Inflation Reduction Act will put burden on consumers, make unions happy: Billionaire CEO

Billionaire CEO and Chairman of United Refining Company John Catsimatidis criticized the Inflation Reduction Act ahead of the House vote for increasing IRS auditors and burdening consumers. On "Cavuto: Coast to Coast" Friday, Catsimatidis argued the move to increase IRS auditors will make unions happy but target middle-class Americans' wallets.

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JOHN CATSIMATIDIS: Forbes says there's about a thousand billionaires in our country. OK. You need a thousand agents for 3,000 billionaires. Now, what do you do with the other 84,000? What's going to happen is going to go after the middle class. They're going to go after the Uber drivers not reporting their tips. They're going to go after the taxi cab drivers, the waiters not reporting their tips. They're going to go after the middle class. They want to raise prices on pharmaceuticals, which solves problems. I mean, we want solutions to future diseases and we want our pharmaceutical companies to do well. But when you raise prices on the pharmaceuticals, they're just going to reflect it to the consumer. The consumer is going to pay for it all over again. And who are they making also happy? They're not saying this. The 84,000 IRS guys, they're making their unions happy because the unions were going to have 84,000 new members. So it all goes back to for whom do the bells toll. I'm not against unions, but nobody's saying it. Nobody's saying it. But that's who they're taking care of.

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