According to the Congressional Budget Office, the Inflation Reduction Act delivered to President Joe Biden’s desk will end up forcing working-class Americans to pay billions of dollars in new taxes.
An analysis by the CBO estimates those earning less than $400,000 per year — the group on which Biden pledged not to raise taxes — will pay an estimated $20 billion more in taxes over the next decade because of the Democrats’ $740 billion package.
On Friday, the House approved the bill, and President Biden is expected to sign it soon.
Click here to read more
Get Newt’s Latest Book:
Latest News:
- Newt’s World Episode 871: Daniel Silva on An Inside Job
- Balancing the Budget Requires Reforming the Congressional Budget Act
- President Trump Challenges the Congress to Balance the Budget
- Newt’s World – Episode 870: Founding Father’s Week: Alexander Hamilton
- Newt’s World – Episode 869: Founding Father’s Week: James Madison
