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357. How Bad Is The Inflation Reduction Act?

August 5, 2022

Their latest attempt at a piece of comprehensive legislation is labeled the "Inflation Reduction Act." Despite the name of the bill, the legislation has far more to do with energy policy and increasing taxes.

The Heartland Institute's Donald Kendal, Jim Lakely, and Justin Haskins present episode 357 of the In The Tank Podcast. The Biden Administration is scrambling to get something accomplished before the midterms. Their latest attempt at a piece of comprehensive legislation is labeled the "Inflation Reduction Act." Despite the name of the bill, the legislation has far more to do with energy policy and increasing taxes. The ITT crew weighs in on this important topic. Also, Florida Governor Ron DeSantis seems to have joined the fight against ESG.

 

PRIMARY TOPIC – HOW BAD IS THE INFLATION REDUCTION ACT?

Senate Democrats – Inflation Act One Page Summary
https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf

NYP - White House admits Inflation Reduction Act, pushed by Manchin, Schumer, will barely impact inflation
https://nypost.com/2022/08/01/white-house-admits-inflation-reduction-act-will-barely-impact-inflation/

Cato - Inflation Reduction Act
https://www.cato.org/blog/inflation-reduction-act

WSJ - ‘Inflation Reduction Act’ Is an Insult to Used-Car Salesmen
https://www.wsj.com/articles/inflation-reduction-act-is-an-insult-to-used-car-salesmen-deficit-reduction-tax-increases-spending-semiconductors-stimulus-build-back-better-11659363843

HDN - Harsanyi: ‘Inflation Reduction Act’ Does Nothing To Lower Inflation
https://heartlanddailynews.com/2022/07/harsanyi-inflation-reduction-act-does-nothing-to-lower-inflation/

HDN - Inflation Reduction Act—or Radical Green New Deal? (Opinion)
https://heartlanddailynews.com/2022/07/inflation-reduction-act-or-radical-green-new-deal-opinion/

Forbes - Inflation Reduction Act: Faustian Bargain Could Jeopardize Offshore Wind, Renewable Energy On Federal Lands
https://www.forbes.com/sites/allanmarks/2022/08/03/inflation-reduction-act-faustian-bargain-could-jeopardize-offshore-wind-renewable-energy-on-federal-lands/

Investopedia - How Large Corporations Avoid Paying Taxes
https://www.investopedia.com/financial-edge/0512/how-large-corporations-get-around-paying-less-in-taxes.aspx

 

SECONDARY TOPIC – DESANTIS TAKES A SWING AT ESG

FL Gov - Governor Ron DeSantis Announces Initiatives to Protect Floridians from ESG Financial Fraud
https://flgov.com/2022/07/27/governor-ron-desantis-announces-initiatives-to-protect-floridians-from-esg-financial-fraud/

Fox News - DeSantis announces plan to combat ESG influence in Florida
https://www.foxnews.com/media/desantis-announces-plan-combat-esg-influence-florida-invest

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Article Tags
Taxes
Author
Donald Kendal is a graphic designer for The Heartland Institute, a research fellow for Heartland's Socialism Research Center, and the host of Heartland's In the Tank Podcast and Stopping Socialism TV.
dkendal@heartland.org @InTheTankPod
Author
Jim Lakely is the Vice President and Director of Communications of The Heartland Institute.
jlakely@heartland.org @jlakely
Author
Justin Haskins is the director of the Socialism Research Center and editorial director at The Heartland Institute.
jhaskins@heartland.org @JustinTHaskins