Re: Kathryn Oliver’s letter, Aug. 3.
Sorry Kathryn, but you’ve been drinking the same bathwater as Chuck Schumer and Senate Democrats!
Let’s look at this proposed bill. Note how cleverly it was renamed “Inflation Reduction” as a replacement for the outrageously expensive Build Better bill. Let’s not quibble about the individual worth of each item in the bill. Instead, look at what it does in the face of 9.1% inflation: Pours more money (gasoline) on the fire! There are nine grants, not loans, in the bill. Another examination of the details in the bill shows that spending starts almost immediately but new revenues come later. The Wharton School analysis shows the bill actually INCREASES the deficit in the early years. Not until 2027 does deficit reduction begin!
Finally, the idiotic 15% minimum corporate tax rate kicks in immediately. For an economy that is already retracting rapidly that is bad policy. Punishing corporations with high taxes and eliminating depreciation deductions will never help bring manufacturing back to the USA.