Press Releases

Washington – Today, Congressman Rick W. Allen (GA-12) released the following statement after voting against H.R. 5376:

“The so-called ‘Inflation Reduction Act’ is another bloated Democrat spending bill that will raise taxes at the worst possible time – during a recession! Rather than address the economic crisis they created, President Biden and congressional Democrats are focused on pushing socialist Green New Deal initiatives and expanding the size and scope of the IRS to snoop on Americans’ bank accounts. In this time of recession and record-high inflation, Congress needs to work towards balancing our budget, bolstering our workforce and growing our economy, not doubling down on failed policies.”

BACKGROUND:

This $745 billion measure is comprised of wasteful spending and woke climate initiatives. Some of the main provisions of the bill are:

• Over 50 percent of this bill is allocated to Green New Deal provisions, including:
• A $12 billion superfund tax increase on crude oil refining and imported petroleum products.
• A natural gas tax that will make it more expensive for Americans to heat their homes, purchase food and basic goods, and will increase costs for manufacturers
• Raises the royalty rate for onshore oil and gas leasing and continues ban on oil and gas development in certain areas.
• A $250 billion expansion of the Department of Energy loan program to provide taxpayer subsidies to risky “green” energy technologies that traditional banks will not touch.
• $27 billion for an EPA-run Climate Bank.
• Includes grants intended to shut down American energy with a $3 billion down payment on Green New Deal programs.
• Includes $248 billion for Obamacare subsidies.
• Requires the Secretary of HHS to set prices in Medicare Part D as well as limit price increases in both Medicare and the private market, harming patients by reducing drug research and development, creating shortages of existing medications, and leading to higher launch prices for some drugs.
• Adds $80 billion for the IRS to double in size and conduct 1 million more audits on taxpayers making less than $200,000.
• Raises the corporate minimum tax to 15% and a new 1% excise tax on stock buybacks.
• Adds $146 billion to our total debt.

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