Rep. Barry Moore opposes recession-deepening climate spending and taxation bill

Press Release

Rep. Barry Moore (AL-02) released the following statement after voting against the "Inflation Reduction Act of 2022," legislation that includes $80 billion for the IRS and would hire 87,000 new IRS agents, is teeming with Green New Deal policy giveaways, and will add $114 billion in taxpayer debt over the next 10 years.

"While 21 million families and small businesses continue to wait for their unprocessed paper tax returns, Democrats just passed a bill that provides the IRS with $80 billion to hire thousands of new agents who will focus on enforcement and audits only -- not the massive backlog," said Moore. "Senate Republicans should begin fighting against funding this bill immediately, and if we take back the House in November, Republicans should commit to repealing this disastrous legislation.

"Even Senator Bernie Sanders admitted this bill does absolutely nothing to reduce inflation. Instead, it puts more weight on the backs of hard-working Americans through hefty tax increases on American pensions and more than 700,000 new audits for those making under $75,000 a year, all to provide billions in tax breaks for wealthy corporations to implement Green New Deal policies."

The Congressional Budget Office (CBO) confirms that $20 billion of the revenue generated by this bill will come from IRS audits of lower- and middle-income taxpayers. It was CBO's own numbers Democrats relied on to claim they could pull in $124 billion (after spending $80 billion for 87,000 new agents).

The "Inflation Reduction Act":

Provides $369 billion in Green New Deal giveaways that will increase our reliance on China.
Boosts Taxes During a Recession: The 15% minimum tax on book income amounts to a double tax in the middle of a recession while raising prices and killing jobs -- something that former President Obama and Senator Manchin have both argued makes no sense.
$124 billion tax on American pensions: The bill includes a new excise tax on stock repurchases. Contrary to the cynical rhetoric peddled by Democrats, stock buybacks return value to the 58 percent of Americans invested in the stock market and the 60 million Americans with a 401(k) plan. This $124 billion tax hike would hurt every American in the stock market and the retirement savings of working-class Americans -- all to pay for payoffs to liberal special interests in the form of more than $400 billion on Green New Deal giveaways.
Fund Biden's IRS Army: Biden's IRS Army: The bill weaponizes the Internal Revenue Service (IRS) with about $80 billion in new funds (6x IRS's annual budget) meant to hire tens of thousands of new IRS agents who will spy and harass Americans. This would include $45.637 billion in funding for IRS enforcement. This funding could be to enforce the IRS' proposal to spy on Americans with more than $10,000 worth of financial transactions. This funding will be used by Biden's IRS army to intimidate and harass middle class Americans, not wealthy taxpayers who can afford the best tax lawyers money can buy.
Provides tax Breaks for Green Energy Corporations: The bill would reauthorize expired tax subsidies and extend others that benefit green energy technologies almost exclusive. This, according to Democrats, would force taxpayers to give $60 billion in corporate welfare to green energy corporations while artificially holding back oil and gas development. The Democrats' failed green agenda is designed to crush traditional American producers, increase oil, and gas prices, and cruelly inflict further pain on the American people.
$52 billion tax hike on small businesses: Under current law, small businesses who file taxes as individuals are limited in their ability to deduct losses. This provision, along with the 20 percent deduction for small businesses included the Tax Cuts and Jobs Act, is set to expire after 2026. In a last-minute amendment, Senate Democrats extended the limit on small business losses but did not extend the 20 percent pass through deduction. This amounts to a $52 billion tax hike on small businesses. Worse, this amendment was included to replace an extension on the cap on the State and Local Tax Deduction as a pay-for. In short, Democrats are forcing small businesses to pay $52 billion in taxes in provide a corrupt and regressive tax break to wealthy taxpayers in blue states.

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