Harold Hutchison on September 26, 2022
Democratic Rep. Al Green of Texas claimed during a Saturday Fox News appearance that the expansion of the Internal Revenue Service (IRS) would lower gas prices.
“That will bring down inflation. That will bring down gas prices. That will bring down the price of bread in food markets,” Green told host Griff Jenkins.
“Harassing taxpaying Americans will bring down inflation, is that what you’re saying?” Jenkins asked.
The Inflation Reduction Act, which President Biden signed into law in August, included $80 billion for the IRS to hire up to 87,000 newsagents. Some experts claimed that the expended IRS would primarily target small businesses.
“There are less than 1,000 billionaires and there are only 500 companies in the Fortune 500,” Grover Norquist, founder of Americans for Tax Reform, said during an Aug. 10 Fox News appearance. The rest of them are us. That’s who they are auditing, and they know that, and Bernstein knows that.”
House Republicans promised to repeal that budget increase and halt the hiring as part of their Commitment to America.
“That’s no secret — that’s no secret that people have disdain for the IRS. It’s no secret and if that’s the plan, then I’d like to see how that plan is going to impact all of these things that are really impacting on the economy,” Green said.
The Consumer Price Index (CPI) increased by 8.3% year-over-year in August, according to the Bureau of Labor Statistics. August’s increase followed the CPI climbing by 8.5% in July, 9.1% in June and 8.6% in May. Federal Reserve Chairman Jerome Powell said “the employment costs of bringing down inflation are likely to increase with delay” and that he would not stop trying to curb inflation, even if it caused “pain to households and businesses” in an August speech.
The Dow Jones Industrial Average officially went into a bear market after dropping over 700 points Friday.
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