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Rep. Young Kim

Washington, DC – Today, U.S. Representative Young Kim (CA-39) released the following statement after opposing H.R. 5376, an effort by Senate Majority Leader Chuck Schumer (D-NY) and House Speaker Nancy Pelosi (CA-12) to hike taxes and make life harder for hardworking Americans.

“Americans continue to battle the highest inflation levels in 40 years and see higher prices everywhere from the grocery store to the gas pump, and in California, everything is more expensive. Policies from Congress should make life easier for those struggling, not add to their economic pain,” said Kim. “The only thing the InflationReductionAct is reducing is the amount of hard-earned money in the wallets of American taxpayers.I am proud to vote no on this bill that will make life harder for my constituents and will do nothing to decrease inflation. I’ll keep fighting hard in Congress to find commonsense ways to lower inflation, incentivize innovations for cures, support our job creators and workers and get our economy back on track.”

H.R. 5376, the so-called “Inflation Reduction Act,” would:

  • Raise taxes on Americans in nearly every income category, with more than half the tax increases impacting Americans making less than $400,000 a year, according to nonpartisan data from the Joint Committee on Taxation;
  • Give the Internal Revenue Service (IRS) $80 billion, more than six time its current budget, to hire 87,000 new personnel, making the IRS larger than the Pentagon, State Department, FBI, and Border Patrol combined; and,
  • Will do nothing to reduce inflation, according to estimates by the Wharton School of Business Budget Model.

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