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Washington, D.C. – Today, Congressman Michael Guest (MS-03) voted against H.R.5376, the so-called Inflation Reduction Act of 2022. In a speech on the floor of the House of Representatives, Congressman Guest said that Americans have suffered enough under the current economic crisis and outlined many of the concerns that constituents have with the legislation.
“The American people are tired of this economic crisis, and they have been clear: do not raise taxes, do not add to the recession with more wasteful spending, do not weaponize the IRS, and DO NOT vote for this legislation. This Congress must listen to the American people and vote against this bill,” Guest said.
The bill passed the House of Representatives along party lines in a 220-207 vote.
A transcript of Congressman Guest’s speech can be found below:
Thank you, Mr. Speaker.
I rise in strong opposition to this destructive piece of legislation. Every day, I hear from Mississippians who struggle to buy gas and groceries because of the inflation crisis fueled by the Left’s reckless spending.
Now, instead of acknowledging the impact their out-of-control spending policies have had on Americans, my colleagues across the aisle are trying to pass legislation that will increase taxes on Americans, spend hundreds of billions of taxpayer dollars on far-left priorities that will fuel inflation, and pass legislation that will add an army of IRS agents.
It’s time to acknowledge that the American people are suffering because of legislation exactly like this bill.
The American people are tired of this economic crisis, and they have been clear: do not raise taxes, do not add to the recession with more wasteful spending, do not weaponize the IRS, and DO NOT vote for this legislation. This Congress must listen to the American people and vote against this bill.
Background:
The Inflation Reduction Act passed the Senate last week on a party line vote 51-50 with Vice President Kamala Harris casting the tie-breaking vote.
Included in the bill is $80 billion in new funding for the Internal Revenue Service (IRS) that would enable the agency to hire more than 87,000 new IRS agents. The funding included in the bill is six times the IRS’s current annual budget.
Also included in the bill are tax increases on oil and natural gas companies and costly fees applied to new leasing for oil and natural gas expansion, which could raise the cost of energy. While hindering oil and gas expansion, the legislation creates a $250 billion loan program for risky “green energy” projects. This move has been likened to the Obama-era Solyndra scandal.
The bill also increases taxes on Americans across income levels. The Joint Committee on Taxation — a nonpartisan Congressional committee that studies the impact of tax policies — has indicated that the increase in taxes would be felt by every income level, even those making less than $10,000 a year. Low- and middle-income Americans would pay billions of dollars more in taxes next year if the legislation becomes law, according to their study.
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