![](https://www.wjbc.com/wp-content/uploads/sites/389/2020/10/Kingston-Kevin.jpg)
By Blake Haas
BLOOMINGTON – A $430 billion Inflation Reduction Act is heading to the House of Representatives Friday, but a local financial advisor reports the legislation has little to do with inflation.
Earlier this week, the Senate voted, with the tie-breaking vote cast by Vice President Kamala Harris, to approve an economic package mainly poised at climate change.
“It almost couldn’t have a more inappropriate name,” Kevin Kingston from Savant Wealth Management added. “Most economists, most people who look markets on the economy and how this would impact us. This will probably add to inflation rather than eliminating it.”
The economic package includes $430 billion to reduce greenhouse gas emissions, impose a 15% tax on corporations making over $1 billion and invest in clean energy technology.
“All this is going to do is create more inflation, and add to tax hikes,” added Kingston on the afternoon show.
According to President Joe Biden, the economic package would bring down inflation by “lowering the deficit and lowering the cost for regular families.”
Blake Haas can be reached at [email protected].