The White House released a statement articulating why the Republican goal of reversing current economic policies would make inflation worse. It claimed the Tax Cuts and Jobs Act was “skewed to the wealthy,” when it really decreased the personal income tax rates. Biden asserted Republicans seek to raise “prescription drug costs,” when it is the Democrat Inflation Reduction Act that induces greater drug prices. The White House also blamed the GOP for greater “health insurance premiums,” “energy bills in 2023 and beyond,” and student loan payments.
From The Daily Caller:
The Biden administration has drastically expanded Obamacare subsidies, so that people can qualify for government assistance regardless of their income, if they spend a certain portion of that income on their premiums. That means a family of four in West Virginia with an annual household income over $600,000 receives government assistance. The wealthy should not be receiving subsidies, and rolling back this provision would not even affect anyone with an income three times higher than the poverty threshold. ... The IRA provided subsidies for electric vehicles and solar panels while levying higher taxes on oil and gas. Those taxes directly increase energy bills for Americans, while the subsidies go disproportionately to the wealthy. It is not the average American who can afford a $70,000 electric car or solar panels for their home. These “green” energy tax credits are another handout to the wealthy while the higher taxes fall on those who can least afford them. Repealing these provisions would decrease, not increase, the average American’s energy bills.