FACT CHECK: Inflation Reduction Act Won’t Increase Taxes On The Middle Class
August 11, 2022
Republicans are making up false claims about the Inflation Reduction Act because they have no plan to lower costs for American families. This historic legislation will ensure corporations and billionaire tax cheats finally pay their fair share.
Let’s be clear: The Inflation Reduction Act is consistent with President Biden’s campaign promise and will not increase taxes on Americans earning less than $400,000 a year.
Associated Press: “Nothing in the bill raises taxes on people earning less than $400,000… There are no individual tax rate increases for anyone in the bill, experts say.”
New York Magazine: “Republicans Say Biden’s Plan Taxes the Middle Class. That’s False.”
Bloomberg: “US Tax Bill Costs Corporations Nearly $300 Billion More, While Middle Class Pays Less”
The Inflation Reduction Act is supported by 73 percent of likely voters — including a majority of Republican voters.
While Democrats have been focused on helping American families, Republicans have sided with ultra-wealthy individuals and corporations who want to continue dodging taxes. Republicans have made clear that they do not care about the middle class.