Today, U.S. Representative Tim Burchett (TN-02) voted against the Democrats’ Inflation Reduction Act.
“You never reduce burdens – or inflation – by increasing taxes $745 billion. You simply create more government that will never go away,” said Rep. Burchett. “Democrats need to learn a lesson or two from Tennessee, where we reduced taxes and regulations and now have record surpluses and thriving businesses.”
This 755-page bill includes $745 billion in new spending and will increase the United States’ deficit by $146 billion. Some of the provisions in the Inflation Reduction Act include:
- $80 billion for the U.S. Internal Revenue Service, including $45.6 billion to hire 87,000 new enforcement agents to audit American taxpayers
- A new 15% minimum tax on corporations’ book income
- $52 billion tax hike on small businesses
- $12 billion tax hike on crude oil production
- $369 billion in subsidies, tax credits, and rebates on green energy projects and “environmental justice”
