Tag Archives: Inflation Reduction Act

Speaking in Wisconsin on Thursday, Joe Biden bragged about his spending for his climate change agenda while inadvertently admitting that his gigantically-priced “Inflation Reduction Act” was not really about reducing inflation.

U.S. Budget Deficit Balloons To $1.7Trillion

10/20/2023 The Watcher

The U.S. budget deficit increased 23 percent to $1.7 trillion, an increase of $320 billion, in the year after the Biden administration pushed through the Inflation Reduction Act which it claimed would close the government’s funding gap.

The deficit adds to the U.S. debt total, which the government said earlier this week had reached $33.6 trillion. That is more than $250,000 per household and more than $99,000 per person in the U.S.

IRS Says Americans Underpaid Taxes By $688 Billion

10/14/2023 The Watcher

The Internal Revenue Service (IRS) estimates that the gross tax gap amounts to at least $688 billion, resulting from Americans’ non-filing, underpaying, and underreporting of their taxes.

IRS Commissioner Danny Werfel said, “With the help of Inflation Reduction Act funding, we are adding focus and resources to areas of compliance concern, including high-income and high-wealth individuals, partnerships and corporations”.

Pharmaceutical Giant Merck Sues U.S. Government Over Inflation Reduction Act

06/06/2023 The Watcher

Merck & Co. sued the U.S. government Tuesday, seeking an injunction of the drug price negotiation program contained in the Inflation Reduction Act.

This is the first attempt by a drugmaker to challenge the law, which the pharmaceutical industry says will result in a loss of profits that will force them to pull back on developing groundbreaking new treatments. The Biden administration’s drug pricing reform aims to save $25 billion annually by 2031 through price negotiations for Medicare.

Chinese Communist Party Companies Will Benefit From Biden’s Climate Bill

02/20/2023 The Watcher

A series of national security experts and former U.S. officials are sounding the alarm that Chinese government-backed companies could exploit a workaround to benefit from taxpayer-funded electric vehicle (EV) subsidies in the Inflation Reduction Act (IRA).

The stark warning comes a week after Ford, the second-largest automaker in the U.S., announced it would partner with the massive Chinese tech company Contemporary Amperex Technology (CATL) to build a new EV battery plant in Michigan. As a result of the agreement, CATL could potentially benefit from taxpayer subsidies earmarked in the IRA which was intended to strengthen domestic supply chains.

Inflation Reduction Act Will Lower After-Tax Incomes For Americans

08/19/2022 The Watcher

The Inflation Reduction Act is poised to reduce after-tax incomes for Americans across every income bracket, according to a report released last week by the Tax Foundation.

Canada’s Trudeau Celebrates Passage Of ‘Inflation Reduction Act’

08/17/2022 The Watcher

Canadian Prime Minister Justin Trudeau took to social media to celebrate President Biden signing the Inflation Reduction Act, boasting that the American legislation will be a win for Canadians.

Sen. Manchin Admits ‘Inflation Reduction Act’ Will Not Stop Inflation

08/16/2022 The Watcher

Sen. Joe Manchin, D-W.Va., on Tuesday admitted that the Inflation Reduction Act won’t “immediately” temper inflation, telling reporters that the necessary investments needed to bring down prices would take some time.

U.S. House And Senate Pass Inflation Reduction Act

08/08/2022 The Watcher

Americans for Tax Reform (ATR) has listed several taxes in in the so-called “Inflation Reduction Act” that passed the Senate on Sunday — which Democrats now hail as a “climate” bill, since the Congressional Budget Offices says it will hardly reduce inflation.

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