Young Votes Against Reckless Tax and Spend Bill Amidst Worst Inflation in Forty Years
WASHINGTON –– U.S. Senator Todd Young (R-Ind.) today voted against the Democrats’ reckless tax-and-spend bill, the so-called Inflation Reduction Act. The legislation passed the Senate by a vote of 50 to 50, with Vice President Kamala Harris breaking the tie.
“With inflation at a forty-year high and our country in a recession, this bill is the absolute wrong approach to helping Hoosier families,” said Senator Young. “Despite its name, this legislation does nothing to address rising prices or high energy costs. Instead, the bill will raise taxes on nearly every income bracket, spend billions of dollars in Green New Deal waste, double the size of the IRS, and grow big government. This bill is bad for Indiana and won’t help bring relief to those struggling in this challenging economy.”
According to analysis by the nonpartisan Joint Committee on Taxation, the legislation will increase the average tax burden on Americans in nearly every income bracket, including those making under $10,000. The legislation will rapidly grow the size of the IRS, likely leading to increased audits of low- and middle-income taxpayers. And according to the Congressional Budget Office, 93% of the bill's promised deficit savings would come after 2026.
Senator Young filed amendments and motions to:
- Prevent Washington Democrats from raising taxes on anyone making less than $400,000 per year, consistent with President Biden’s repeated pledge
- Protect innovation of and access to affordable antibiotics
- Ensure the new Medicare Drug Price Negotiation Program would not go into effect if it discourages access to pharmaceuticals, if there is a public health emergency, or if it will hurt our economic competitiveness against China
- Add funding for states to implement Safe Haven Baby Boxes
- Provide more resources for veterans’ mental health care
- Strike a provision to create a $27 billion federal bank for green energy projects
- Extend Section 174 to allow immediate expensing of R&D costs
- Provide free TSA PreCheck for certain severely injured or disabled veterans
- Require the IRS to identify, investigate, and prosecute fraudulent claims for the bill’s clean vehicle tax credit
Eliminate any tax provision in the bill if it may be used to fund or otherwise subsidize the purchase of materials, technology, or critical minerals produced in China
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