Chairman Smith: "Inflation Reduction Act" Is Welfare for the Wealthy & Well-Connected

Statement

"The so-called "Inflation Reduction Act' is a massive transfer of tax dollars from working families to the wealthy, big banks, billion-dollar companies, and the Chinese Communist Party. Even President Biden has openly admitted that this law had little to do with combatting the high prices families are facing everyday. These same families that are struggling to afford groceries and school supplies are being forced to pay for a $7,500 tax break for the wealthy to buy a luxury electric vehicle, pay for Obamacare subsidies to households making up to $600,000, and finance Wall Street's green obsession. Over 90 percent of the tax breaks go to companies that make over a $1 billion in sales every single year, but nothing for small businesses. The Biden Administration is using the IRA to weaken our trade rules, kill American jobs and spend billions to keep America dependent on China for critical minerals. At the same time, Democrats supercharged the IRS with 87,000 new employees to audit more working families and small businesses.

The "Inflation Reduction Act' shows that Democrats are selling out taxpayers and America's interests for the sake of their extreme climate agenda. That is why Ways and Means Republicans took action on legislation that would replace these handouts to the wealthy and well-connected with tax relief for working families. Our priorities could not be more different."

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