Inflation Reduction Act A Bold Raid on American Taxpayers

It has been twenty months and the best the Democrats could do is pledge to give away hundreds of billions of dollars in federal subsidies to large corporations and Democratic special interest groups over the next ten years. Apparently addressing climate change is now just an excuse to pay off your political supporters at the expense of already cash-strapped American families. This measure will increase utility bills and cause more pain at the pump, not less. The Republicans should promise to undo this whole mess if they replace the leadership in the House and Senate this November.

This legislation is nothing more than a collection of handouts to special interests, historic only in the number of subsidies to be distributed. Despite its name, the legislation will not do anything to fight inflation. By increasing a range of taxes on energy it is far more likely to increase inflation. At a time when energy bills are already soaring thanks to the Biden administration’s war on affordable energy, the taxes and distortions to energy markets in this legislation could not come at a worse time.