O’Dea Opposes Bill to Reduce Inflation and Lower Costs
After months of campaigning on inflation and claiming to be for working Coloradans, Republican Senate candidate Joe O’Dea abandoned his stance to side with Republicans to oppose the Inflation Reduction Act which would fight inflation and lower costs for working Americans by making big corporations pay their fair share and investing to combat the climate crisis. O’Dea repeatedly praised Senator Joe Manchin’ but immediately lined up with Mitch McConnell to oppose Manchin’s bill that would tax big corporations, fight inflation, and lower costs.
“Working Coloradans can’t trust Joe O’Dea to be a voice for them. The Inflation Reduction Act would lower costs and fight inflation – and he’s made it clear that he’s on the side of big corporations and would be a rubber stamp for Mitch McConnell.” – Colorado Democratic Party spokesperson Nico Delgado
The bill also includes an anticipated $300 billion directed toward deficit reduction over the same 10 years, largely resulting from a new 15% minimum tax on corporations that earn over $1 million in annual profits initially proposed by Hickenlooper's Democratic colleague, Michael Bennet.
That provision, expected to raise $313 billion over the next decade, is meant to "make sure the largest companies pay their fair share," Bennet said on Twitter Thursday.
"There is no reason Colorado teachers or firefighters should pay more in taxes than Amazon," he added.
Joe O'Dea, Bennet's Republican challenger, indicated that he opposes key provisions in the bill, including the Bennet proposal.
"You don't raise taxes on the front edge of a recession," O'Dea tweeted Wednesday night after the deal had been announced. "And you certainly don't raise taxes on American job creators fighting to compete with the likes of China in an uncertain world."