In an interview on the Fox News Channel's “Sunday Morning Futures,” Sen. Ted Cruz (R-TX) has blasted the $750 billion Inflation Reduction Act, a reduced version from the Build Back Better Act.
Cruz spoke to host Maria Bartiromo that the legislation was “terrible” and a “massive power grab” by Democrats due to the fact that it will increase gas prices and increase the size of the Internal Revenue Service.
“The Democrats are on the verge of ramming through what really is a terrible bill,” Cruz cautioned before the bill's passing. “This bill will hit manufacturing. It will eliminate manufacturing jobs in the US. It will hit small-scale businesses. This bill will raise the cost of gas. The bill will add billions of dollars in charges that will affect U.S. oil and gas production. We've introduced amendments that aim to eliminate those new taxes off, so that everyone Democrats declare they're concerned and want to cut down on the cost of gas — they all voted to increase taxes on gas and also to increase your cost at the pump.”
“This bill creates 87,000 new IRS agents,” the IRS official continued. “It increases the power of the IRS. These IRS agents are specifically designed to pursue you. They're not designed to go after billionaires and large corporations. They're made to target small-scale businesses and families across the country. The Democrats are creating the IRS larger than the Pentagon as well as that of the Department of State, plus the FBI as well as The Border Patrol combined. The IRS is set to become larger. This is a huge power grab.”