Inflation Reduction Act ‘a tremendous achievement’

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Poor Franklyn Graham, Billy’s boy, is only worth $10 million, whereas his Papa was worth $25 million. I understand why both men were politically active conservatives. They made their money by playing vulnerable people and manipulating the tax code, so being conservative helped them get rich (although not nearly as wealthy as many other televangelists).

What I don’t understand is why your columnist David Epps, a local pastor, is so conservative. For example, his recent negative column about the Inflation Reduction Act (IRA).

Passing the IRA is a tremendous achievement for America, bringing down the record deficit created by conservatives ($3 trillion in Trump’s last year). At the same time, the IRA addresses climate change via clean energy projects, lowers Medicare costs via Medicare drug reduction (helping to fight inflation), and improves healthcare insurance coverage for lower income people. It also raises revenue to lower the deficit by establishing a 15% corporate alternative tax, a stock buy-back excise tax, and increasing IRS enforcement resources.

Instead of acknowledging the IRA’s clear benefits, Epps rails on about irrelevant issues not covered in the IRA. For example, immigration reform — an issue which his fellow conservatives have never put forth a realistic plan to resolve. Further, Epps should read a Bush Center study which proved recent immigration is a net benefit to America.

Then he complains about the IRS getting increased funding. He further moans that those on the top are paying too much compared to those on the bottom. What about Mark 10:21-22 “You lack one thing; go, sell what you own, and give the money to the poor, and you will have treasure in heaven”? Is sympathy for the less fortunate no longer a part of Epps faith?

What Epps does not mention is that the IRS has been gutted by the GOP over the last few decades, with its budget slashed 20% in the last decade. Agents are down 40%, corporate audits are at one third of what they once were, and prosecutions for tax fraud are at an all-time low.

These cuts have resulted in wealthy corporations and tax scofflaws (like our former President and other tycoons) paying little if any tax. And that caused the deficit to increase and the rest of us to pay more to make up for them.

Jack Bernard

Peachtree City, Ga.

8 COMMENTS

  1. The Democrats are already admitting that the bill does nothing for inflation. They only used that name as a cover for “Green New Deal” because that never would have passed.

    Republicans must elect a legislature that will immediately repeal this, or at the very least the next Congress will defund this ridiculous bill.

    They should ditch all income taxes and have a 10% federal sales tax. That way the rich would pay their fair share by shopping for high priced items. And the poor would only pay their 10% on the things they buy. That’s how you more fairly tax the rich ! That way you don’t need any IRS agents.

    They already have 80,000 IRS agents. And the new ones will be armed with the very weapons the Democrats find so scary: semi-automatic weapons. Yes, a 9 mm is a semi-automatic weapon.

    What does an IRS agent need a 9 mm for. To force you to pay? Or to force you to sign documents? That is just wrong.

  2. Try to invest based on the politics that define the moment. Under Trump you made money in the broad market, with Biden you are making money in the sectors that benefit from the Green agenda and higher CD rates because of inflation.
    I’m a conservative that thinks Democrats are worse than Republicans…but you still gott’a eat and invest to make money.
    Moreover, eliminate all personal debt, if possible, learn how to manage your money and then no politician will rule you.

  3. Jack – The Fox News viewers like Rev. Epps and the majority of the commenters on this blog can’t be bothered with the truth you present. That would require them to think for themselves and consider the issues instead of blindly backing their brand. That is a bridge considerably too far for a reflexively preconditioned Trumpite.

    Nice try anyway.

    • I must have missed the part that defines how this wonderful new spending bill will reduce inflation. Reduce deficit? You might want to lay off the gummies.

      Of course, raising the corporate tax…again…will increase revenue…again…except that has never worked and…again…will not work this time as those corporations pass along the burden to all us middle class consumers…again. It’s like leftists never learn anything.

      As for laying down truth bombs, I am surprised at you! We all know that truth is just a construct of the White, Western patriarchy so clearly you misspoke when suggesting such a thing because as a true believer, you know it’s all about power!

      But hey, it’s all going to be okay because we are going to pay exorbitant federal contracts to build electric car charging stations all over the country so that all those poor people can hitchhike rides with the bourgeois in their fancy electric cars to get to work so they can buy their $8 milk.

      Yeah man, facts. Us dumb right wingers just don’t know what’s good for us. Good thing we have all you leftists geniuses to drag us into utopia…dead or alive.

      • Speaking on the economic side, you curb inflation by slowing demand and you reduce the deficit by taking in more than you spend. Raising the corporate tax rate? More like resetting it to where it was or perhaps should be. This type of tax plan never worked? Try the late-‘90s when the US was on course to eliminate its debt within a decade. Trickle-down economic theory does not draw down the national debt nor does it raise up the middle class like it does for the uber wealthy. Btw, the last time and only time the US was debt free, 1835. However, we were on course only 20+ years ago and then the Repubs dropped fiscal conservatism from their playbook.

        • To be completely clear… the US was debt free for all of six months. The lack of debt also meant a lack of credit in financial markets, which created a financial panic that resulted in a 4 year long recession.

          Unfortunately, while avoiding financial debt for individuals is sound advice, any sufficiently large corporate entity (including governments) are required to be indebted to a degree by the other corporate entities of the world. The best policy there is to maintain a balance between debt and equity such that other corporate entities are compelled to engage with you, but none have an advantage over you.

          • Yep, the best policy is to carry a favorable debt ratio. For example, a D/E ratio at or lower than 1.5 is good on the corporate side. Comparing D/GDP globally, the US is now over 100%. The EU as a whole is 95%, but there are at least five countries driving this up for them. Note, Germany has the largest economy in the EU and sits at a 60% ratio. And the real competition is China with the largest population and the largest economy that stands at 54% or about half of the US bulging waistline.