Georgia GOP Rep. Clyde: Democrats 'obviously don't understand economics'
Clyde is touting a GOP-backed House bill that would essentially replace federal income, payroll taxes with progressive national retail sales tax
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GOP Rep. Andrew Clyde thinks Washington Democrats' recently passed Inflation Reduction Act is really a "smokescreen" to get funding for their green energy initiatives – or they just don't understand basic economics.
"When you inject $740 billion, almost three-quarters of a trillion dollars, into the economy, you're going to increase inflation," the Georgia lawmaker said on the John Solomon Reports podcast. "That's just the way Economics 101 works. I mean, the Democrats obviously don't understand economics."
He continued, "You got to wonder where their heads are in this particular bill. I think it was a smokescreen for their Green New Deal. As [House Speaker] Nancy Pelosi said, 'How can people vote against Mother Earth?' They're not talking about inflation reduction anymore."
Clyde also expressed optimism that a so-called Fair Tax Act now being consider in Congress is a good alternative to the high taxes that many Americans now pay and to the Internal Revenue Service, which some consider to have too much authority.
The measure, if passed, would essentially replace federal income and payroll taxes with a progressive national retail sales tax.
A bill now in the House, H.R. 25, which is sponsored by Georgia GOP Rep. Earl Carter, limits the IRS's power by cutting the agency's funding and would have tax revenues allocated to:
- General Revenue
- Old-Age & Survivors Insurance Trust Fund
- Disability Insurance Trust Fund
- Hospital Insurance Trust Fund
- Federal Supplementary Medical Insurance Trust Fund
"What we really need to do is eliminate the Internal Revenue Service," Clyde said. "That would be the solution. H.R. 25, the Fair Tax Act. I think is the right way to go here."
Clyde also expressed optimism about the Inflation Reduction Act giving Republicans motivation to pass H.R. 25 when they get the majority.
"That bill would eliminate the tax return from every citizens life, and we would be so much better as a country for it," he said.
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