Inflation Reduction Act
President Biden claims that “the Inflation Reduction Act lowered costs for millions of Americans through lower taxes, caps on drug costs, and lower utility bills.”
IN FACT, the “Inflation Reduction Act” does nothing that Biden claims it does:
- Instead of lowering taxes, it raises taxes on every income group.
- Instead of saving people money on drugs, it shifts more of those costs onto working Americans and is largely responsible for a 21% increase in Medicare drug premiums this year.
- Instead of lowering utility bills, it subsidizes products that are far more costly than other options, delivering less energy for every dollar spent.
