GOP worries about Inflation Reduction Act’s small tax hike

Senate Majority Leader chuck schumer pulled a rabbit out of his hat when he announced a budget deal with Sen. Joe Manchin (D., W.Va.). But faster than you can say “supply-side economics,” Republicans have rote their objection to any tax hike: it will destroy the economy. A tweet from the Minority Leader Mitch McConnell warned that Democrats “want to rack up giant tax hikes that will hammer workers and kill thousands of American jobs.”

Sound familiar? It should. Newt Gingrich predicted in 1993 that President Clinton’s tax increases would « kill the current recovery and push us back into recession. » Instead, we had the Clinton boom.