Press Releases

WASHINGTON – Today, U.S. Representative Jason Smith (Mo.), House Budget Committee Republican Leader and a member of the House Ways and Means Committee, joined Fox News’ America’s Newsroom to slam Washington Democrats’ $745 billion spending bill. As Budget Republican Leader, Smith has led the effort in Congress to expose the Inflation Act’s wasteful and inflationary spending, detail its middle- and low-income tax increases, and expose how it will unleash an army of 87,000 new IRS agents to audit middle- and low-income Americans.

In the interview, Smith took Washington Democrats to task over the fact that more than 50% of spending in the misleadingly named “Inflation Reduction Act” goes toward Green New Deal policies, including $1.5 billion for tree planting, $27 billion for an Environmental Protection Agency slush fund, and $7.5 billion to help wealthy families making upwards of $300,000 purchase a new $80,000 luxury electric vehicle.

Smith also blasted Washington Democrats for including $80 billion in the bill to supercharge the Internal Revenue Service so that it can target and harass more low- and middle-income Americans. Just this morning the Congressional Budget Office confirmed that families making less than $400,000 a year would be subjected to additional audits to try and raise $20 billion for Washington Democrats.

When asked about the calls his office is receiving from Missouri about the IRS funding increase, Smith said families are fearful of the IRS hiring an additional 87,000 agents, which will result in 700,000 more audits for people making less than $75,000 a year. "The IRS is projecting that if you spend $80 billion that they can collect $200 billion to pay for this package. And let me tell you, the folks, their worst phone call would be having an IRS auditor calling them and showing up at their house,” Smith added.

The Joint Committee on Taxation has confirmed that $10+ billion in tax increases from Democrats’ Inflation Act will hit families making less than $200,000.

The Inflation Act includes:

• $745 billion in new spending:
• $248 billion for Obamacare subsidies when removing false 3-year sunset for households earning as much as $300,000
• $400+ billion for the Green New Deal – over 50% of the bill’s total spending
• $80 billion for IRS to double in size and conduct 1 million more audits per year on taxpayers making less than $200,000
• $599 billion of tax increases and offset gimmicks
• Business “book tax” falls largely on U.S. manufacturing and small businesses
• $10 billion of the bill’s tax increases fall on taxpayers making under $200,000
• 50% of the bill’s tax increases fall on taxpayers making under $400,000
• $146 billion in new debt

• $54 billion added to the debt in first 5 years
  • 80% of deficit reduction does not show up until after 2029

  CLICK HERE to Watch Smith’s Remarks
  CLICK HERE for Audio of Smith’s Remarks