Kamala Harris Owns the Inflation Expansion Act After Casting Deciding Vote

Today marks the second anniversary of the Inflation Expansion Act becoming law, and the consequences of this Far Left Democrat bill have been devastating to American families. No person is more responsible for this Socialist scheme becoming law than Kamala Harris who cast the deciding vote in the United States Senate. As a result of Harris' vote, inflation skyrocketed and American energy prices surged, making life even more unaffordable for Americans who were already struggling to pay their bills because of the Biden-Harris Administration's Build Back Broke agenda.

The Inflation Expansion Act's drug pricing scheme has resulted in less innovation, fewer cures, and put the government between patients and their medicines. No group has been more negatively impacted by the Inflation Expansion Act than American seniors who have seen higher costs, significant disruptions in their health care coverage, along with skyrocketing inflation.
MAKE NO MISTAKE: Kamala Harris owns the Inflation Expansion Act's negative legacy which has negatively impacted nearly every aspect of American life.
FACTS ABOUT THE HARM CAUSED BY THE INFLATION EXPANSION ACT (Courtesy of House Budget Committee Republicans):

• Topline Takeaways On The IRA:
  • The IRA was originally forecast to reduce the deficit by $58 billion. In reality, it will increase the deficit by more than $796 billion and counting.
  • Goldman Sachs estimates the IRA tax credits alone will cost $1.2 trillion. CBO originally projected the credits to cost $391 billion. This is more than three times what was forecast.
  • The electric vehicle battery production credits are estimated to cost over $196 billion - a 542 percent increase from the original sticker price.
  • The Biden-Harris IRA raided $307 billion from Medicare to pay for its green energy handouts and Obamacare subsidies for the wealthy.
  • The IRA redesigned the Medicare Part D prescription drug benefit, which threatens to significantly increase seniors' Part D premiums next year.
  • The electric vehicle tax credit handout to the wealthy alone is set to cost over $101 billion.
• IRA cut Medicare and raised prices for patients
  • The Biden-Harris IRA raided $307 billion from Medicare to pay for its green energy handouts and Obamacare subsidies for the wealthy.
  • The IRA needlessly spent an estimated $64 billion to extend the expanded Obamacare subsidies through 2025, including to wealthy Americans making as much as $599,000.
  • The law included a provision that redesigned the Medicare Part D prescription drug benefit. As a result of these changes, seniors' Part D premiums are slated to significantly increase next year.
    • To mask the impact of these price increases ahead of the November election, the Biden-Harris Administration recently announced a "demonstration" scheme to spend billions of taxpayer dollars to bail out insurers.
  • The IRA also imposed price controls on prescription drugs that threaten to reduce patient access to innovative medicines and increase long-term federal health care spending.
    • In fact, according to CBO, the IRA will lead to higher list prices for new drugs, raising costs for American patients who are already struggling with out-of-control health care costs.

Click HERE for details about the Inflation Expansion Act's "Great Green Giveaway" courtesy of House Budget Committee Republicans.
FACTS ABOUT THE HARM CAUSED BY THE INFLATION EXPANSION ACT (Courtesy of House Ways & Means Committee Republicans):

• Total Cost of Democrats' Green Corporate Welfare Is Exploding. Democrats' special interest tax breaks for the wealthy and politically connected will cost hundreds of billions more than the American people were told.
  • The Joint Committee on Taxation (JCT) now estimates that the special interest tax breaks will cost at least $650 billion, a 240 percent increase above the original score.
  • The $7,500 EV tax credit alone will cost $101 billion vs. $14 billion originally estimated.
  • The electric vehicle battery production credits will now cost taxpayers over $196 billion - a 542 percent increase from the law's originally claimed sticker price.
  • Numerous outside entities have estimated the IRA's green corporate welfare will cost well in excess of $1 trillion.
• Inflation Reduction Act Benefits...the Wealthy. The IRA gives wealthy taxpayers a $7,500 tax credit for luxury electric vehicles and expands Obamacare subsidies to the wealthy.
  • 78 percent of EV tax credits are claimed by filers earning over six figures.
  • 60 percent of tax credits for purchasing various "green energy" technologies - including EVs and solar panels - have gone to the highest income earners in the country. (Source: National Bureau of Economic Research)
  • 73 percent of electric vehicle owners covered by the law's $7,500 EV tax credit would have purchased an EV anyway according to the Brookings Institution.
    • IRA also included a $4,000 tax break for the wealthy to sell their used luxury EVs.
• IRA charged taxpayers $64 billion to expand Obamacare taxpayer subsidies to wealthy households making as much as $599,000.
• Inflation Reduction Act Benefits Billion-Dollar Corporations. IRA tax credits are a massive transfer of wealth from working families to big business.
  • 90 percent of the IRA's special interest tax breaks will flow to companies that make over $1 billion in sales every year according to JCT.
  • $362 million from IRA goes to corporate America to make their offices more "green."
• Inflation Reduction Act Benefits Big Banks. Taxpayers are being forced to pay for Wall Street's ESG obsession that hurts the value of seniors' retirement accounts.
  • As confirmed by JCT, banks and other financial institutions claim three times as much of these special interest "green" tax breaks as any other industry, including utilities.
• Inflation Reduction Act Uses Taxpayer dollars to Reward China and other Nations. With the help of the Biden-Harris Administration, foreign entities of concern (FEOC), including those tied to the Chinese Communist Party (CCP), are lining up to soak up Democrats' corporate welfare.
  • The Biden-Harris Administration is lowering trade standards through non-Congressionally approved frameworks and "critical mineral deals" that offer foreign countries billions of taxpayer dollars and keep America dependent on China for critical minerals.
  • The Biden-Harris Administration's final rule implementing the supposed IRA restrictions on FEOCs still allows certain EV and battery components directly sourced from the CCP to receive U.S. taxpayer funded subsidies.
  • Chinese manufacturers could take up to $125 billion in renewable energy credits from the IRA. (Source: Coalition for a Prosperous America)
• IRA Policies are Already Limiting Access to New Cures and Making Prices More Expensive. Democrats' IRA drug price control scheme will permanently chill innovation, leading to fewer life- saving drugs and higher costs for patients.
  • More than 130 new drugs may no longer benefit patients, including drugs that treat blood cancers, ovarian cancer, or a rare eye disorder according to the University of Chicago.
  • Up to 135,900 direct jobs and up to 676,000 indirect jobs will be threatened by the drug pricing scheme.
  • More than 75 percent of innovative pharmaceutical companies anticipate cuts to current research projects.
  • The Congressional Budget Office predicts the IRA will raise drug launch prices, reserving new cures for only the wealthiest Americans.
  • The Biden-Harris Administration recently announced plans to provide a taxpayer-funded bailout to insurance companies to cover-up the rise in Part D premiums caused by the IRA.

Expanded Obamacare Subsidies Explode Taxpayer Spending and Perpetuate Fraud.

• Obamacare spending is now projected to be $382 billion more over the next decade than it was prior to passage of the IRA.
• Reports indicate as much as $26 billion in annual Obamacare payments may be fraudulent.

Democrats Handed $80 Billion to the IRS, an Agency with a History of Targeting Conservatives. Money was supposed to hire 87,000 new employees to return audit rates to 2010 - an increase of audits on families making less than $400,000.

• Returning to 2010 audit rates means more than 1 million additional audits per year with more than 600,000 new audits for taxpayers making less than $75,000. Under pressure from Republicans, the IRS now says it will apply 2018 audit rates. It remains to be seen how many thousands of audits the IRS imposes on the American people.
• 87,000 new agents would more than double the size of the IRS, giving the agency more employees than Border Patrol agents, and the FBI, State Department, and Pentagon combined.
• On top of the $80 billion in the IRA, the $12.32 billion enacted for FY23, and the $12.32 billion enacted for FY24, the Biden-Harris Administration requested another $12.32 billion in its FY25 Budget for the IRS, 77 percent of which would go toward enforcement and operations support.
• The Fiscal Responsibility Act of 2023 rescinded $1.4 billion in unobligated IRA enforcement funding, and the Further Consolidated Appropriations Act in 2024 rescinded $20.2 billion in IRA enforcement funding.

HOW KAMALA HARRIS' VOTE TO PASS THE INFLATION EXPANSION ACT HAS NEGATIVELY IMPACTED AMERICANS' HEALTH CARE:

• The Inflation Expansion Act is just starting to go into effect, yet it is already resulting in significant unintended consequences for Medicare beneficiaries.
• In the past year, American seniors' average Medicare Part D premiums have increased by 21.5%.
  • This is the largest increase in premiums in Part D ever.
  • In fact, before the Harris' Inflation Expansion Act imposed price controls, competition led Part D premiums to stay the same or even decrease over time.
  • Medicare Part D premiums are expected to double in 2025.
• This year, seniors are seeing the fewest number of Medicare drug plans available since the existence of the program in 2006.
• Low-income Americans' access to care is worse now, with the least amount of options ever.
• 89% of insurers have stated they expect to exclude more medicines from their Part D plans in the future.
• One analysis estimates 3.5 million Part D patients taking medicines subject to the maximum fair price could see higher out-of-pocket costs in 2026 because of the drug pricing provisions.
• The Inflation Expansion Act's drug price-setting scheme has led numerous drug developers to cancel research programs with more cancellations expected in the near future.
• Government price setting under the Inflation Expansion Act will do irreparable harm to innovation, hurting patients and leading to uncertainty for new treatments and cures.

KAMALANOMICS BY THE NUMBERS:

• Inflation is a tax on ALL Americans.
• When Joe Biden and Kamala Harris took office, inflation was at just 1.4%.
• Since Biden and Harris took office, inflation has risen by 20.2%.
• Americans are spending over $13,000 more annually to buy the basics because of Kamalaflation, compared to three years ago.
• Real wages remain lower than when Biden-Harris first took office.
• Inflation-adjusted average weekly earnings were $397.90 when Biden-Harris took office and are now $382.54 - the Bureau of Labor Statistics adjusts to 1982-1984 dollars - meaning Americans have seen a 3.9% decrease under Biden-Harris.
• Kamalaflation outpaced wages for a majority of Biden's presidency - both year-over-year real average hourly earnings and real average weekly earnings were negative for 25 months.

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