Agricultural News
Congressman Frank Lucas Opposes Democrats' Irresponsible Reconciliation Bill
Sat, 13 Aug 2022 16:57:47 CDT
Congressman Frank Lucas (OK-03) released the following statement after the U.S. House of Representatives passed the Senate Amendment to H.R. 5376- the Inflation Reduction Act. Lucas opposed the legislation.
“For 18 months the irresponsible spending and regulatory policies of Washington Democrats have eroded the savings and sense of stability for millions of families across Oklahoma and the rest of the country. In March of last year, Washington Democrats took the same legislative approach as they are now- against warnings of independent experts and bipartisan economists- and launched the American economy into the worst inflation in 40 years. Unfortunately for the American people, Washington Democrats’ solution to record-setting inflation is spending hundreds of billions more and increasing taxes on American businesses.
“As misguided as the bill is, the Inflation Reduction Act will not reduce inflation. In fact, according to economic analyses and the nonpartisan Congressional Budget Office, the bill will have little to no impact on inflation. The bill, however, will raise taxes and fees on Oklahoma oil and gas companies, increase energy prices for consumers, set an irresponsible precedent for farm bill programs, thwart medical innovation, and raise taxes on American companies who serve as generators of economic opportunity and growth.
“Oklahomans and the American people have been clear about their priorities. My fellow Oklahomans want solutions for inflation. I am absolutely opposed to this deeply misguided bill which will only further burden Oklahoma’s families and our economy. Just as I said after Washington Democrats passed their first reconciliation bill, this is the wrong plan, at the wrong time, and for all the wrong reasons.”
According to a Congressional Budget Office (CBO) report and University of Pennsylvania Wharton Budget Model analysis, the Inflation Reduction Act “would have a negligible effect on inflation” and “no impact on GDP by 2031”.
The nonpartisan Joint Committee on Taxation estimates the Inflation Reduction Act will increase the average tax rate for nearly every single income category, including Americans making less than $100,000 per year.
An analysis by the nonpartisan Joint Committee on Taxation of the book minimum tax (the 15 percent minimum tax on corporations) in the Inflation Reduction Act would overwhelmingly impact U.S. manufacturers, exacerbating supply-chain disruptions and decreasing U.S. jobs and investment.
The CBO confirmed the Inflation Reduction Act will increase drug prices.
The Inflation Reduction Act imposes energy taxes, including the Methane Emissions Fee, which increases fees and taxes on companies that support oil and gas production, including transmission, processing, storage or gathering facilities.
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