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Kelly Opposes Democrats' Wasteful $740 Billion So-Called 'Inflation Reduction Act'

Press Release

Date: Aug. 12, 2022
Location: Washington, DC
Issues: Business and Consumers Economy and Fiscal

Today, U.S. Rep. Mike Kelly (R-PA) voted against the House Democrats' $740 billion so-called "Inflation Reduction Act." The bill, which advanced from the U.S. Senate last week, passed the U.S. House with only Democrat votes.

Additionally, Democrats objected an amendment from Rep. Kelly that would have accelerated the backlog of tax returns at the Internal Revenue Service (I.R.S.) and ensured that half of the 87,000 proposed IRS hires included in this bill would be designated as advocates for taxpayers, rather than bureaucratic attack dogs.

"Make no mistake: Democrats are raising taxes on Americans amidst record inflation and a looming recession," Kelly said. "This bill is loaded with bad policy and wasteful spending that will ultimately worsen inflation, expand government, and hurt the middle-class. Perhaps worst of all: the Democrats are weaponizing the IRS to shakedown hardworking Americans to pay for a bill passed under one-party rule."

BACKGROUND

Among the reasons Rep. Kelly opposed the "Inflation Reduction Act":

- The $740 billion bill will drive inflation higher, not lower it.
- Democrats are supercharging the IRS with $80 billion in new funding to hire an additional 87,000 new agents with middle-income Americans among their targets.
- The bill will raise taxes on 33% of American households, according to analysis from the nonpartisan Joint Committee on Taxation.
- The bill provides $375 billion in so-called "climate change" legislation, which include $7,500 tax credits for wealthy Americans to purchase electric vehicles (EV). The average price of an EV is a whopping $54,000; Meanwhile, the median income in PA-16 is also $54,000, according to the U.S. Census Bureau. Simultaneously, the bill would impose $12 billion in new taxes on American energy, increasing prices at the pump and costs for everyday items.
- The bill also establishes a new 15% Corporate Minimum Tax on American businesses operating in the U.S. with net income over $1 billion.


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