In an interview this week, Sen. Lindsey Graham (R-SC) pushed back against Democratic lawmakers’ Inflation Reduction Act, arguing that the legislation would worsen the country’s economic downturn and fail to rein in inflation.
On Sunday, Graham said the bill “is going to make everything worse,” and pointed to the minimum 15% corporate tax included in the legislation as an example.
“I voted for a bipartisan infrastructure bill, I voted for gun legislation, I’m not going to vote for this,” Graham said. “The minimum tax of 15% destroys expenses. Now what does that mean — if a company buys a piece of equipment, they could expense it under the 2017 tax cut in the same year they bought it — that goes away.”
Graham also criticized the bill’s 16.4% tax on imported oil, arguing that the provision would only increase gas prices in the U.S., and said Democrats’ claim that the legislation would reduce the deficit is a “gimmick.”
“It says it would reduce the deficit by $100 billion — we’re going to spend almost a trillion dollars,” he said. “The truth is the Obamacare subsidies go away after three years. Well, we all know they’re not going to go away. So if they stayed in place for 10 years, it would add $280 billion to the deficit. So it’s a gimmick.”
“This thing is gonna make everything worse, and not one Republican is gonna vote for it,” he added.
Graham’s comments came just hours before the Senate voted Sunday to pass the bill. As the senator predicted, the vote was split by party lines 50-50, with all 50 Democrats voting for, all 50 Republicans voting against and Vice President Kamala Harris breaking the tie.
The $433 billion spending bill will now go to the House of Representatives, where it is expected to pass.
The left’s “Inflation Reduction Act” is just a Trojan Horse for their socialist agenda – $370B for the Green New Deal, $64B for Obamacare, and $313B in taxes on small businesses.
I’m here in Washington fighting back against this. pic.twitter.com/zyVSoQVXFj
— Sen. Marsha Blackburn (@MarshaBlackburn) August 7, 2022
Speaking on the Senate floor before the final vote was cast, Senate Majority Leader Chuck Schumer (D-NY) claimed he and his colleagues were “making history.”
“Today, after more than a year of hard work, the Senate is making history,” Schumer said. “I am confident the Inflation Reduction Act will endure as one of the defining legislative feats of the 21st century.”