Opinion | GOP Frets Over the Inflation Reduction Act’s Tiny Tax Increase

Senate Majority Leader Chuck Schumer pulled a rabbit out of his hat when he announced a budget agreement with Sen. Joe Manchin (D., W.Va.). But faster than you can say “supply-side economics,” Republicans gave their rote objection to any tax increase: It will destroy the economy. A tweet from Minority Leader Mitch McConnell warned that Democrats “want to pile on giant tax hikes that will hammer workers and kill many 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 put us back in a recession.” Instead, we got the Clinton boom.