Study: Taxes will rise under Biden's 'Inflation Reduction Act'
'The Big Sunday Show' panelists react to findings from the Joint Committee on Taxation's claiming that the Manchin-Schumer reconciliation bill would raise taxes.
Sen. Joe Manchin, D-W. Va., opted to support President Biden's green energy agenda in the Senate last week. On the Big Sunday Show, panelists highlighted how the legislation would increase inflation and taxes despite Manchin's assurances to the contrary.
Citing the Joint Committee on Taxation Analysis, co-host Anita Vogel said Manchin was wrong.
"The bipartisan group says taxes would increase next year for people who earn less than $200,000. The average tax rate for nearly every income bracket would increase, and in about ten years those earning below $400,000 would bear as much as two-thirds of the tax burden thanks to new green energy credits kicking in to help the wealthy," she said.
"They can call it the ‘Inflation Reduction Act’ all they want," responded co-host Charles Hurt. "It is not going to reduce inflation, it is going to increase inflation."
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FILE - Sen. Joe Manchin, D-W.Va., is met by reporters outside the hearing room where he chairs the Senate Committee on Energy and Natural Resources, at the Capitol in Washington, July 21, 2022. (AP Photo/J. Scott Applewhite, File) (The Associated Press)
"There is no such thing as a free meal, money comes from somewhere. Even if you're printing it, money comes from somewhere and working Americans are going to pay the price for this," he continued.
Vogel cited the University of Pennsylvania's Wharton Budget Model. "We estimate that the Inflation Reduction Act will produce a very small increase in inflation for the first few years, up to 0.05 percent points in 2024," the report said.
Rachel Campos-Duffy called the legislation "such an insult to the American people" and a "climate bill that has nothing to do with inflation."
"It's going to raise taxes, it's going to exacerbate inflation," she continued.
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U.S. Senator Joe Manchin (D-WV) talks with Sen. Tim Scott (R-SC) in the Senate subway at the U.S. Capitol in Washington, U.S., December 15, 2021. (REUTERS/Elizabeth Frantz)
She accused Manchin of "lying" to his constituents on this issue. Campos-Duffy added that the people of West Virgnia "don't like Joe Biden, miss Trump, definitely miss Trump gas prices, they miss Trump economy, they miss the Trump foreign policy where every three months we're not facing nuclear catastrophe.
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The United States is in a recession after the GDP showed negative growth for the second consecutive quarter. Simultaneously, inflation is at a 40-year-high, with meat, gas, energy bills, and rent prices soaring.