{"id":1599932,"date":"2022-08-10T18:35:45","date_gmt":"2022-08-10T22:35:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1599932"},"modified":"2022-08-10T18:35:47","modified_gmt":"2022-08-10T22:35:47","slug":"democrats-700-billion-inflation-reduction-act-could-hurt-us-consumers-workers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-700-billion-inflation-reduction-act-could-hurt-us-consumers-workers\/","title":{"rendered":"Democrats\u2019 $700 Billion Inflation Reduction Act Could Hurt US Consumers, Workers"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemocrats-700-billion-inflation-reduction-act-could-hurt-us-consumers-workers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1599932&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>On July 27, Sen. Joe Manchin (D-W.Va.) announced that he had reached a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) to pledge his support for a $700 billion spending bill, which is supposed to bring in\u00a0$725 billion in new revenue to the federal government and reduce the <a href=\"https:\/\/www.theepochtimes.com\/t-deficit\">deficit<\/a> by $292 billion annually.<\/p>\n<p>But a\u00a0look inside the text of the bill reveals a series of policies that will likely serve only to further increase consumer prices, suppress wages, expand the scope of federal audits, decrease the value of retirement portfolios, reduce medical innovation, and further escalate already high energy prices.<\/p>\n<p>The bill, dubbed the <a href=\"https:\/\/www.theepochtimes.com\/t-inflation-reduction-act\">Inflation Reduction Act<\/a>, was the product of a year of harried negotiations, compromises, and disappointments for <a href=\"https:\/\/www.theepochtimes.com\/t-democrats\">Democrats<\/a> as they tried to pass the much larger $1.75 trillion Build Back Better (BBB) Act.<\/p>\n<p>Ultimately, Manchin killed the BBB bill in December 2021 when he said he would unilaterally refuse to vote for it over continuing concerns about rising inflation.<\/p>\n<p>Despite standing strong for months on his declaration that BBB was \u201cdead,\u201d\u00a0the Inflation Reduction Act revived many of the Democrats\u2019 <a href=\"https:\/\/www.theepochtimes.com\/build-back-better-is-dead-sen-joe-manchin_4250724.html\">key priorities from BBB<\/a>: new taxes on corporations, expansion of the IRS, prescription drug pricing policies, and wide-reaching climate policies.<\/p>\n<p>Manchin\u2019s main demand in supporting any reconciliation bill\u2014which under Senate rules is immune from the filibuster and thus can be passed along party lines\u2014was that it reduce inflation and work toward getting the national debt under control.<\/p>\n<p> Lower-Income People Will Still Pay More <\/p>\n<p>A key claim for Democrats in both the BBB and the Inflation Reduction Act has been an emphasis that the bill will not raise taxes on households making less than $400,000 per year.<\/p>\n<p>Technically, the Inflation Reduction Act\u2019s tax code changes include no alterations to individual income taxes for earners at any income level. Rather, the<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 27, Sen. Joe Manchin (D-W.Va.) announced that he had reached a deal with Senate Majority Leader Chuck Schumer (D-N.Y.) to pledge his support for a $700 billion spending bill, which is supposed to bring in\u00a0$725 billion in new revenue to the federal government and reduce the deficit by $292 billion annually. But a\u00a0look [\u2026]<\/p>\n","protected":false},"author":57,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1599932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1599932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1599932"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1599932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1599932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1599932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1599932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}