Prairie State Wire

Sen. Darren Bailey (R-Louisville), candidate for governor recently reacted to farmers' concerns about the Inflation Reduction Act. 

Bailey who is a farmer himself empathizes with the Illinois Farm Bureau.

"I share the concerns of the Illinois Farm Bureau on the so-called Inflation Reduction Act," Bailey said. "There are always aspects of bills like this that we won’t know about until long after the bill is signed into law. Farmers have every reason to be concerned about this new law."

The $740 billion package was signed into law by President Joe Biden. The act raises taxes on incomes over $400,000 and establishes a 15% minimum income tax on company profits. Farmers have voiced reservations about the proposal's almost $370 billion budget for subsidies for renewable energy sources. The law includes provisions relating to health care, such as limits on insulin costs for Medicare enrollees. 

Richard Guebert, president of the Illinois Farm Bureau, said farmers should "fasten their seatbelts" in light of the taxes, The Center Square reported.

Bailey has company in his criticism. U.S. Rep. Darin LaHood (R-Peoria) shared his stance with Chicago Business. 

“Instead of reducing inflationary spending, the Biden Administration is doubling down on their failed economic agenda that launched us into a recession,” he said. 

LaHood noted the bill “targets low and middle-income families by creating a supercharged Internal Revenue Service.”

Anne McKibbin, of the Illinois Petroleum Resource Board, noted on Axios Chicago that batteries rely on overseas mining and that more expensive “sustainable” energy products require "backup with either natural gas or batteries."

According to Bailey's campaign website, "Darren was born and raised in Louisville and is a proud third-generation farmer.  Growing up on Bailey Family Farm, Darren learned at a young age what it means to work hard and earn an honest living.  Today, Darren and his sons own and operate Bailey Family Farm.  He grows corn, wheat, and soybeans, all while carrying on the traditions of one of America’s oldest occupations."