Q&A: Red tape & red ink

Q: What’s wrong with the so-called “Inflation Reduction Act?”

A: The White House and Democrat-led Majority in Congress are taking yet another bite at the tax-and-spend apple. Despite 41-year high inflation and rising cost of living, the big spenders in Washington can’t keep themselves from reaching for red tape and red ink. Now, they’re pushing another version of Build Back Better that’s not any better than the first time it failed. They want to tax, tax, tax and spend, spend, spend. As a former chairman of the Senate Finance Committee, I’ve written tax policy long enough to know that when you tax something, you get less of it. So, with rising energy prices hammering Americans, the grand plan from the White House is to raise taxes on fossil fuel energy companies. That’s not going to help lower energy costs, gas prices or utility bills for U.S. households, farms or businesses. The partisan tax scheme makes room for Green New Deal subsidies and paves the way for new loopholes to avoid taxes. Handing out tax incentives for wealthy Americans to buy an $80,000 electric SUV isn’t going to help lower-income wage earners fill up their tank and get to work.

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