IRS to go after all Americans, which is the worst way to raise tax revenues as our economy experiences historic declines.
This package includes an expansion of Obamacare that would cost $248 billion over the next ten years with the majority of new funding going to Americans who never originally qualified for subsidies, allowing wealthier individuals to take advantage of taxpayer-funded healthcare. Additionally, this legislation contains big government provisions that allow the Secretary of Health and Human Services more authority to set the price of certain drugs, stifling much-needed market competition and life-saving medical advancements.
As American businesses struggle to get back on their feet after COVID shutdowns and a challenging economic environment, Democrats are pushing for a “Made in America” tax that will, according to the Joint Committee on Taxation, increase taxes by $222 billion by imposing a new 15% minimum tax on book income on American businesses in the U.S. with net income over $1 billion starting January 1stof next year, offering too little time for companies to make necessary changes for this massive added cost. This will reduce economic growth in the form of reduced jobs, wages, and investment; it is simply the last thing Americans need after two consecutive quarters of negative GDP growth.
I fail to understand how this package reduces inflation. This bill will reduce economic output, add to the deficit, and cost tens of thousands of full-time jobs. It is nothing more than a vehicle for Democrats to push their partisan agenda that creates outcomes we already know adversely impact the American people. I will continue to fight for Utah’s hardworking families who will carry the brunt of these policies.”