(RepublicanWire.org) – Sen. Kyrsten Sinema’s bent the knee to Chuck Schumer and agreed to “move forward” with a nearly $1 trillion reconciliation bill, the so-called Inflation Reduction Act, that critics say is poised to beef up the IRS, decimate American manufacturing, increase the cost of energy, raise taxes on all Americans, and worsen inflation.
The bill will specifically raise $739 billion in revenue through taxation and then spend roughly half of it on the Democrats’ schemes, including one to beef up the IRS.
In a statement released late Thursday, Sinema announced that she’s decided to “move forward” with the bill despite initial hesitation because she’s won the concessions she’d sought.
“We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation. Subject to the Parliamentarian’s review, I’ll move forward,” she said.
The carried interest tax provision would have reportedly imposed a higher capital gains tax rate on private equity and hedge fund financiers.
It’s unclear how the Inflation Reduction Act will “protect advanced manufacturing.” According to an analysis from the non-partisan Joint Committee on Taxation, 49.7 percent of the $739 in revenue raised by the bill will come directly from the manufacturing industry.
Writing for Fox Business Network on Thursday, businessman Sen. Mike Braun warned that the bill will have a “crushing effect” on American manufacturing.
As for boosting “our clean energy economy,” as Sinema put it in her statement, this will translate to higher energy costs for all Americans, according to The Heritage Foundation.
“The bill goes on for hundreds of pages and details a combination of tax credits, subsidies, and regulations for the energy choices preferred by the D.C. elite, such as wind and solar, while increasing the costs to access more reliable, more abundant energy sources like gas and oil on federal lands,” the foundation notes.
In a statement of his own, Senate Majority Leader Charles Schumer celebrated Sinema’s capitulation and vowed to formally introduce the bill on Saturday.
