Kennedy statement on tax and spending bill

Published 7:05 am Monday, August 8, 2022

It’s a special kind of stupid, in my judgement, to raise taxes during both a recession and inflation—that’s called stagflation, which is what we have right now as a result of President Biden’s policies.”

WASHINGTON – Sen. John Kennedy (R-La.) today released the following statement upon voting against the Senate’s tax and spending bill, the Inflation Reduction Act of 2022:

“Senator Manchin and Senator Schumer’s massive tax-and-spending bill has unfortunately, in my judgment, now passed.

 “Because of inflation, Louisianians are really getting good at barely getting by—and that’s true for most Americans, too. As a result of Senator Manchin’s bill—and I hope I am wrong on this—I predict that Joeflation, as some people call it, will now refer to Joe Manchin, not President Biden.

 “For example, Senator Manchin’s bill raises taxes on oil and gas. Now, when you tax something, you get less of it which causes prices to rise.

 “Senator Manchin’s message seems to be: “Since you can’t afford gas, because of my bill, go buy a seventy-five-thousand-dollar electric vehicle. That’s not going to work in Louisiana. That’s not going to work across America.

 “Number two. According to the non-partisan Joint Tax Committee, which doesn’t take sides—it’s not Republican or Democrat—the burden of Senator Manchin’s bill will fall on everyone, everyone and their taxes. Not just people making more than four-hundred thousand dollars a year; everyone.

 “So, most Americans—if not all Americans—are going to have even less money to spend as prices continue to rise.

 “Point three. Senator Manchin’s bill raises taxes on businesses, especially manufacturers. Most people understand this: Corporations don’t pay taxes, people do. And, those taxes, when they’re increased, are passed on in higher prices, lower wages, lower stock prices and lower 401k balances.

 “It’s a special kind of stupid, in my judgement, to raise taxes during both a recession and inflation—that’s called stagflation, which is what we have right now as a result of President Biden’s policies.

 “Look, I’m not saying that Senator Manchin intentionally wants to hurt people. I’m not saying that he intentionally wants to have even more people living in a tent behind Whataburger, but that’s going to be the result of this bill. I hope I’m wrong, but I think I’m right. This bill is tier 1 moronic.”

Watch Kennedy’s statement here.