Smucker Opposes Democrats' So-Called "Inflation" Legislation

Press Release

Rep. Lloyd Smucker (PA-11) voted against congressional Democrats' so-called "Inflation Reduction Act" and opposed the legislation's passage by participating in debate on the floor of the House of Representatives. Smucker spoke twice against the legislation during time controlled by the House Budget Committee and House Ways & Means Committee.

"Democrats' Legislation Abandons Free Enterprise in favor of Socialism"
As prepared for delivery:

Democrats are here today to punish Americans' pocketbooks through record high inflation, new taxes, and an army of IRS agents.

Unfortunately, this legislation's drug price setting regime may well put American lives at risk.

According to a study from University of Chicago, government price controls in this bill will block 342 new cures from reaching market over the coming decades.

That means that our constituents and family members battling diseases like cancer or Alzheimer's may be left with no hope of finding a cure.

University of Chicago estimates that blocking these cures will collectively take 330 million years off of Americans lives.

That's 1 year per American, a toll 31 times worse than the COVID-19 pandemic.

American innovation and ingenuity got this country out of the COVID-19 pandemic.

This bill abandons free enterprise in favor of socialism and sends us decades backwards in our competition with China.

This bill costs the taxpayer too many dollars, and the cancer patient too many years.

"Don't Be Fooled, Democrats' Legislation Doesn't Address Inflation"
As prepared for delivery:

I rise today in strong opposition to this tax and spending spree.

Our economy is in a recession, and the rate of inflation is completely unacceptable.

Food inflation has gone up 12.9% over the past year, gas is up 49%, and shelter costs rose by 5.7% - the highest rise since 1991.

So how will low- and middle-income families see relief under this so-called Inflation Reduction Act?

They'll get $10.6 billion in tax increases, and 50% more of them may get audited by the IRS.

Adding salt to the wound, small businesses will face $50 billion in tax increases because of a bait and switch by Senate Democrats to protect SALT deductions for millionaires and billionaires.

Our Democrat colleagues are falsely insisting this bill will not raise taxes on small businesses or households with income below $400,000.

Yet during Rules Committee debate, a Ways and Means Democrat admitted that households making less than $400,000 per year will see a tax increase starting in 2027, citing the nonpartisan analysis from JCT.

In fact, JCT found that taxes will go up for every income level.

Don't be fooled, this isn't a plan to address inflation.

I urge my colleagues to oppose and yield back.

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