Ted Cruz: Dems' 'Massive Power Grab' over inflation reduction act
Cruz accuses Democrats of pushing "terrible" legislation by pushing the Inflation Reduction Act.
The Inflation Reduction Act was passed by Senate Democrats 51 to 50 on Aug. 7, with Democratic Vice President Kamala Harris voting in their favor. Currently, the $740 billion package is being voted on by the House.
In the largest clean energy investment by a federal government in American history, over $300 billion will be allocated to climate change and energy. Electric vehicle tax credits are also included. Corporations with annual revenues over $1 billion will be taxed at 15 percent under the new bill.
The bill will double the size of the Internal Revenue Service (IRS). But IRS agents are not designed to go after “billionaires and big corporations,” Cruz said in an interview with Fox News. “They’re designed to come after small businesses and working families across this country … The Democrats are making the IRS bigger than the Pentagon, plus the Department of State, plus the FBI, plus the Border Patrol combined … This is a massive power grab.”
According to Cruz, the Inflation Reduction Act will "drive up gas prices" and "kill manufacturing jobs." The bill will impose billions of dollars in new taxes on U.S. oil and gas production.
8 August 2022