Sean Hannity discussed how the Inflation Reduction Act, despite its name, will do anything but lower inflation for Americans but rather increase it and taxes on those that make under $200,000 on "Hannity."

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SEAN HANNITY: Democrats are once again poised to spend a massive, huge, monumental amount of your money. And as of now, one senator stands in their way, the last Democrat with a backbone. Is it going to be Kyrsten Sinema? Time will tell. Now, if she does ultimately cave the Schumann mansion, $500 billion Green New Deal energy spending spree that they purposely label as something it's not.

The Inflation Reduction Act will become the law of the land, and in less than two years, Democrats will have added an additional $4 trillion in new spending. 4 trillion, and that includes $2 trillion in bailout to blue states like California and New York, $1.1 trillion for their Green New Deal pet projects and so-called green infrastructure. And now another $500 billion to appease the climate religious cult that rules the Democratic Party. But make no mistake, despite its name, the Inflation Reduction Act does not reduce inflation and it will not bring down costs for anybody, in fact. Look at Forbes quote, for example, on that.

WASHINGTON, DC - AUGUST 02: Sen. Kyrsten Sinema (D-AZ) leaves her office to walk to the Senate Chambers in the U.S. Capitol Building on August 02, 2022 in Washington, DC. Negotiations in the U.S. Senate continue for the Inflation Reduction Act of 2022. (Photo by Anna Moneymaker/Getty Images)

This proposal is a recipe for worsening inflation and persistent economic stagnation. The nonpartisan Tax Foundation also determined, quote, "By reducing long run economic growth, the bill worsens inflation by constraining the productive capacity of our economy." The University of Pennsylvania's Wharton budget model found that this bill will increase America's inflation rate over the next two years. And get this report from the nonpartisan Joint Committee on Taxation. They have even determined that a majority of the tax costs from this bill will be borne by households earning less than $400,000 a year.

Oh, I remember the president promising again and again and again he wouldn't raise taxes on people that made under 400,000. Well, guess what? Under this bill, people making under $200,000 a year, they will pay $16.7 billion in new taxes in year one and pretty much the same amount in year two.

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Sean Hannity: Democrats are once again poised to spend a massive, huge, monumental amount of your money

Hannity highlights the facts about the Inflation Reduction Act