Dems Just Put Thousands Of American Jobs In Jeopardy
Everything is a mess.
Democrats are now trying to push their newest health care and climate spending bill and saying that it will reduce costs for American households. However, new information appears to show otherwise and it may even reduce the pay for millions of Americans.
According to Fox News, the Tax Foundation has found that the new initiative being pushed by Democrats is likely to cut 0.1% from workers’ pay over the long term.
What’s even worse is that it will likely result in 29,000 full-time positions being cut from the United States economy.
All of these problems will likely arise thanks to the Democrats’ new Inflation Reduction Act of 2022. The bill will deef up the IRS, allow Medicare to lower prices on drugs, combat climate change, and put a 15% minimum tax on book income.
Fox News further noted that the most damaging aspect of the Democrats’ new bill is the 15% minimum tax on book income. This tax will reduce GDP by 0.3% and lower U.S. wages by 0.1%.
The Tax Foundation explained, “Inflation is driven by expectations regarding the likelihood that the federal government will be able to repay its debt over the long term, which is a function of the expected performance of the economy, tax collections, and spending. By reducing long-run economic growth, the bill worsens inflation by constraining the productive capacity of the economy.”
