LETTER: Catherine Cortez Masto falls in line in Washington
Sen. Catherine Cortez Masto recently voted in favor of the ironically named Inflation Reduction Act. More than 100 economists signed a letter explaining that this legislation will likely increase inflationary pressure, not reduce it. Supporters of the bill also claim that the tax increases will affect only those making more than $400,000.
Unfortunately, both the Congressional Budget Office and the IRS disagree. Their analyses conclude that more than half of the new taxes will be paid by people making under $200,000, with roughly 26 percent paid by those making less than $75,000.
Also included in this bill are increased taxes on oil and gasoline, an electric vehicle subsidy paid to high-income earners who make up to $300,000 a year and other handouts for the politically connected. Worst of all, the bill authorizes the hiring of 87,000 new IRS agents.
On a straight party-line vote, Democrats passed a bill that increases inflation, increases taxes for most taxpayers, increases energy costs for everyone and dramatically expands the IRS. With friends like Sen. Cortez Masto looking out for us, who needs enemies?