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US Senate Democrats Pass Tax Increases, Green Industry Grants and IRS Funding in Marathon Weekend Vote | Mississippi Politics and Current Affairs

Republican Mississippi Senators Wicker and Hyde-Smith vote against the latest version of the “Build Back Broke” bill.

With Vice President Kamala Harris’ tiebreaker vote in the U.S. Senate on Sunday, Democrats pushed through the dubiously named ‘Cutting Inflation Act’, replete with tax hikes, subsidies for industry electric vehicles and increased funding for the IRS, among others. – agenda items considered, in a voting marathon period over the weekend.

The $740 billion spending program (HR.5376) includes general aspects of the Green New Deal and more than $300 billion in new taxes on U.S. oil and gas manufacturers and producers. Republicans say it is a reiteration of the nearly $4 trillion Build Back Better plan originally proposed by President Joe Biden last year, which failed.

However, this time, West Virginia Sen. Joe Manchin and Arizona Sen. Kyrsten Sinema, both Democrats, joined their caucus to see the measure through the reconciliation process that bypassed the necessary 60-vote threshold. normally required for such measurements.

The two Mississippi senators joined all House Republicans in voting against the bill.

Senator Roger Wicker joined Y’all Politics ahead of the vote to address his concerns about the bill. Wicker said the bill was false publicity from Democrats because it will not reduce inflation but rather make it worse. He also denounced what he called a “bailout” of the electric vehicle industry.

“The biggest item listed in the bill is a $313 billion tax on job creators and manufacturers, who are already struggling to survive inflation. The non-partisan Tax Foundation predicts that this tax alone would reduce our gross domestic product and cost about 30,000 jobs. It would also depress workers’ wages while causing further price increases across the economy,” Wicker wrote in his weekly op-ed.

Senator Wicker pointed out that the bill is “a massive increase in taxes on job creators and working Americans, virtually guaranteeing that we will sink further into a recession.”

Senator Hyde-Smith said the legislation could be a watered-down rehash of President Biden’s bad ideas, but it still has the power to make things worse.

“There’s no way that hard-working, middle-class families won’t end up paying the price for higher taxes and government mandates on job creators, energy producers and businesses,” said Hyde-Smith. “Working Americans today continue to pay the price for record inflation caused by an unnecessary $1.9 trillion stimulus imposed by the same people who are now pushing this reckless green dream on us. The same people who took a recovering economy and pushed it into recession.

Hyde-Smith went on to say the legislation was described by one supporter as “the start of a long forced march”.

“I fear this is coming true – a long forced march towards more economic hardship and more government in our lives,” Hyde-Smith said.

Senator Hyde-Smith shared the following provisions of the bill that Republicans considered problematic for the American people and the American economy:

  • Negligible effect on inflation, doing virtually nothing to lower the inflation rate from 9.1%.
  • Imposes billions in taxes and restrictions on oil and natural gas produced in the United States even as Americans pay record gas and energy prices.
  • The tax hikes are estimated to total $330 billion as the economy has suffered two consecutive quarters of negative GDP growth, the established definition of a recession.
  • Usurps committee responsibilities to draft new farm bills with $40 billion in spending and programmatic dictates.
  • Spending $370 billion to block Democrats’ radical Green New Deal climate agenda, including tax breaks for wealthy Americans to buy electric vehicles and kitchen appliances.
  • Spends $80 billion to make the Internal Revenue Service one of the largest federal agencies in history, with 87,000 more IRS agents auditing Americans for revenue to pay the bill.