McClain to Hold Hearing on Impact of Inflation Reduction Act One Year Later
WASHINGTON—Subcommittee on Health Care and Financial Services Chairwoman Lisa (R-Mich.) today announced a hearing titled “The Inflation Reduction Act: A Year in Review” to examine the impacts of President Biden’s Inflation Reduction Act (IRA) on the economy, American taxpayers, and small businesses. The IRA hiked taxes on businesses, mandated price controls on drugs, devoted $80 billion to hire 87,000 new Internal Revenue Service (IRS) agents, and earmarked $300 billion to advance the Democrats’ climate agenda.
“One year later, even President Biden has admitted the so-called Inflation Reduction Act failed to lower prices for Americans. When the American people needed relief most, Democrats spent recklessly which drove inflation to 40-year highs, hiked taxes on businesses, and provided slush funds for radical Green New Deal policies. Americans are still facing higher costs, yet the Biden Administration continues to ignore and deny the damage they have done to the economy,” Subcommittee Chairwoman McClain said.
WHAT: Hearing titled “The Inflation Reduction Act: A Year in Review”
DATE: Thursday, September 14, 2023
TIME: 2:00 PM ET
LOCATION: 2154 Rayburn House Office Building
WITNESSES:
- Preston Brashers, PhD, Senior Policy Analyst, Tax Policy, Grover M. Hermann Center for the Federal Budget, The Heritage Foundation
- Joel White, President, Council for Affordable Health Coverage