Posted 54 days ago
Sen. Mike Lee (R-Utah) on Monday lambasted the $740 billion spending bill Democrats passed in a party-line vote over the weekend, saying it is "appalling" that President Joe Biden would raise taxes during a recession.
He continued, "Look at what they're doing. They're increasing spending and they're raising taxes while we're in the middle of a recession and while we're in the middle of rampant inflation. In my home state of Utah, people are experiencing nearly 15% inflation relative to last year. As a result of that, with that kind of inflation people who are paid 26 paychecks a year, it's as though Biden policies have consumed four of those 26 paychecks out of every year. That is appalling. It's doubly appalling that they would spend more and raise taxes in the middle of a recession."
Democrats say the Inflation Reduction Act is a historic investment in green energy initiatives that will create jobs and make transitioning to renewable energy more affordable. The bill contains nearly $400 billion in tax credits and subsidies designed to bolster the green energy industry.
To offset some of the costs of this spending, Democrats included a 15% minimum tax on annual corporate profits of $1 billion or more, with some exceptions for companies with private equity backing.... (Read more)