Democrats are aiming to introduce more taxes on Americans if they win the midterm elections this year.
So, political insiders believe Republicans can only reverse the dangerous taxation agenda of Democrats if they manage to win at least 60 seats in the Senate, alongside a simple majority in the House of Representatives in November.
Democrats to Unleash More Horrors on Americans
On Friday, the House passed the Inflation Reduction Act (IRA) of 2022, as all Democrats voted in favor of the bill.
Democratic Congressman Richard Neal spoke to a Bloomberg reporter after the vote, stating his party will seek to impose more taxes on Americans if Democrats clinch the midterm elections this November.
Neal, who is the chair of the Ways and Means Committee of the House, suggested increasing both the individual and corporate tax rates in 2023.
Vote accordingly.
"Rep. Richard Neal (D-Mass) said that Democrats are looking to raise both corporate and individual taxes if his party remains in control of the House"https://t.co/WiKBlDwylE
— mallen2010 (@mallen_2010) August 13, 2022
These comments of Neal are in line with the provisions in the IRA, which include measures to significantly empower the IRS for tax collection purposes.
The bill will pour in $80 billion towards the IRS, which will potentially be used to double the size of the agency, including 87,000 new hires.
Though the Department of Treasury claimed new hires would involve the replacement of nearly 50,000 existing employees of the agency who are set to retire in the next five years.
Only a GOP Congress Can Reduce Your Taxes
President Biden and the White House communications team previously argued only Americans who are making more than $400,000 per year will be taxed in the IRA.
Though White House officials are now distancing themselves from these statements of the president.
For instance, White House economic aide Jared Bernstein emerged on CNBC News earlier this week; here, the host asked him if Biden’s promise of taxing only rich people still stands true.
Bernstein initially avoided answering the question directly, but when the host pressed him, he claimed only rich Americans would be taxed. However, the economic adviser avoided providing any details regarding the job duties of the new hires in the IRS.
CNBC REPORTER: "Is the president guaranteeing nobody making under $400,000 will be audited."
BIDEN ECONOMIC ADVISOR JARED BERNSTEIN: "No, no, no. no, that's not what I said." pic.twitter.com/NvG3Qlc5lC
— RNC Research (@RNCResearch) August 8, 2022
The nonpartisan Joint Committee of Taxation already evaluated that even Americans who earn less than $10,000 a year will pay more in taxes after the IRA.
Now, only the sweeping victory of the Republican Party in the upcoming elections can save Americans from more taxes.
Some political observers are predicting even if Republicans win the midterm elections this year and the presidential election in 2024, they will still be unable to reverse the damage done in the IRA.
By January 2025, when Biden’s first term ends, billions of dollars will already be spent under the IRA, which would stop the GOP from reversing the legislation.
Though the Atlantic reported that if Republicans manage to win 60 Senate seats in this year’s midterms, they will have an opportunity to cancel most of the tax-related and green energy provisions in the IRA at the earliest possible stage.
This would bar Biden from spending big money in progressive reforms.
