On Monday, Sen. Mike Lee (R-Utah) blasted the $740 billion spending bill that Democrats passed in a party-line vote on Sunday, saying it is “disgusting” that President Joe Biden would propose increasing taxes during an economic downturn.
Despite claims from Democrats to the contrary, Sen. Lee argued that the so-called Inflation Reduction Act would drive up inflation by spending money that the government does not have.
“This is an awful piece of legislation. Look at the name: Inflation Reduction Act. This is by far the most Orwellian title I’ve ever seen in the United States Senate, and I’ve been here for 12 years,” Lee said.
“Look at what they’re doing,” he stressed. “They’re increasing spending, and they’re raising taxes while we’re in the midst of a recession and during rampant inflation. In Utah, people are facing nearly 15% inflation versus last year. With that kind of inflation, Biden’s policies have eaten up four of every 26 paychecks over the course of a year. That is outrageous. It’s doubly egregious that they’d spend more and raise taxes in the middle of a recession.”
The Inflation Reduction Act, according to some Democrats, is a major investment in green energy projects that will generate jobs and make going green easier. The bill includes almost $400 billion in tax credits and subsidies to promote the environmentally friendly sector.
To offset some of the expenditures, Democrats implemented a 15% minimum tax on annual corporate profits of $1 billion or more, with limited exemptions for firms with private equity funding.
The legislation also includes Medicare changes that will allow the government program to bargain for prescription drug prices and establish cost limitations for seniors.