Bread and Circuses

Let’s cut to the chase about the “Inflation Reduction Act of 2022,” which the U.S. Senate passed today after a debate occurred at night and in the wee hours of the morning.

Here are the numbers.

• 97.2 percent earning between $100K-$200K will see a tax increase
• 91.3 percent earning between $75K-$100K will see a tax increase
• 61.7 percent earning between $40K-$50K will see a tax increase
• 24.6 percent earning between $10K and $20K will see a tax increase
• $389B on energy and climate efforts
• $300B-plus in ‘green’ load guarantees
• $80B to increase IRS staffing
• $60B for environmental justice initiatives
• $9B for wealthier* families to buy electric vehicles
• $2.6B to protect coastal habitats
• $1.5B to plant trees

*Based on an average of .32 cents a minute to charges or $19.20 an hour. A full charge at eight hours is $153.60.

Next year, taxes will increase by $16.7 billion on taxpayers earning less than $200,000, a nearly $17 billion tax targeted directly at low-and middle-income earners next year. The proposal would raise another $14.1 billion from taxpayers earning between $200,000 and $500,000. Over half of all new tax revenue raised next year will come from those earning under $400,000.

By 2031, when the “new green energy” credits and subsidies take effect, those earning below $400,000 will bear as much as two-thirds of the additional tax revenue collected.

Meanwhile, we have a compliant propaganda machine in the media that is pushing stories about monkeypox, Brittney Griner, and the J6 hearings.