Latta: Irresponsible tax-and-spend bill will hurt Ohioans
Today, Congressman Bob Latta (R-OH5) provided remarks on the House Floor before voting against a bill that does not aim to reduce inflation as the title of the bill claims:
“Madam Speaker, I rise in opposition to H.R. 5376, a bill the Democrats claim will reduce inflation, when in reality, it will do the exact opposite. American families are struggling to keep the lights on at home. Far too many people in this country are worrying about the costs associated with putting food on their tables and gas in their tanks. And yet, the Majority has decided now is the time to double down on their tax-and-spend policies – with American taxpayers footing the bill.
“It is also concerning that this bill promotes anti-American energy policies. It will put aside $250 billion at the Department of Energy to subsidize the rush to green energy. This is picking winners and losers in the energy market and will scare away investments in baseload power sources. American small businesses need access to more reliable energy, not less. If the grid becomes too reliant on intermittent green energy sources, we will begin to see manufacturers shutter their operations.
“Although it is hard to see how this bill could be salvaged, I did offer an amendment to try to prevent this outcome. My amendment would have required the Secretary of Energy to certify that the bill would not negatively impact electric grid reliability BEFORE funding could be used.
“Considering the devastating consequences that would result for American families and businesses, it makes perfect sense that the government should do its due diligence in examining all possible outcomes. Unfortunately, the Majority chose not to consider my amendment on the House floor today.
“I urge my colleagues to vote NO on this legislation because it will increase taxes on American families, institute price controls that will block innovation in medical cures, promote irresponsible spending on Green New Deal carve outs, and provide significant risks to the electric grid. With that, Madam Speaker, I yield back my time.”
BACKGROUND
According to a recent analysis conducted by the Tax Foundation, an independent think tank that analyzes tax policy at the federal, state, and global levels, it is projected that this legislation could result in the loss of about 30,000 jobs.
It will also allocate $80 billion for the Internal Revenue Service (IRS) to hire an additional 87,000 enforcement agents to conduct an estimated one million new audits on taxpayers making less than $200,000. Families earning $75,000 – $100,000 are four times more like to have a tax hike than a tax cut. American families making $100,000 – $200,000 are ten times more likely to see a tax hike rather than a cut, this goes to show that the ‘Inflation Reduction Act’ will do nothing to negate inflation and will place the price tag burden on lower- and middle-class Americans while subsequently cutting taxes for families making $500,000 to upwards of $1 million.
While proponents claim this will help pay for other provisions in the bill, the Congressional Budget Office (CBO) has concluded that it will produce zero savings for the United States. Additionally, this legislation will increase taxes on seniors’ retirements and 401(k)s by $73 billion and increase taxes on American businesses by $238 billion.
Kaptur: Bill will lower healthcare and energy costs, create jobs, & cut deficit
Today, Representative Marcy Kaptur (OH-09) released the following statement after the House passed the Inflation Reduction Act to lower healthcare and energy costs, create jobs, and cut the deficit. The bill will now be sent to President Biden for signature.
The comprehensive bill delivers targeted investments to lower Medicare prescription drug and insulin costs and protect Affordable Care Act plan premium subsidies for 13 million Americans. The bill also spurs American energy innovation to create new energy and manufacturing jobs, lower energy costs, and conserve the environment.
“The wealthiest have had a good run of things on the backs of workers, families, and seniors,”said Rep. Kaptur. “By requiring the highest earners to pay their fair share, the Inflation Reduction Act lowers healthcare and energy costs without raising a single penny on the Middle Class. Seniors will pay less for prescription drugs, families will pay less for healthcare, and we’ll lower energy costs and create good-paying jobs right here at home. Together, these commonsense steps will keep more dollars in Ohioans’ pocketbooks while building America forward for the future.”
Highlights of the Inflation Reduction Act
- Implements a 15 percent minimum corporate tax on corporations making more than $1 billion in profits annually; Small businesses and households making less than $400,000 will see no new taxes
- Reduces the federal deficit by $300 billion
- Empowers Medicare to negotiate lower drug prices; Establishes a $2,000 out-of-pocket cap on prescription drugs and $35 per month cap on insulin for seniors on Medicare – benefitting 140,000 seniors in Ohio’s 9th Congressional District
- Extends Affordable Care Act premium credits – saving people on Marketplace plans an average of $800 annually
- Invests $60 billion in domestic manufacturing, energy production, and cleaner automotive and transportation industries – creating new jobs, lowering energy costs, and improving supply chains
- Invests $44 billion in sustainable agriculture practices, biofuels, and coastal habitat restoration
More information on the Inflation Reduction Act can be found here.
