If ever an action was misnamed it is the so-called “Inflation Reduction Act” just passed by the Democrat controlled Congress. The bill was just signed into law by Joe Biden Tuesday.
To say the least, the Democrats and the Biden administration are misleading the American people into believing they are trying to reduce inflation and help relieve some of the misery caused by increased costs associated with it. This writer says Baloney! The Act does nothing of the kind!
Here is some of what the Act has hidden within its text.
The Inflation Reduction Act will increase the energy bill and cost of every American household by adding additional taxes: $6.5 Billion Natural Gas Tax, $12 Billion Crude Oil Tax, and $1.2 Billion Coal Tax to the American taxpayers. You’ll see that in increased prices of fuel oil, propane, coal and electric power, as well as the cost of gas at the pump.
In addition the Inflation Reduction Act includes a Corporate Income Tax Hike on U.S. Businesses. These corporate increases will be passed along to who? The US consumers of course, the same people who are fighting to keep their head above the inflationary water, and gas in their car, that’s who! And, who were mislead into believing the Democrat controlled Congress was going to bring them relief! Malarkey!
Thinking you’ll just retire and be done with the increased corporate taxes? Wrong! The Inflation Reduction Act has targeted your retirement Nest Egg too! All 401(k)s, IRAs and Pension Plans will get a $124 Billion Stock Tax on your retirement funds. Hello, Americans!
Image courtesy Fox News.
And just like the big TV ads say, ‘wait, there’s more’. Yes, there’s more, the Biden administration has placed a 95% Federal Excise Tax on American Pharmaceutical Manufacturers. So now you can count on any pharmaceutical needs or medicines you use increasing dramatically!
“Climate change”, rather global control, will also receive a $369 Billion dollar boost. This will aid the mission of the World Economic Forum in getting deeper control of nations world wide like the US. That’s where this bill came from originally to get 15% from corporations to fund the WEF plan. This Act will also send more Billions to Ukraine.
Own a family business? Don’t worry, you won’t be left out. There’s a $52 Billion Income Tax Hike on all Mid-Sized & Family Businesses!
And just so you don’t think you’ll skate past any of these lovely new taxes, the Biden administration has funded the infernal Revenue Service to increase audits to the tune of $124 Billion! That’s right, with more money and agents needing something to do, most Americans will probably hear from them or get a visit from the infernal revenuers.
And who will pay for all these new taxes? If you think you’ve just had a target placed on your back—-your right, you have! Virtually every single penny will be squeezed out of your paycheck, and every consumer in the country! Welcome to the land of the taxed and soon to be broke!
It appears that 87,000 new revenue agents will soon be joining the force, each mandated to carry firearms and having available 5 million rounds of ammo! Will the revenuers be going beast mode? By the way, that’s almost 2,000 new agents per state on average! Interestingly, the Democrats want to arm the revenuers but disarm the American citizen, why is that?
The new revenuer agents are being instructed that their employment will demand they be prepared to use the firearms on somebody who may refuse their advancements. Who could that be? Can you say American citizens!
These new agents will bring arms with them and be ready to use them to “eat out your substance” as the Declaration of Independence says. And this is all about to happen in the “land of the free and home of the brave” which is supposed to be the greatest among nations, and who ironically fought a war over insane taxes!
Remember this as you go to vote this November. If your vote counts at the polls this year, there should be lots of Dems turned out on their ear after this escapade in fleecing the American people.
Interestingly, this bill was supposed to reduce inflation, but none of this does that! These actions will only increase inflation—a lot! The additional costs paid in taxes by companies across the country will be passed on to all consumers—-that’s you and me! Everything that is in the so-called Inflation Reduction Act will increase the inflation rate and what we each pay for goods and services.
The last time taxes were levied at such an alarming rate there was ‘civil war’ in this country! And that was primarily what the ‘civil war’ was about—-taxes! It is apparent that the Biden administration and the Democrats are trying to destroy our country lock, stock and barrel, along with us and our future generations.
Prepare yourselves for treacherous times ahead. It’s looking like it’s going to be a bumpy ride!
Michael Reed is Publisher of The Standard newspaper, print and online, and TheStandardSC YouTube channel where many video reports may be found. Please share freely and donate to The Standard on this page to assure the continued availability of news that is ignored too often by the dominant media.
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