WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) released a statement following his vote against the so-called Inflation Reduction Act.
“This legislation does nothing to decrease inflation, but raises the tax bill falling on everyday Americans. It is another hit to a Louisiana family’s pocketbook. I proudly voted no,” said Dr. Cassidy. “It is now up to House Democrats to listen to the American families that know this legislation will only add to their economic struggles.”
The Congressional Budget Office (CBO) found that the bill would have a negligible effect on inflation. CBO also found that the new corporate minimum tax would disincentive investment in the United States.
The Joint Committee on Taxation found that Americans earning less than $200,000 would pay a tax increase of $16.7 billion in 2023.
The Penn Wharton Budget Model estimates that the bill will increase inflation over the next two years. Thereafter, the effect is neutral.
The National Association of Manufacturers estimates that the book tax would result in 218,108 fewer jobs.