Graham, McMaster hold press conference on Inflation Reduction Act
COLUMBIA, S.C. (WIS) -Two of South Carolina’s leading Republicans, Sen. Lindsey Graham and Gov. Henry McMaster, are holding a press conference at the State House on Tuesday to speak on the Inflation Reduction Act.
The $430 billion legislation passed the U.S. Senate over the weekend without any support from Republicans. It aims to lower Americans healthcare costs and incentivizes cleaner energy choices and programs. It is largely paid for through increased taxes on high-earning corporations, those with at least $1 billion in annual revenue and boosted IRS enforcement to ensure wealthy companies and Americans are paying taxes.
In an August 7th statement, The White House said the legislation, “It does not raise taxes on those making under $400,000 a year – not one cent.”
A statement announcing the joint Graham-McMaster press conference said the Inflation Reduction Act, “does nothing to address record-high inflation and raises taxes on Americans.”
The legislation comes amid a four decade high on inflation nationwide. South Carolina saw a strong unemployment report, with unemployment at 3.2% in June. The state itself however has had fluctuations in the workforce, with record breaking numbers of employees quitting their jobs and changing industries.
- Nation’s Mayors Applaud Senate Passage of the Inflation Reduction Act
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- US inflation reached a new 40-year high in June of 9.1%
- Help wanted: Job openings continue to outnumber workers
Alongside a difficult housing market for buyers, recent economic data has some economists signaling that the U.S. has slid into a recession. The national jobs report said businesses added over half a million new jobs despite warnings of a potential slow down in the economy.
The uncertainty on which direction the economy is headed have made the legislation a priority for the Biden Administration.
The act was heavily debated, with Democrats arguing it will address inflation, tackle climate change and lower medical bills. Republicans said the legislation will hurt U.S. factories and middle-class workers.
Graham was on record in the Senate calling parts of the act, “This is insane, this is stupid!”
Congressman Jim Clyburn, the House majority whip and South Carolina’s only Democratic member of Congress, tweeted Monday the legislation will be on its way to President Joe Biden later this week, saying, “The Inflation Reduction Act is a huge deal. Not only will it lower prescription drug costs for millions of Americans, it will ensure rich corporations pay their fair share and help us address the climate crisis.”
The Inflation Reduction Act is a huge deal.— James E. Clyburn (@WhipClyburn) August 8, 2022
Not only will it lower prescription drug costs for millions of Americans, it will ensure rich corporations pay their fair share and help us address the climate crisis.
This week, @HouseDemocrats will send it to the President's desk.
Governor McMaster tweeted, “The Democrats’ “solution” to record-high gas prices and inflation? Runaway spending and tax hikes.”
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