Inflation Reduction Act turns one

Jason Smith, the chairman of the House Ways & Means Committee, doesn't like the Inflation Reduction Act. Steve Forbes, the chairman of Forbes Media, doesn't like it either. Forbes thinks the bill should be titled "the Bad for the Economy Act."

That's according to Smith's op-ed, which Fox News published. Smith didn't mince words or bury the lede in his op-ed, writing "It has been one year since Joe Biden and Congressional Democrats passed their signature Inflation Reduction Act (IRA) – a disastrous law that did nothing to address inflation and is now confirmed to have added hundreds of billions to the deficit. President Biden himself, in a recent, rare moment of candor, even said he wishes he had named the IRA something different since it 'has less to do with reducing inflation.'"

As chair of the tax-writing committee in the House, Smith if well-informed on the effects of tax provisions within the IRA. In his op-ed, Smith wrote this:

The so-called "green" special interest tax breaks passed in the IRA are now estimated by the Joint Committee on Taxation (JCT) to cost over $650 billion, 240% higher than originally projected. This money will flow primarily to big business and Wall Street. JCT has confirmed that 90 percent of these tax credits go to pad the pockets of large corporations with sales of a billion dollars or more.

First, I support Steve Forbes' name change proposal. Next, I don't have a problem with anyone making money. I've got a problem with Joe Biden pretending to be the 'little guy's hero' while his policies make life difficult for working families. This isn't how to build an economy. Biden likes to say that he's building the economy "from the middle out and the bottom up." That's a bald-faced lie. Biden's building a struggling economy that picks winners Think Proterra, which got tons of loan guarantees before filing for bankruptcy. Proterra is Biden's Solyndra. As for Steve Forbes, he sets things straight on what Biden is doing wrong in this interview with Liz McDonald:

As a matter of fact, Democrats rewrote the rules of these credits to make them more easily transferred to the wealthy. Financial institutions will take in three times as much of these tax benefits as any other industry. So, while the president talks big about the wealthy "paying their fair share," his policies pay for the lifestyles of the wealthy and well-connected.

To make matters worse, the Biden administration’s implementation of these tax credits fails to secure our supply chains for critical minerals and sends taxpayer dollars to adversarial nations like China. For example, the electric vehicle credit will not only cost 7 times as much as Democrats originally claimed but will also require that less critical mineral and battery components be sourced and made in America.

In this interview with CNBC's Brian Sullivan, Gov. DeSantis explained his policy of "strategic de-coupling" from China:

According to Gov. DeSantis' plan, the U.S. would implement policies that bring back companies to the U.S. or that would take companies that make critical medical supplies out of China and into U.S.-friendly nations. The Inflation Reduction Act didn't reduce inflation and it didn't grow the economy. It just spent lots of money on things we don't want, aka the Green New Deal agenda.