In Case You Missed It: The Inflation Reduction Act Fights Inflation and Builds an Economy from the Bottom-up and the Middle-out

Experts agree that the Inflation Reduction Act reduces inflationary pressures on the economy and make life more affordable, while making crucial investments in our energy security as Americans have faced higher gas prices from Putin's price hike. The bill cuts the cost of living, lowers the Federal deficit, and strengthens the American economy in the short and long run. It will also create thousands of jobs for the American people, while ensuring taxes are not raised on Americans earning less than $400,000 per year and closing loopholes to assure the largest corporations pay their fair share of taxes.

Here is what they are saying about the Inflation Reduction Act of 2022:

New York Magazine: Republicans Say Biden's Plan Taxes the Middle Class. That's False. Biden's plan fulfills his campaign promise.
[Jonathan Chait, 8/1/22]

Over the weekend, a congressional tax committee analyzed a portion of the tax Inflation Reduction Act Senator Joe Manchin struck with Senator Chuck Schumer and President Biden. Republicans inaccurately claimed the report shows the plan would increase taxes on the middle class. The plan in fact raises taxes only on corporations with an income over $1 billion. It does not raise taxes on individual taxpayers at all...The JCT report simply does not find this at all. The false assertion that Manchin's deal raises taxes on the middle class combines a series of fallacies...Nor does this analysis vindicate the Republican claim that Biden would be violating his promise not to increase taxes on people earning less than $400,000. Biden campaigned on a promise to increase the corporate tax rate. To pass the plan he openly campaigned on would not break his promise. It would fulfill it.

NPR: Inflation and climate change tackled in new Senate deal that Biden calls 'historic'
[Deepa Shivaram, 7/28/22]

President Biden hailed as "historic" the Senate Democrats' agreement on a bill to fight the climate crisis and decrease the cost of prescription drugs — key pieces of his domestic agenda...He said the legislation also would both reduce inflation pressure on the economy and serve as the most important investment the nation has ever made in energy security...The bill includes about $300 billion in deficit reduction and $370 billion in energy and climate spending provisions.

Bloomberg Insider: Democrats' proposed tax hikes probably won't affect you — in fact, they'll help you buy an electric vehicle and put solar panels on your house
[Juliana Kaplan and Joseph Zeballos-Roig, 7/30/22]

The Inflation Reduction Act of 2022 is, as the name suggests, aimed at bringing down inflation. It would put billions towards climate spending and slash prescription drug prices. Rather than hiking taxes on individuals, or imposing a broad surtax on the ultra-wealthy — both previously proposed to cover spending — the package is narrowly targeting ultra-wealthy investors and corporations, while also stepping up IRS enforcement. That income will help pay for assistance to Americans who want to buy electric vehicles or make energy efficient upgrades to their homes.

The New York Times: Democrats' Plan to Fight Inflation May Lower Costs Over Time
[Jim Tankersley and Alan Rappeport, 7/28/22]

As a result, the bill could help mitigate inflation in two ways..."To fight inflation, we want policies that will increase supply or reduce demand. And this does both," said Maya MacGuineas, president of the Center for a Responsible Federal Budget in Washington, which has pressed lawmakers to support policies that reduce the deficit.

VOX: What Democrats' big new bill would actually do
[Emily Stewart, Li Zhou, Rebecca Leber, 07/28/2022]

Beyond cutting climate pollution, the clean energy investments could also make a dent in inflation. According to Robbie Orvis, senior director at Energy Innovation, rising energy prices have driven roughly a third of the 9 percent rise in the overall Consumer Price Index this past year. By helping Americans become less reliant on fossil fuels, the spending helps ease the global oil crunch and cut consumer bills.