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WASHINGTON – Today, U.S. Senator Jim Risch (R-Idaho) issued the following statement after the U.S. Senate passed Democrats’ “Inflation Reduction Act” on a party-line vote:

“We haven’t seen this kind of record inflation since Jimmy Carter was president, yet Democrats today chose to pass legislation that will raise taxes and spend hundreds of billions of dollars. These tax hikes won’t affect just the highest tax bracket – Americans making as little as $30,000 per year will pay more to the federal government because of this bill,” said Risch. “Meanwhile, pharmaceutical innovation will be stifled, the IRS will double in size, and not one thing in the so-called ‘Inflation Reduction Act’ will do anything to address the highest inflation Americans have experienced in 41 years. Passing this legislation and leaving it to taxpayers to foot the bill is the height of irresponsibility.”

Background: Senate Democrats’ 700+ page “Inflation Reduction Act” includes the following provisions:

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