(Headline USA) A new bill proposed by Sens. Joe Manchin, D-W.Va., and Chuck Schumer, D-N.Y., would raise taxes on millions of low-income and middle-class earners making less than $400,000 annually, according to a nonpartisan report from the Congressional Joint Committee on Taxation.
The CJT’s report found that Manchin’s “Inflation Reduction Act,” which is being shipped as an alternative to President Joe Biden’s failed Build Back Better agenda, would raise taxes by $16.7 billion on American taxpayers making less than $200,000 in 2023, and raise another $14.1 billion on taxpayers who make between $200,000 and $500,000.
By 2031, workers earning less than $400,000 would be paying as much as two-thirds of the new tax revenue collected that year as a result of the bill, according to the report.
“Americans are already experiencing the consequences of Democrats’ reckless economic policies,” Sen. Mike Crapo, R-Idaho, who sits on the Senate Finance Committee as a ranking member, said of Manchin’s bill.
“The mislabeled ‘Inflation Reduction Act’ will do nothing to bring the economy out of stagnation and recession, but it will raise billions of dollars in taxes on Americans making less than $400,000,” he said, according to the New York Post.
“The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods,” Crapo added.
Democrats, however, are trying to dismiss the nonpartisan report, with Senate Finance Chair Ron Wyden, D-Ore., insisting that families “will not pay one penny in additional taxes under this bill.”
Manchin also claimed on that his bill is “not putting a burden on any taxpayers whatsoever.”
“I agree with my Republican friends, we should not increase and we did not increase taxes,” he said.
The “Inflation Reduction Act” would allocate $369 billion to energy and climate initiatives and another $64 billion to federal health insurance subsidies. It includes several elements of the radical Green New Deal, including an initiative to decrease cow farts and burps by finding alternatives to the animals’ diets.
“This is another example of how out of touch Senate Democrats are,” said Patrick Creamer, the communications director for Republicans on the Senate Committee on Agriculture, Nutrition and Forestry.
“Americans are struggling with high prices at every turn — the grocery store, the gas pump, even at home with utilities — and yet Senate Democrats want them to pay billions for Green New Deal programs that were roundly rejected when they were first proposed. With inflation at 9%, these misplaced priorities are reckless and dangerous.”
The majority of the bill’s funding would come from a 15% corporate minimum tax.