Dems Spending Bill Could Hammer Americans With Billions In New Taxes

Tax professionals are still attempting to determine the precise costs associated with the so-called Inflation Reduction Act, a 755-page patchwork of handouts, carveouts, and subsidies that aims to lower inflation by cutting the deficit and raising taxes.

They all concur on one thing, though: It’s probably going to be a lot.

In the long run, Garrett Watson, a senior policy analyst and modeling manager at the Tax Foundation, stated, “Everyone is facing slightly less after-tax income.”

The Congressional Budget Office, a nonpartisan organization that generally assigns each piece of legislation a price tag before it is voted on, has not yet assessed the measure in its entirety, which is the main cause of the uncertainty. But since it was put together so fast, the Inflation Reduction Act, a scaled-back version of President Biden’s earlier multi-trillion-dollar Build Back Better program, hasn’t been thoroughly examined.

Tax professionals are still attempting to determine the precise costs associated with the so-called Inflation Reduction Act, a 755-page patchwork of handouts, carveouts, and subsidies that aims to lower inflation by cutting the deficit and raising taxes.

The $740 billion energy and healthcare expenditure bill’s impact on inflation, the issue it is meant to address, would be minimal at least in 2022 and 2023, according to the CBO, even if they are still crunching the figures.

Americans for Tax Reform has compiled a list of the biggest costs to families based on a combination of data from the CBO and Congress’ Joint Committee on Taxation. The list was created while Americans wait to see just how badly the bill will beat up their wallets, which the House is expected to pass and send to President Biden sometime Friday.

Although laws can be drafted rapidly, the effects of these tax increases are anticipated to last for some time. Watson even forecast that it would take a few years for the law to be fully implemented.

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