Tag Archives: Inflation Reduction Act

U.S. Budget Deficit Balloons To $1.7Trillion

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.

Read More:  Breitbart

IRS Says Americans Underpaid Taxes By $688 Billion

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”.

Read More:  Daily Wire

 

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

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.

Read More:  Newsmax

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

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.

Read More:  Fox News