Vance tries to ‘scare up’ votes
Republican U.S. Senate candidate J.D. Vance certainly knows how to spread lies and scare people for their votes. His latest lie is campaigning that the Inflation Reduction Act will raise taxes — a direct hit to his Democratic opponent Tim Ryan, who supported this. But Vance has replaced facts with fear because he has little else in his campaign that will help working families.
Let’s examine the Inflation Reduction Act and thank Ryan for his support with our vote.
The IRA will make everyone pay their fair share, millionaires included, who have avoided paying many taxes based on Republican tax incentives. It has been widely proven that Reaganomics, giving tax breaks to the wealthy hoping their pennies will trickle into the economy, doesn’t work. But for years this tax practice has been followed. The IRA imposes a minimum tax for corporations at 15 percent.
Also IRA is imposing a 1 percent surcharge for companies that buy back their own stock — this practice benefits the pockets of CEOs, company executives and shareholders.
And lastly, if you are afraid your taxes are going up, rest assured, since the government is hiring more Internal Revenue Service workers to help to ensure you are paying only what you owe. These additional jobs also will ensure corporations no longer hide behind loopholes and pay their fair share, as well.
I am grateful to Congressman Tim Ryan for supporting this act and taking action that has been needed for tax reform of businesses since the 1980s. And I certainly will demonstrate my appreciation to him by casting my vote for Tim Ryan.