U.S. markets open in 3 hours 43 minutes
  • S&P Futures

    4,256.75
    -29.75 (-0.69%)
     
  • Dow Futures

    33,806.00
    -175.00 (-0.51%)
     
  • Nasdaq Futures

    13,411.25
    -112.00 (-0.83%)
     
  • Russell 2000 Futures

    1,984.60
    -17.10 (-0.85%)
     
  • Crude Oil

    89.36
    -1.14 (-1.26%)
     
  • Gold

    1,767.40
    -3.80 (-0.21%)
     
  • Silver

    19.15
    -0.31 (-1.61%)
     
  • EUR/USD

    1.0079
    -0.0013 (-0.13%)
     
  • 10-Yr Bond

    2.8800
    0.0000 (0.00%)
     
  • Vix

    20.49
    +0.59 (+2.96%)
     
  • GBP/USD

    1.1874
    -0.0059 (-0.50%)
     
  • USD/JPY

    136.5600
    +0.6980 (+0.51%)
     
  • BTC-USD

    21,762.92
    -1,723.98 (-7.34%)
     
  • CMC Crypto 200

    517.29
    -40.44 (-7.25%)
     
  • FTSE 100

    7,550.80
    +8.95 (+0.12%)
     
  • Nikkei 225

    28,930.33
    -11.81 (-0.04%)
     

Republican lawmaker rips Inflation Reduction Act: Gov't taking money out of your pocket, putting it in theirs

During an interview on "Mornings with Maria" Friday, House Financial Services Committee member Rep. Warren Davidson, R-Ohio, slammed Democrats' social spending and tax bill, arguing it will not help alleviate the inflationary impacts on American consumers "at all."

REP. WARREN DAVIDSON: Five infantry divisions worth of IRS agents. And they say they're going to go after 600 billionaires. They're going after everybody. And there's a tax in here of 3.8% on closely held businesses, businesses like the companies I used to own before I ran for Congress. Manufacturing companies, most of our workers are working in small and medium-sized companies and a lot of them are closely held companies.

They're going to pay an extra 3.8%. They're looking for every way possible to move money out of the economy. And in that sense, they say we're going to cool the economy off, and we're going to help inflation. Taking it out of your pocket and put it in the government, that's not going to help people deal with inflation at all.

OVER 230 ECONOMISTS WARN MANCHIN'S SPENDING BILL WILL PERPETUATE INFLATION

WATCH THE FULL INTERVIEW HERE: