Republicans & Economists Think Inflation Reduction Bill Won't Lower Inflation | EWTN News Nightly

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After months of false starts and public spats, Senate Democrats are hoping to pass their party-line reconciliation bill soon. The Inflation Reduction Act includes nearly $370 billion in climate and clean energy incentives but it may raise taxes for all income groups depending on who you ask. Democrats led by West Virginia Senator Joe Manchin, continue to emphasize that the bill will lower consumer prices, boost fossil fuel production and not raise taxes for anyone making $400,000 or less. Senate Majority Leader Chuck Schumer says the bill will target large businesses and the wealthy to pay their fair share. But Republicans, several think tanks and economists say the bill will do nothing to lower inflation, and may actually make it worse. They add, all income brackets will be hit with new taxes totaling billions of dollars, making it one of the largest tax increases in decades. Capitol Hill Correspondent, Erik Rosales reports. EWTN News Nightly provides the latest news and analysis from a Catholic perspective. Join host Tracy Sabol, our Capitol Hill, White House and Rome Correspondents, as well as many other diverse guests daily, to get the latest from the U.S. and the Vatican on topics regarding our Catholic faith and interests. ------------- EWTN News Nightly airs on EWTN weekdays at 6pm & 9pm ET. ------------ Don't miss an episode of EWTN New Nightly. Get updates here: https://www.ewtn.com/tv/shows/ewtn-news-nightly ------------- Sign up today to receive the EWTN News Nightly newsletter: https://www.ewtn.com/enn ------------- Follow EWTN News Nightly on Social Media: Facebook: https://www.facebook.com/ewtnnewsnightly Twitter: https://twitter.com/EWTNNewsNightly Instagram: https://www.instagram.com/ewtnnewsnightly/ ------------- Subscribe to EWTN YouTube channel here: https://www.youtube.com/user/EWTN ------------- You can support the EWTN News mission: https://bit.ly/3qDR1qf