Amid a recession, Congressional Democrats are planning to raise taxes on America’s job creators to fund the Green New Deal agenda, a move likely to worsen the ongoing inflation crisis.
These tax increases will be passed on to the consumer, stifle reinvestment in infrastructure, R&D, and workers, and only exacerbate the current supply chain crisis. In addition, the planned policies allow the IRS to hire 87,000 new agents to target American families and businesses.
A new report shows the real gross domestic product (GDP) decreased at an annual rate of 0.9% in the second quarter of 2022, according to an advanced estimate released by the Bureau of Economic Analysis. This follows a GDP decline of 1.6% within the first quarter, meaning that we have hit the rule-of-thumb recession definition: two consecutive quarters with negative GDP readings.