NEW Fox News articles can now be heard on audio! WASHINGTON The Inflation Reduction Act’s tax increases, according to citizens of the nation’s capital, won’t stop ongoing price increases.
Jay from South Carolina stated, “I don’t think it will cut inflation by boosting taxes.” I just don’t think it will do that.
“I believe that inflation will just remain high,” he continued.
The Inflation Reduction Act, which will spend $433 billion mostly on climate projects while imposing a 15 percent minimum tax on large firms, was unveiled last week by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin. According to the Congressional Joint Committee on Taxation, The legislation would increase taxes for the vast majority of Americans, with those earning under $10,000 experiencing the highest increase.
The Inflation Reduction Act of 2022 was just presented by Senator Joe Manchin and Senate Majority Leader Chuck Schumer. (F. Carter Smith/Bloomberg via Getty Images; Kent Nishimura/Los Angeles Times via Getty Images)
George, a resident of Michigan, told Fox News, “I think it’s going to be a wash,” emphasizing that the average taxpayer won’t profit.
George said, “You still have to buy bread at whatever the cost of bread is.
“I don’t think hiking taxes will bring quick relief, but it could be able to do so in the long run,” Shannon, a resident of Washington, D.C., told Fox News.
She continued by saying that Americans living in cities with high tax burdens would face much greater challenges.
Democrats have supported the proposal, saying it wouldn’t result in higher taxes for average Americans. For households making under $400,000 a year, for instance, President Biden said states that there will be “no tax hikes at all.”
Arronda claims that taxes never resolve any issues. (Fox News Online)
Raising taxes, according to one individual, won’t stop inflation as Americans struggle to cover their existing costs.
He remarked, “A lot of folks right now can’t pay their taxes.”
A Census Bureau study conducted between June 29 and July 11 indicated that over 48 million American adults had a “somewhat difficult” time paying their household bills, while over 43 million had a “very tough” time.
According to Michigan resident George, tax increases won’t stop inflation. (Fox News Online)
Raising taxes has, regrettably, “sort of become the American way now,” according to a man in a baseball cap, to address difficulties.
Taxes have never been beneficial, according to Virginian Arronda. “That’s not how you’re going to battle inflation,” I said.
You have to generate opportunities and jobs, she continued. That is how you would be able to combat inflation, I told you.
This article was supported by Michael Lee.
Fox News Digital Originals assistant producer and writer Lisa Bennatan. On Twitter, Lisa Benedict, and Instagram, Lisa Benedict, you can follow her.