Instead of placing restrictions on the Fed and Treasury or applying a gold standard to curb unchecked money creation, their idea of reducing rampant inflation is taking more money away from income earners through more taxation.
From NBC News, here’s what’s in the Bill:
$739 billion in revenue:
- 15% Corporate Minimum Tax, $313 billion.
- Prescription Drug Reform, $288 billion.
- IRS Tax Enforcement, $124 billion.
- Close Carried Interest Loophole, $14 billion.
$433 billion in spending:
- Energy and Climate, $369 billion.
- Affordable Care Act Subsidies $64 billion (Notably a three-year extension, up from two in the last deal. That takes it past the 2024 election).
Just to recap, this bill does not in any way:
- Reduce government spending
- Make commodities cheaper
- Stop the government from printing/creating more money
- Reduce the cost of living for Americans
This Bill has absolutely nothing to do with inflation.
Read more below.
Analysis: Manchin and Schumer get their big deal
It seemingly came out of nowhere but here’s why the spending deal announced Wednesday is so important to Democrats.