TAPP Decries Senate Passage of So-Called Inflation Reduction Act

On Sunday, August 7, the Senate voted 50-50, with Vice President Harris breaking the tie, to pass the misleadingly named Inflation Reduction Act into law. The bill attracted zero Republican votes. This bill will have detrimental effects on American taxpayers and healthcare patients. The Inflation Reduction Act is an inefficient waste of taxpayer dollars, does not reduce inflation, and will hinder research and innovation into life-saving cures for healthcare patients who desperately need it.

Senator Joe Manchin of West Virginia and Senator Chuck Schumer of New York were instrumental in the conception and passage of this terrible bill. Their efforts will have a direct negative impact on the health, wallets, and overall wellbeing of millions of Americans.

The Manchin-Schumer scheme will raise taxes on middle class families in the middle of a recession while doing nothing to alleviate economic pain.  

The drug price controls included in the bill will decimate funding for research into life-saving cures, hamstring an industry that employs thousands of Americans, and reduce access to medicine.

Beyond the price controls and deadly effects on the healthcare industry, the bill includes other components worthy of staunch objection. This scaled-down version of Build Back Better funds an additional eighty seven thousand IRS agents, hands money over to cash-flush insurance companies with no guarantee the money will get back to consumers, and does nothing to address issues facing everyday Americans such as affordable housing or rising inflation.

TAPP condemns the members of the Senate who voted in favor of the Inflation Reduction Act.