(Springfield, IL) – On Tuesday, President Biden signed the Inflation Reduction Act into law, raising taxes on the middle class by $20 billion, according to the nonpartisan Congressional Budget Office without any meaningful measures to reduce inflation.
“I’m deeply disappointed in our Democratic Illinois representation in Washington who voted to raise taxes on the middle class during an extreme inflation crisis,” said Regan Deering, candidate for Illinois’ 13th Congressional District. “Groceries just had the largest price increase since 1979, clothes and school supplies are soaring and the price of fuel is making basic commuting unaffordable for families throughout our district. Illinois families need help – not higher taxes.”
On August 11, 2022, the Bureau of Labor Statistics reported annual wholesale prices are up 9.8%, the highest increase since last October. The industry standard Penn Wharton Budget Model found that the $700 billion spending package’s impact on inflation “is statistically indistinguishable from zero, indicating a low level of confidence that the legislation would have any measurable impact on inflation.”