FACT CHECK: Economy
Grassley works as THE Inflation Fighter.
- Only one person in this race is committed to fighting inflation and the high cost of living that’s hammering Iowa families, seniors, farms and small businesses on Main Street, and that’s Chuck Grassley: THE Inflation Fighter.
- As a lifelong family farmer and father of five, Senator Grassley knows first-hand what it takes to keep a household and family farm afloat. Since President Biden took office, Grassley hears from Iowans how hard it is to make ends meet with 40-year high inflation. When the federal government raises taxes and puts regulations in place that prevent businesses from expanding, investing and creating more jobs, it makes it even harder.
- A taxpayer watchdog, Grassley works to control runaway spending that ramps up the federal debt and free farms and businesses from the burdens of government micro-management. The federal government’s involvement in our economy should be limited to creating an environment that allows the private sector to thrive and create jobs.
- Chuck Grassley has introduced legislation to ease the burden of Biden’s bad economy on Iowa including the Family and Community Inflation Relief Act, which would index tax credits to inflation to help families with the rising cost of living. Grassley also introduced the Middle-Class Savings and Investment Act, which would make it pay to save by expanding the size of the lowest tax bracket (zero) for most middle-class savings and investment income. Grassley has consistently opposed Biden’s inflationary spending program.
- Additionally, Chuck Grassley has repeatedly called for Biden to stop his war on American energy that’s blunted America’s energy independence. He’s urged Biden to restore construction of the Keystone XL Pipeline and make E15 year-round permanent, and more.
Mike Franken supports Biden’s tax-and-spending sprees while advocating to raise taxes on Iowans.
- Despite seeing a 41-year record high inflation due to President Joe Biden’s bad policies, Grassley’s Democrat opponent Mike Franken said Biden is doing a “fabulous job.”
- Mike Franken called the Inflation Reduction Act, or more aptly called the Inflation Enhancement Act, a “great step forward” and applauded its passage. Analysis by the Tax Foundation says the partisan tax-and-spending spree will make inflation worse and according to the nonpartisan Joint Committee on Taxation, Americans making less than $400,000 will see tax increases. Sky-high inflation effectively serves as a tax hike on all Americans. Iowans are paying nearly $700 more per month because of these Franken-backed Biden policies. Inflation is hitting rural Americans the hardest, according to an Iowa State study.
- Additionally, at a debate hosted by Iowa PBS, Mike Franken told the moderators he wants to “repeal the Trump tax breaks,” which provided tax relief for lower and middle-income earners as well as small businesses and farmers in Iowa. However, according to a Tax Foundation analysis, every income group in each one of Iowa’s Congressional districts had a tax cut from the Tax Cuts and Jobs Act. Repealing these cuts would mean every income group in Iowa would see a tax hike.