As Iowans and many across the nation struggle with inflation, edging closer to another recession, Senate Democrats have jammed through their massive tax and spending bill that independent experts warn will lead to fewer jobs, fewer wages, and more inflation.
“Families across America are suffering from 40-year-high inflation, fueled by a partisan anti-energy, anti-growth tax-and-spend agenda. Democrats ignored their own economists when they spent $1.9 trillion to get us in this mess. Now they’re ignoring independent analyses warning that this bill is going to cause even more pain. This partisan bill, written behind closed doors without any input from Republicans, will raise taxes, cut jobs, kill cures and fuel inflation – all at the worst possible time. The American people have endured enough,” Grassley said.
Despite good intentions, the bill’s tax increases would hit every tax bracket, thus breaking the President’s pledge not to raise taxes on people earning less than $400,000. According to the latest reports from the Joint Committee on Taxation, those families earning under $200,000 will pay nearly $17 billion in additional taxes in 2023 alone.
The bill also attacks the research and development of new medications and therapies. Grassley has led the effort to pass bipartisan legislation for prescription drug pricing reform that saves money for taxpayers and consumers.