Criticism from various corners of the political ring continues to lament the passing of the Inflation Reduction Act – legislation that even supporters are describing as a climate bill and not doing much to mitigate inflation.
SBE Council President & CEO Karen Kerrigan has issued another statement on Senate passage of the Inflation Reduction Act, stating no serious individual believes the bill will lower inflation.
“Various provisions in the bill will harm the ability of businesses – small and large alike – to navigate inflationary pressures, the fast-shrinking economy, and to help our supply chains function more normally,” said Kerrigan. “Businesses and our private sector need capital in order to do all of this, but the Democrats’ inflation package will take a lot of money out of the economy and away from productive businesses, which means businesses will invest less, innovate less, and cut costs – including their workforce.”
Kerrigan added that “the bill does nothing – nothing – to ease inflation, while harmful tax increases will hurt small businesses and the “super-sized” IRS will be targeting these small businesses as well.
The move to add a whopping 87,000 new IRS agents should concern all small business owners. An amendment to the bill suggested by Senator Mike Crapo sought to limit any new audits to people and businesses earning over $400,000 a year. The amendment went down in flames on a party-line vote.
Crapo amendment to the Manchin bill to limit the bill's 87,000 new IRS agents to auditing comapnes and individuals with income of $400,000 or more FAILED 50-50.https://t.co/oPKr11BAYw pic.twitter.com/mH4wuMsmJ4
— Phil Kerpen (@kerpen) August 7, 2022
One article claimed that the legislation will make the IRS larger than the Pentagon, State Department, FBI and Border Patrol combined.
Seems high
— Elon Musk (@elonmusk) August 8, 2022
The legislation saild through the US Senate as a reconciliation bill and thus immune from the filibuster. The legislation now moves to the H0use of Representatives, where the Speaker of the House, Nancy Pelosi, believes the House should vote on the current language without changes.