Jim Banks Details the 50 Most Radical Policies in ‘Inflation Reduction’ Act

Rep. Jim Banks (R-IN) detailed the 50 most radical policies in the Inflation Reduction Act.

Banks, the chairman of the Republican Study Committee (RSC), released a memo detailing that, although the Inflation Reduction Act pales in comparison to the size of the $1.9 trillion Build Back Better Act, it remains a “transformative” bill that is “just as radical and destructive” as the Build Back Better bill.

To illustrate this point, Banks and the RSC noted dozens of radical policies contained in the bill, including:

1. The bill’s giveaway to green energy would increase American reliance on China for rare earth minerals
2. The legislation increases taxes just as the country is entering a recession
3. The bill contains many budget gimmicks and fake offsets to mask the cost of the bill. When accounting for these budget tricks, the alleged deficit reduction bill would add $114 billion in debt over ten years
4. The legislation would add $80 billion in funds to supersize the IRS’s ability to audit Americans. This would especially harm middle-class Americans.
5. The Inflation Reduction Act contains a “socialist price control regime” to aim to lower drug prices
6. Expand Obamacare by extending enhanced Obamacare subsidies
7. Create an “environmental justice solar and wind capacity limitation program” to further the Democrats’ “radical ‘environmental justice’ agenda”
8. $8.45 billion to further “environmental justice in agriculture”
9. $3 billion for the Department of Transportation to undertake projects to address racism in infrastructure
10. $5 billion to support $250 billion in Department of Energy loan guarantees and loan refinancing for green energy infrastructure and remediation activities.

Banks emphasized that the legislation would not reinvigorate the economy, as the Penn Wharton Budget Model found that the bill would not curb inflation.

“That’s reason enough to vote against the package,” Banks remarked.

Banks released the memo as the Senate will likely vote on Saturday on a motion to advance the legislation. After, the Senate will debate the merits of the bill; Banks hopes that this memo would convince lawmakers to oppose the bill.

“Democrats in Congress aren’t damaging American’s pocketbooks—they are trying to damage their way of life. I hope this list of partisan provisions will help you convey that fact to your constituents this August recess,” Banks concluded in his memo.

Read the 50 most radical parts of the Inflation Reduction Act, as detailed by Banks and RSC here.