Legislation

Thomas Schank: Read beyond misleading title of Inflation Reduction Act

The newly titled “Inflation Reduction Act” is an oxymoron. You do not spend billions of dollars to reduce inflation. This is liking fighting a fire with gasoline. The naming of the bill is an election year gimmick. Pumping more money into the economy will only help to increase inflation.

The minimum corporate tax rate within the bill will dampen investment and diminish economic growth. The Inflation Reduction Act will increase business cost and disincentivize investment. This will push us deeper into a recession.

The non-partisan Joint Committee on Taxation found that much of the cost of the Inflation Reduction Act will be borne by households earning less than $400,000. This is in direct violation of President Biden’s pledge not to impose more tax expense on families earning less than $400,000.

The Inflation Reduction Act is a recipe for worsening inflation and advancing the recession. I only hope that voters read beyond the misleading title of this massive spending bill.

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Thomas Schank


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