Washington (August 16,2022)–Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on President Biden signing the Inflation Reduction Act into law:
“President Biden’s signature legislation is a microcosm of his failed presidency, full of reckless spending, burdens on small businesses, and massive funding for green energy special interests. The law will increase historic inflation and deepen the ongoing recession. Not even the media, which is quick to echo Biden’s claims, thinks the legislation will reduce inflation.“The law significantly raises taxes on job creators, including small businesses, to protect wealthy taxpayers in blue states. It adds a football stadium worth of new IRS agents to overwhelm small businesses with audits, doubles down on failing Obamacare exchanges, and threatens the innovative prescription drug supply chain.
“The law breaks Biden’s promise not to raise taxes on ordinary earners and small businesses earning less than $400,000. It breaks the cardinal economic rule: Never raise taxes during a recession. Biden expects this legislation will save his presidency, but the practical effect on everyday Americans will only further doom it.”