The Inflation Reduction Act will spend billions on top of the trillions of dollars already spent by this Congress that led to this inflationary crisis. AMAC is also very concerned about the Medicare prescription drug price “negotiations” contained in this legislation. This provision allows the government to price-fix pharmaceuticals that will lead to a reduction in research and development spending for new therapies, artificial drug shortages, and rationing.
August 6, 2022
Majority Leader Chuck Schumer
United States Senate
S-221, The Capitol
Washington, DC 20510
Minority Leader Mitch McConnell
United States Senate
S-230, The Capitol
Washington, DC 20510
Dear Majority Leader Schumer and Minority Leader McConnell,
On behalf of over 2.3 million members of the Association of Mature American Citizens – AMAC – I write to express our strong opposition to the so-called “Inflation Reduction Act,” H.R. 5376. Americans are struggling with high inflation, two consecutive quarters of negative GDP growth, and a bear stock market. Naming this reckless tax and spending spree the “Inflation Reduction Act” is nothing more than an attempt to hide billions of dollars in progressive policies behind a name that has nothing to do with the policies that will be enacted if this legislation passes.
With inflation at its highest rate in forty years, this bill will spend billions of dollars on top of the trillions already spent this Congress that have helped lead to this inflationary crisis. The amount of spending the government has proposed is unsustainable. It will leave the American people with higher debt, insurmountable inflation, and increased taxes.
AMAC is very concerned about the Medicare prescription drug price “negotiations” contained in this legislation. This provision allows the government to set prices while calling it a “negotiation,” this will harm future drug development and increase the cost of prescription drugs for millions of Americans on private insurance. Stifling innovation for prescription drugs will deprive seniors of ground-breaking new therapies for decades to come.
The tax increases contained in this legislation will hurt seniors who have saved for their retirement by investing in the stock market. Millions of seniors benefit from stock buybacks that increase share values of publicly traded corporations. Taxing these buybacks will hurt the future earnings of current and future seniors, pushing more retirees to rely on Social Security benefits that are predicted to be cut by nearly 25 percent in a little over a decade.
Increasing IRS funding will hurt the middle class and small businesses by targeting more everyday Americans with costly audits. The claim that it is the “wealthy and large corporations” that are the target is laughable, these groups already have armies of lawyers and accountants that use existing credits and deductions that are already offered by the tax code. Middle-class Americans don’t have these resources and the IRS has already said they want to increase small business audits by 50 percent.
As an organization representing hard-working Americans aged 50-plus, we want to voice our unwavering opposition to the “Inflation Reduction Act” and Democrats’ reckless tax and spending legislation. Now is not the time to add further inflationary pressure to the American economy. All members of the Senate should vote against this harmful legislation and return to bipartisan work on priorities important to Americans and our economy.
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This Bill passed inspite of AMAC and other opposition. Where are the Republican Senators and Representatives.; You should list all that voted for this Bill!!
What is AMAC doing to get Voters fired up about voting and electing Republicans/Conservatives??
Arrest and prosecute the whole biden administration for treason and threats against the American people!……..
Well they passed it and we can thank Joe Manchin and Kristen Sinema for giving in because they are getting some sort of kickback otherwise they would have continued to object to this massive new spending bill that has nothing to do with reducing inflation, but will just fuel inflation. Anyone with a working brain cell knows that the standard operation of the Democrat Party is “tax and spend”. Now with the raid on Mar-A-Lago by a politicized and corrupt FBI, we come closer to a Civil War that none of us want, but I wonder just how much more the American people are going to put up with. I think that the midterms are going to be a deciding factor of what happens. The midterms will be closely monitored by Conservatives who will be watching for any, and I mean ANY, irregularities. I love my country and I am so outraged by what I see happening. I wish I was 20-30 years younger because I would actively work to change things in the schools and in politics for the benefit of all Americans. God Bless America.
What is the point of sending this? Schumer and the rest of these dirtbags couldn’t care less about what people think. As long as they can lie to the idiots who keep voting them in, they will do whatever they want to with no regard for anybody.
CLEARLY COMMUNISM. Oppose, Do NOT let this pass we are.totally against. Snake tactic Schumer is so evil cut deal back doorsand LIES. They are destroying American.More agents out of.control to harrass and steal money from self.emplyed.
thank you AMAC!
I just doesn’t matter….the Socialist Liberal Left are in power now commanding all three branches of Government, Executive, Legislative and Judicial. This is there one opportunity to push through their political agendas and they are damn well going to do it. 81M Americans (the majority) have chosen this for our country. They prefer socialism. The people have spoken.
I’m not too concerned. In fact, I gleefully watch as the Democrats cut their own throats. If, and this is a big if, there are any who profess to be a Democrat should have a modicum of sense to know the direction the Democrats are going is a death knell for their party as well as the country. The only thing the Democrats know is tax, tax, tax. One reason I am not too concerned is as unfortunate as it is, I am a 100% permanently disabled Vietnam vet. Agent orange resulted in me being declared such. The only good thing that came out of that….I pay NO federal nor state taxes.The Democrats tax plan will hopefully wake up the voters for what they really are.
One good thing came out of the stolen election. The swamp has been pretty much exposed. Now if the conservatives can keep them from stealing the next election. All they need is a good, what’s the line they use , never let a good crisis go to waste. They have lied too many times. Tried to impeach President Trump not once with their lies but twice once after he left office. Then the j6th hearings with show trial hearings by a mob. Next they have sent the Fbi to raid his home. Makes me wonder what they may have planted there just like the fake dossier about collusion with the Russians which the Fbi also ran. The same Fbi that ag garland sicked on parents at school board meetings that objected to what the school board was trying to pass on our children. Now they don’t need all that stuff getting in the way of their agenda so they are pulling out all the stops. Cheating ,lying , stealing, you fill in the rest of the blanks because I just stopped there. So if you care about our country. Pray for it ! We only have one vote as a citizen of our country. But we can pray every day. Even Daniel ( of Daniel and the lions den) prayed daily that’s why he was sent to the lions den in the first place.He was spared and look what happened to his accusers. If you don’t know maybe you should get your Bible out and read for yourself. We need to pray and trust God. After all He loves babies and his children also.
Thank you Ronnie. Well said. Pray, pray, pray and mean it!
THE ONCE HONORABLE f b i, IS NOW THE RUSSIAN K G B
Sadly, it’s true.
Any vote or support for a Democrat is a vote against America. Time to put his corrupt admin in its place come 2022. Humiliate them at the polls! The fish is rotten from the head down!
Everyone falls into one of these 3 categories:
Those who watch things happen
Those who make things happen
Those who wonder what the hell happened
Not a time to be silent!!!
One proud veteran
The Inflation Reduction Act calls to mind Slim Pickens riding the nuclear bomb down at the end of the movie Dr. Strangelove.
Call it what it really is: The INFLATION INDUCEMENT ACT!
Schumer is a little boy trapped in an old man’s body. When he spoke at my son’s college graduation ceremony, about 13 years ago, many of the parents were amazed to see how egotistical and immature Schumer was. Schumer talked about himself and his dreams of being a politician for most of his speech. It was embarrassing to see how a supposedly important man was such an overgrown child.
Unfortunately he is one of many especially the younger ones are clueless and incompetent
Schumer is such a putz. He couldn’t wait to drool and lie over the passage of this bill by his a*s wipe party. No wait for the queen B to put the houses
BS into legislation. Anyone who believes that this bill will help climate change is a fool. Guess little hitler is a probably drooling and can’t wait to grandstand with all the a-holes surrounding him.