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The Republican Party is in overdrive pushing false claims against Democrats’ legislation to lower costs, ensure the wealthy and big corporations pay their fair share, and fight climate change.
But these attacks just aren’t true.
FACTS
CRFB: IRA Will Help Fed Fight Inflation
Given the deficit reduction, accompanying regulatory reforms, and microeconomic effects of the IRA, we fully expect the bill – as advertised – would reduce inflation.
NYT: For Older Americans, Health Bill Will Bring Savings and ‘Peace Of Mind’
Beginning next year, insulin co-payments for Medicare recipients would be capped at $35 a month. As of 2024, those with costs high enough to qualify for the program’s “catastrophic coverage” benefit would no longer have to pick up 5 percent of the cost of every prescription. And starting in 2025, out-of-pocket costs for prescription medicines would be capped at $2,000 annually.
CBS News: Inflation Reduction Act could be “game-changing” for millions of U.S. seniors
The Inflation Reduction Act represents the most important effort in decades to reform how drug prices are set in the U.S., experts say….The biggest change for seniors on Medicare would be to limit on how much they spend out-of-pocket on medication and on vaccines. Vaccines would be free starting next year. Starting in 2025, out-of-pocket spending on drugs would be limited to $2,000 per year.
Yahoo: Inflation Reduction Act would lead to $1,800 in savings for average household, analysis finds
Sweeping climate and health care legislation unveiled by Democrats last week would lead to significant cuts in energy costs for American households, according to a new analysis.
A report by non-profit group Rewiring America found that the tax incentives included as part of the $369 billion dedicated to climate initiatives in the Inflation Reduction Act would save the average household $1,800 per year on energy bills.
Bloomberg: US Tax Bill Costs Corporations Nearly $300 Billion More, While Middle Class Pays Less
Households earning less than $100,000 will see net tax cuts through 2025, largely due to an extension of subsidies for Affordable Care Act premiums.
New York Times: Analysis Deems Biden’s Climate and Tax Bill Fiscally Responsible
An analysis by the Joint Committee on Taxation, a congressional nonpartisan scorekeeper for tax legislation, suggests that the bill would raise about $70 billion over 10 years. But the increase would be front-loaded: By 2027, the bill would actually amount to a net tax cut each year, as new credits and other incentives for low-emission energy sources outweighed a new minimum tax on some large corporations.
CNN: Top economists say Democrats’ health care and climate package will put ‘downward pressure on inflation’
“This historic legislation makes crucial investments in energy, health care, and in shoring up the nation’s tax system. These investments will fight inflation and lower costs for American families while setting the stage for strong, stable, and broadly-shared long-term economic growth,” 126 economists said in a letter sent to congressional leadership Tuesday.
CNN: Clean energy package would be biggest legislative climate investment in US history
New York Times: The I.R.S. says new funding won’t mean more audits for middle-income Americans.
Charles P. Rettig, the Internal Revenue Service commissioner, told Congress on Thursday that the tax collection agency would not increase audits of households earning less than $400,000 if it was given the additional $80 billion that lawmakers were considering in a proposed climate and tax legislation package.
FICTION
TIME: Trump Allies Are Attacking Biden For a Plan to Hire 87,000 New IRS Agents That Doesn’t Exist
According to a Treasury Department official, the funds would cover a wide range of positions including IT technicians and taxpayer services support staff, as well as experienced auditors who would be largely tasked with cracking down on corporate and high-income tax evaders. “It is wholly inaccurate to describe any of these resources as being about increasing audit scrutiny of the middle class or small businesses,” Natasha Sarin, a counselor for tax policy and implementation at the Treasury Department, tells TIME.
NY MAG: Republicans Say Biden’s Plan Taxes the Middle Class. That’s False.
The plan in fact raises taxes only on corporations with an income over $1 billion. It does not raise taxes on individual taxpayers at all.
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