Don’t Buy Into the Manchin-Schumer Inflation Reduction Scam nor Promises About Energy Price Relief
The dishonestly named Inflation Reduction Act of 2022 officially solidifies the Democrat majority’s anti-prosperity agenda to the detriment of Americans facing increased financial strain. No Republicans are signing on to this tax and spend boondoggle cementing its partisan status. It will worsen inflation and exacerbate our recessionary economy, which has led political analysts to label the bill a “sick joke.” Raising taxes during a recession is a bad idea that even progressives used to admit.
Advocates of the bill are attempting to justify the bill by touting its climate and energy provisions. Digging into the details reveals the promises to cut energy costs, improve security, and lower emissions are not true. Raising taxes on energy producers while subsidizing the lifestyle of liberal elites will do very little to address high cost energy or improve the environment.
The Manchin-Schumer Plan Will Increase Energy Costs
The bill increases taxes (disguised as “fees”, “rates”, and “charges”) that will be passed onto consumers. It also discourages investment in U.S. oil and gas which will constrain supply and keep gas prices at financially painful levels.
One of the most damaging provisions includes a methane tax politically disguised as a “charge”. Setting aside built-in incentives from the natural gas industry to reduce emissions as well as numerous private sector solutions, this tax adds costs to the development and…