Joe O’Dea Sides with Corporate Special Interests & Spreads Misleading GOP Claims about Inflation Reduction Act
O’Dea opposes lowering prescription drug costs and investing to combat climate change
McConnell rubber stamp Joe O’Dea is doubling down in opposing the Inflation Reduction Act (IRA) with misleading Republican claims about the bill that will lower prescription drug costs and make big corporations pay their fair share. O’Dea is proving to Coloradans that he would just be another Republican who sells out working families for corporate special interests.
Here’s why O’Dea and MAGA Republicans are wrong:
The Joint Committee on Taxation’s misleading analysis, which was spearheaded by Republicans, failed to consider the entire bill according to Politifact.
The bill makes sure the biggest, wealthiest corporations, that often pay less in taxes than working Coloradans, pay their fair share. It does not raise taxes on working families. Families making less than $400,000 per year would likely see a net increase in their real disposable income according to the Committee for a Responsible Federal Budget.
The I.R.S. said that the increase in funding would be used toward efforts “to crack down on wealthy tax evaders.”
Top economists concluded that the bill would ultimately fight inflation and cut costs for working Americans and “nudge the economy and inflation in the right direction.”
The bill would provide immediate relief to low-income Americans and seniors through help with insurance premiums and lower prescription drug costs.
The bill is “more than paid for” and will reduce the deficit.