Here’s What’s In The Bill Manchin Agreed To Support, And There Are Many Reasons To Celebrate

[Leo123]

Climate change is real and happens naturally but humans have their part to play in disasters also.

Look, nuclear does work but the issue is safety and always will be because of you have a level five meltdown then you could destroy the environment for thousands of years like in the Ukraine.

Now let me be clear those incidents were man fault and could have been prevented except maybe Japan to a point but even then there was failure.

We should fund research and to say “ well none of them worked out “ is a poor excuse.

Correct, climate change is a fact however, humans really can't do anything about it. That being said, there is a case to be made for LOCAL pollution caused by humans, especially in high population density areas like NY, LA, and other large cities. For instance: Today, NY smells like a urinal. Nuclear actually has a pretty good record all in all. There have been nuclear plants operating for decades without problems but, why start spending lots of money building nuclear facilities when we already have fossil fuels and an infrastructure to deliver them?

 

[Devils_Advocate]

Correct, climate change is a fact however, humans really can't do anything about it. That being said, there is a case to be made for LOCAL pollution caused by humans, especially in high population density areas like NY, LA, and other large cities. For instance: Today, NY smells like a urinal. Nuclear actually has a pretty good record all in all. There have been nuclear plants operating for decades without problems but, why start spending lots of money building nuclear facilities when we already have fossil fuels and an infrastructure to deliver them?

Because it stretches the fissile fuels for longer usage.

Nuclear power is a clean way to give the power that is needed and as long as we keep it under tight control then it should become the main source for electricity.

As I pointed out the three ( I didn’t mention the fourth one from the 1950’s ) major incidents of Nuclear meltdowns could have been diverted, so we must understand that we as humans should have multiple safeguards and even then we will never prevent one from happening.

You mentioned local pollution and human factor, so then add it together and how it changes the climate around us and causes issues from droughts to lands being unable to sustain plant life, and the human factor does play into this game we call life…

I have stated here and in other threads fossil fuels are needed and can never be eliminated until we learn to reproduce the god particle and sustain it.

We should always fund future exploration into fields of science that can improve the life of humans and learn to make a balance with everything.

 

[Leo123]

Because it stretches the fissile fuels for longer usage.

Nuclear power is a clean way to give the power that is needed and as long as we keep it under tight control then it should become the main source for electricity.

As I pointed out the three ( I didn’t mention the fourth one from the 1950’s ) major incidents of Nuclear meltdowns could have been diverted, so we must understand that we as humans should have multiple safeguards and even then we will never prevent one from happening.

You mentioned local pollution and human factor, so then add it together and how it changes the climate around us and causes issues from droughts to lands being unable to sustain plant life, and the human factor does play into this game we call life…

I have stated here and in other threads fossil fuels are needed and can never be eliminated until we learn to reproduce the god particle and sustain it.

We should always fund future exploration into fields of science that can improve the life of humans and learn to make a balance with everything.

I mostly agree with you except, local pollution has never been proven to go global except, maybe, for huge volcano eruptions that emit more particulate matter and gases into the air than man could ever hope to come close to. IMO, human caused GLOBAL climate change studies are useless and a waste of money. BTW none of those nuclear meltdowns caused widespread global damage as the movies and media have predicted.

 

[Devils_Advocate]

I mostly agree with you except, local pollution has never been proven to go global except, maybe, for huge volcano eruptions that emit more particulate matter and gases into the air than man could ever hope to come close to. IMO, human caused GLOBAL climate change studies are useless and a waste of money.

Actually I have used three incidents that have alter the environment of area and some are long term like the Ukraine and some are short term.

Multiple areas of massive pollution can cause harm to water and echo system changing the habitation and even bring plants, insects and animals to extinction.

I believe in both natural and man made climate change and the effects of pollution done by us can alter life and create devastating consequences in the future.

I believe in the Tao River Story and we have a habit of altering the River and when the River corrects itself the devastation caused by it we neglect to realize is our own doing.

You and I will never agree on this but let understand we don’t have to and all we can ask from each other is to respect our difference of opinion…

 

[Leo123]

Actually I have used three incidents that have alter the environment of area and some are long term like the Ukraine and some are short term.

Multiple areas of massive pollution can cause harm to water and echo system changing the habitation and even bring plants, insects and animals to extinction.

I believe in both natural and man made climate change and the effects of pollution done by us can alter life and create devastating consequences in the future.

I believe in the Tao River Story and we have a habit of altering the River and when the River corrects itself the devastation caused by it we neglect to realize is our own doing.

You and I will never agree on this but let understand we don’t have to and all we can ask from each other is to respect our difference of opinion…

I respect your opinion and we agree mostly. Local pollution must certainly be addressed.

 

[BasicHumanUnit]

Corporate tax reform: The first part of the legislation actually comes under the heading of “deficit reduction.” Considering the way the media has been playing up inflation, with only occasional admissions that this is a global problem and not something just affecting the U.S., this part of the legislation allows those signing on to claim to be fighting inflation and righting corporate wrongs, even as they also address the climate crisis. The biggest item here is a corporate minimum tax of 15%, which will go a long way toward eliminating all those instances of “Corporation X made billions, but paid no taxes.” As with most tax measures, there are ways that corporations can rejigger their balance sheets to avoid portions of this tax, but the bill takes some pains in trying to close known loopholes. This measure alone is expected to raise around $370 billion

Closing the carried interest loophole: One tax dodge comes in for particular attention. The bill would end the carried interest loophole that currently allows corporations and investment managers to pay the 20% long-term capital gains tax rate on “income received as compensation” rather than what are generally much higher rates for ordinary income. The bill exempts families making under $400,000, and is expected to raise about $14 billion.

Additional funding for IRS investigations: There’s a big boost in funding for the IRS, specifically targeted at increasing investigations of tax avoidance. The bill calls for more than $48 billion to be put into the IRS over the next decade, but is expected to net gains of nearly $125 billion.

Allowing Medicare to negotiate the prices of prescription drugs: This section is long overdue in ending what amounts to an ongoing cash giveaway to pharmaceutical investors. This step alone is expected to save the federal government $288 billion, which makes the fact that it didn’t happen sooner a good source for instant anger. There are some exemptions in this legislation that allow production of some new agents, particularly the “biologics and biosimilars” that are becoming increasingly important in cancer treatment, to stay on the gravy train. For now. But out-of-pocket costs for Medicare participants is capped at $2,000. There are also consumer rebates for drug costs that go up due to inflation and a penalty for manufacturers who raise the cost of an existing drug at greater than the rate of inflation.

Taken together, these measures represent a savings that the Congressional Budget Office estimates to be $739 billion, and every one of those actions is a definitive good.

Now, here’s how the bill spends $433 billion, while reducing the deficit by over $300 billion.

Three years of subsidies for the Affordable Care Act: Tired of watching Republicans force a fight over the Affordable Care Act each year, constantly chip away at the level of subsidies, and force the surrender on some other point in order to keep people supplied with health care? Relax for the next three years, because $64 billion worth of subsidies goes on the books with this legislation.

Credits for manufacturers of renewable energy products: Right now, most solar panels are made in China, and in recent years other nations like India and Vietnam have been moving to the forefront as existing panels become commodity items searching for the lowest possible cost at every step. However, there are ways to make more efficient, longer-lasting solar panels, as well as high-efficiency turbines for wind power, and the ever-increasing need for high capacity battery storage. This legislation hopes to lure both of these back to the United States with $60 billion of incentives to open new plants and expand existing plants.

Extension of tax credits for home renewables: For those who have been sweating the idea that tax credits for adding solar or other renewables at home were about to run out, that fear is ended by credits that are both extended and expanded. Credits would apply for rooftop solar and associated systems, high-efficiency heat pumps, and more. There is also $9 billion in this section for consumers who want to make their homes more energy efficient with insulation and other improvements and another $1 billion for upgrading affordable housing to use less energy. Wind and solar power providers would also get extra funding when providing power to low-income areas.

Credit for carbon sequestration: Yes, carbon capture technology has utterly failed to meet the challenge with which it is most often associated—namely, “clean coal.” That has tarnished its reputation with activists, but if we’re going to meet the goals necessary to address the climate crisis, one step is going to be figuring out ways to drastically reduce the carbon generated by things like manufacturing concrete. Manchin probably made this one of his Big Deals when negotiating over this bill, even though it’s unlikely to affect his favorite industry. Most the legislation expands the scope of existing tax credits and raises the level of subsidies.

Nuclear power tax credit: Either you think nuclear power is worse than fossil fuels and you’re going to hate this, or you think that nuclear power is a necessary part of a zero-emission strategy and you’re going to love this. Either way, there’s a subsidy here that gives nuclear energy a slight boost, but isn’t at a level where it would seem to make nuclear a competitive option for increasingly cheap renewables. Mostly, this seems like a giveaway of $0.03 / kilowatt hour to existing nuclear power plants.

Extending existing credits for ethanol and biodiesel: This is another of the existing programs where the reasons for the technology have less to do with dealing with climate change than with providing additional markets for excess agricultural goods. In short: It helps keep the corn prices up. And it will, because existing credits have been extended through 2025, but not obviously increased.

Credits for hydrogen vehicles and fuel: There are still those who expect hydrogen to take off and surpass batteries as the preferred means of powering electric vehicles and providing large scale energy storage. There are some good arguments for hydrogen (and at least as many against), but hydrogen fans will get a chance to continue the fight as the credits for hydrogen production and production of hydrogen vehicles have also been extended. They’ve also been modified somewhat from past credits, but since this contains a lot of details replacing points in past legislation, it’s going to take some time to figure out how.

Electric vehicle credits: The tax credits for purchasing electric vehicles have been a big factor in making the current generation of EVs affordable to consumers, and those credits were on the brink of running out. Now they’re back—and they are considerably better than before because of two factors:

• The $7,500 incentive for the purchase of new vehicles is no longer phased out after a number of vehicles is sold. That means, among other things, that you can go buy an EV with a range of 240 miles from GM at an effective price of under $20k.
• Purchasing a used EV will now come with a $4,000 credit. Getting EVs into the used vehicle chain and making them attractive has been an issue, especially with high demand sometimes making used vehicles sell for more than new. But this bill should help both get more new vehicles out there and make it more attractive to buy a used EV.

There are limits on the EV portion of the bill, including a maximum $55,000 price for a car, and a maximum of $80,000 for an SUV or truck. But there are currently a lot of vehicles below that threshold. There are also limits on the income of purchasers, which are set at $112,500 for an individual and $150,000 for a family. Those limits may be frustrating to some, but they help push the idea that this is intended to make EVs affordable to working- and middle-class families, not provide a discount for wealthy consumers purchasing a status symbol.

Overall, the CBO totals these investments at $433 billion.

The biggest factor may not be in any of the dollar totals, but in the simple word “extension” that appears over and over. That’s especially key when it comes to credits for renewable energy projects and manufacture. The biggest thing this bill gives is the kind of long-term stability that attracts investors and allows manufacturers to engage in large-scale projects. That’s a very, very important factor when it comes to finally idling remaining fossil fuel plants and building out both renewables and storage.

Is it everything we want? No. There are major programs missing, and over $300 billion being left on the table in the name of pointless deficit reduction. Every dollar of that could be going to something vital—like improving the national grid so that renewable energy can be harvested in the most effective locations and be used to provide power where it’s needed. The bill not only contains some foolish items like that West Virginia gas pipeline, and it does nothing to place new limits on fossil fuel production or clamp down on either greenhouse gases or other forms of pollution.

But is it a bill that gives America a huge shot of What It Needs? Definitely.

https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf

Since you obviously have no clue.....

I'll have you know....
It is better to keep ones mouth shut and be thought a fool.......
than to open it and remove all doubt.

 

[BasicHumanUnit]

Democrat get rich bill.....

Remember when Democrat MAIN talking point wasn't racism but pointing fingers at all those filthy rich REPUBLICANS. Now Democrats hold 90% of the nations wealth, so they were forced to find new lies to tell.

 

[Delldude]

Nuclear power is the new manna from God......the left wants us to move away from fossil fuels......it will be the same left tying up, through the courts, to stop nuke energy.....mark my word.

 

[Leo123]

Since you obviously have no clue.....

I'll have you know....
It is better to keep ones mouth shut and be thought a fool.......
than to open it and remove all doubt.

That bill is a far left rag.

 

[Delldude]

Red state Keystone PL bad....blue state good.

 

[Funzo Hoss]

West Virginias don’t too much care for electric vehicles they would much rather fuck inbreds in coal shafts.

 

[Delldude]

West Virginias don’t too much care for electric vehicles they would much rather fuck inbreds in coal shafts.

Don't knock it 'till ya tried it...

 

[The Sage of Main Street]

There is a lot of further research needed before wind and solar will be viable for energizing the grid. Until then, fossil fuels must be used. I am not for government funding of that research because, to be viable, it must stand on its own and be competitive. Otherwise it will not be adequate.

Don't Give the Green Monster the Least Bit of Credibility

If we ever go to alternative energy, the result will be pandemic after pandemic. History has already proved that; it was the normal situation before internal-combustion engines became common.

All organisms are terrified of fire. When these viruses sense smoke from automobile exhaust, they interpret it as a forest fire and turn away. Then, because of a lack of hosts in the "Clean Air" countryside, they die off.

 

[The Sage of Main Street]

Multiple areas of massive pollution can cause harm to water and eco systems, changing the habitation and even bring plants, insects and animals to extinction.


You and I will never agree on this but let understand we don’t have to and all we can ask from each other is to respect our difference of opinion…

Nature Is a Crime Against Humanity. The "Balance of Nature" Is Not in Man's Favor.

Mindless and primitive nature-worship is a superstition, not an opinion.

 

[talksalot]

Corporate tax reform: The first part of the legislation actually comes under the heading of “deficit reduction.” Considering the way the media has been playing up inflation, with only occasional admissions that this is a global problem and not something just affecting the U.S., this part of the legislation allows those signing on to claim to be fighting inflation and righting corporate wrongs, even as they also address the climate crisis. The biggest item here is a corporate minimum tax of 15%, which will go a long way toward eliminating all those instances of “Corporation X made billions, but paid no taxes.” As with most tax measures, there are ways that corporations can rejigger their balance sheets to avoid portions of this tax, but the bill takes some pains in trying to close known loopholes. This measure alone is expected to raise around $370 billion

Closing the carried interest loophole: One tax dodge comes in for particular attention. The bill would end the carried interest loophole that currently allows corporations and investment managers to pay the 20% long-term capital gains tax rate on “income received as compensation” rather than what are generally much higher rates for ordinary income. The bill exempts families making under $400,000, and is expected to raise about $14 billion.

Additional funding for IRS investigations: There’s a big boost in funding for the IRS, specifically targeted at increasing investigations of tax avoidance. The bill calls for more than $48 billion to be put into the IRS over the next decade, but is expected to net gains of nearly $125 billion.

Allowing Medicare to negotiate the prices of prescription drugs: This section is long overdue in ending what amounts to an ongoing cash giveaway to pharmaceutical investors. This step alone is expected to save the federal government $288 billion, which makes the fact that it didn’t happen sooner a good source for instant anger. There are some exemptions in this legislation that allow production of some new agents, particularly the “biologics and biosimilars” that are becoming increasingly important in cancer treatment, to stay on the gravy train. For now. But out-of-pocket costs for Medicare participants is capped at $2,000. There are also consumer rebates for drug costs that go up due to inflation and a penalty for manufacturers who raise the cost of an existing drug at greater than the rate of inflation.

Taken together, these measures represent a savings that the Congressional Budget Office estimates to be $739 billion, and every one of those actions is a definitive good.

Now, here’s how the bill spends $433 billion, while reducing the deficit by over $300 billion.

Three years of subsidies for the Affordable Care Act: Tired of watching Republicans force a fight over the Affordable Care Act each year, constantly chip away at the level of subsidies, and force the surrender on some other point in order to keep people supplied with health care? Relax for the next three years, because $64 billion worth of subsidies goes on the books with this legislation.

Credits for manufacturers of renewable energy products: Right now, most solar panels are made in China, and in recent years other nations like India and Vietnam have been moving to the forefront as existing panels become commodity items searching for the lowest possible cost at every step. However, there are ways to make more efficient, longer-lasting solar panels, as well as high-efficiency turbines for wind power, and the ever-increasing need for high capacity battery storage. This legislation hopes to lure both of these back to the United States with $60 billion of incentives to open new plants and expand existing plants.

Extension of tax credits for home renewables: For those who have been sweating the idea that tax credits for adding solar or other renewables at home were about to run out, that fear is ended by credits that are both extended and expanded. Credits would apply for rooftop solar and associated systems, high-efficiency heat pumps, and more. There is also $9 billion in this section for consumers who want to make their homes more energy efficient with insulation and other improvements and another $1 billion for upgrading affordable housing to use less energy. Wind and solar power providers would also get extra funding when providing power to low-income areas.

Credit for carbon sequestration: Yes, carbon capture technology has utterly failed to meet the challenge with which it is most often associated—namely, “clean coal.” That has tarnished its reputation with activists, but if we’re going to meet the goals necessary to address the climate crisis, one step is going to be figuring out ways to drastically reduce the carbon generated by things like manufacturing concrete. Manchin probably made this one of his Big Deals when negotiating over this bill, even though it’s unlikely to affect his favorite industry. Most the legislation expands the scope of existing tax credits and raises the level of subsidies.

Nuclear power tax credit: Either you think nuclear power is worse than fossil fuels and you’re going to hate this, or you think that nuclear power is a necessary part of a zero-emission strategy and you’re going to love this. Either way, there’s a subsidy here that gives nuclear energy a slight boost, but isn’t at a level where it would seem to make nuclear a competitive option for increasingly cheap renewables. Mostly, this seems like a giveaway of $0.03 / kilowatt hour to existing nuclear power plants.

Extending existing credits for ethanol and biodiesel: This is another of the existing programs where the reasons for the technology have less to do with dealing with climate change than with providing additional markets for excess agricultural goods. In short: It helps keep the corn prices up. And it will, because existing credits have been extended through 2025, but not obviously increased.

Credits for hydrogen vehicles and fuel: There are still those who expect hydrogen to take off and surpass batteries as the preferred means of powering electric vehicles and providing large scale energy storage. There are some good arguments for hydrogen (and at least as many against), but hydrogen fans will get a chance to continue the fight as the credits for hydrogen production and production of hydrogen vehicles have also been extended. They’ve also been modified somewhat from past credits, but since this contains a lot of details replacing points in past legislation, it’s going to take some time to figure out how.

Electric vehicle credits: The tax credits for purchasing electric vehicles have been a big factor in making the current generation of EVs affordable to consumers, and those credits were on the brink of running out. Now they’re back—and they are considerably better than before because of two factors:

• The $7,500 incentive for the purchase of new vehicles is no longer phased out after a number of vehicles is sold. That means, among other things, that you can go buy an EV with a range of 240 miles from GM at an effective price of under $20k.
• Purchasing a used EV will now come with a $4,000 credit. Getting EVs into the used vehicle chain and making them attractive has been an issue, especially with high demand sometimes making used vehicles sell for more than new. But this bill should help both get more new vehicles out there and make it more attractive to buy a used EV.

There are limits on the EV portion of the bill, including a maximum $55,000 price for a car, and a maximum of $80,000 for an SUV or truck. But there are currently a lot of vehicles below that threshold. There are also limits on the income of purchasers, which are set at $112,500 for an individual and $150,000 for a family. Those limits may be frustrating to some, but they help push the idea that this is intended to make EVs affordable to working- and middle-class families, not provide a discount for wealthy consumers purchasing a status symbol.

Overall, the CBO totals these investments at $433 billion.

The biggest factor may not be in any of the dollar totals, but in the simple word “extension” that appears over and over. That’s especially key when it comes to credits for renewable energy projects and manufacture. The biggest thing this bill gives is the kind of long-term stability that attracts investors and allows manufacturers to engage in large-scale projects. That’s a very, very important factor when it comes to finally idling remaining fossil fuel plants and building out both renewables and storage.

Is it everything we want? No. There are major programs missing, and over $300 billion being left on the table in the name of pointless deficit reduction. Every dollar of that could be going to something vital—like improving the national grid so that renewable energy can be harvested in the most effective locations and be used to provide power where it’s needed. The bill not only contains some foolish items like that West Virginia gas pipeline, and it does nothing to place new limits on fossil fuel production or clamp down on either greenhouse gases or other forms of pollution.

But is it a bill that gives America a huge shot of What It Needs? Definitely.

https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf

That ALL Sucks!

 

[candycorn]

Corporate tax reform: The first part of the legislation actually comes under the heading of “deficit reduction.” Considering the way the media has been playing up inflation, with only occasional admissions that this is a global problem and not something just affecting the U.S., this part of the legislation allows those signing on to claim to be fighting inflation and righting corporate wrongs, even as they also address the climate crisis. The biggest item here is a corporate minimum tax of 15%, which will go a long way toward eliminating all those instances of “Corporation X made billions, but paid no taxes.” As with most tax measures, there are ways that corporations can rejigger their balance sheets to avoid portions of this tax, but the bill takes some pains in trying to close known loopholes. This measure alone is expected to raise around $370 billion

Closing the carried interest loophole: One tax dodge comes in for particular attention. The bill would end the carried interest loophole that currently allows corporations and investment managers to pay the 20% long-term capital gains tax rate on “income received as compensation” rather than what are generally much higher rates for ordinary income. The bill exempts families making under $400,000, and is expected to raise about $14 billion.

Additional funding for IRS investigations: There’s a big boost in funding for the IRS, specifically targeted at increasing investigations of tax avoidance. The bill calls for more than $48 billion to be put into the IRS over the next decade, but is expected to net gains of nearly $125 billion.

Allowing Medicare to negotiate the prices of prescription drugs: This section is long overdue in ending what amounts to an ongoing cash giveaway to pharmaceutical investors. This step alone is expected to save the federal government $288 billion, which makes the fact that it didn’t happen sooner a good source for instant anger. There are some exemptions in this legislation that allow production of some new agents, particularly the “biologics and biosimilars” that are becoming increasingly important in cancer treatment, to stay on the gravy train. For now. But out-of-pocket costs for Medicare participants is capped at $2,000. There are also consumer rebates for drug costs that go up due to inflation and a penalty for manufacturers who raise the cost of an existing drug at greater than the rate of inflation.

Taken together, these measures represent a savings that the Congressional Budget Office estimates to be $739 billion, and every one of those actions is a definitive good.

Now, here’s how the bill spends $433 billion, while reducing the deficit by over $300 billion.

Three years of subsidies for the Affordable Care Act: Tired of watching Republicans force a fight over the Affordable Care Act each year, constantly chip away at the level of subsidies, and force the surrender on some other point in order to keep people supplied with health care? Relax for the next three years, because $64 billion worth of subsidies goes on the books with this legislation.

Credits for manufacturers of renewable energy products: Right now, most solar panels are made in China, and in recent years other nations like India and Vietnam have been moving to the forefront as existing panels become commodity items searching for the lowest possible cost at every step. However, there are ways to make more efficient, longer-lasting solar panels, as well as high-efficiency turbines for wind power, and the ever-increasing need for high capacity battery storage. This legislation hopes to lure both of these back to the United States with $60 billion of incentives to open new plants and expand existing plants.

Extension of tax credits for home renewables: For those who have been sweating the idea that tax credits for adding solar or other renewables at home were about to run out, that fear is ended by credits that are both extended and expanded. Credits would apply for rooftop solar and associated systems, high-efficiency heat pumps, and more. There is also $9 billion in this section for consumers who want to make their homes more energy efficient with insulation and other improvements and another $1 billion for upgrading affordable housing to use less energy. Wind and solar power providers would also get extra funding when providing power to low-income areas.

Credit for carbon sequestration: Yes, carbon capture technology has utterly failed to meet the challenge with which it is most often associated—namely, “clean coal.” That has tarnished its reputation with activists, but if we’re going to meet the goals necessary to address the climate crisis, one step is going to be figuring out ways to drastically reduce the carbon generated by things like manufacturing concrete. Manchin probably made this one of his Big Deals when negotiating over this bill, even though it’s unlikely to affect his favorite industry. Most the legislation expands the scope of existing tax credits and raises the level of subsidies.

Nuclear power tax credit: Either you think nuclear power is worse than fossil fuels and you’re going to hate this, or you think that nuclear power is a necessary part of a zero-emission strategy and you’re going to love this. Either way, there’s a subsidy here that gives nuclear energy a slight boost, but isn’t at a level where it would seem to make nuclear a competitive option for increasingly cheap renewables. Mostly, this seems like a giveaway of $0.03 / kilowatt hour to existing nuclear power plants.

Extending existing credits for ethanol and biodiesel: This is another of the existing programs where the reasons for the technology have less to do with dealing with climate change than with providing additional markets for excess agricultural goods. In short: It helps keep the corn prices up. And it will, because existing credits have been extended through 2025, but not obviously increased.

Credits for hydrogen vehicles and fuel: There are still those who expect hydrogen to take off and surpass batteries as the preferred means of powering electric vehicles and providing large scale energy storage. There are some good arguments for hydrogen (and at least as many against), but hydrogen fans will get a chance to continue the fight as the credits for hydrogen production and production of hydrogen vehicles have also been extended. They’ve also been modified somewhat from past credits, but since this contains a lot of details replacing points in past legislation, it’s going to take some time to figure out how.

Electric vehicle credits: The tax credits for purchasing electric vehicles have been a big factor in making the current generation of EVs affordable to consumers, and those credits were on the brink of running out. Now they’re back—and they are considerably better than before because of two factors:

• The $7,500 incentive for the purchase of new vehicles is no longer phased out after a number of vehicles is sold. That means, among other things, that you can go buy an EV with a range of 240 miles from GM at an effective price of under $20k.
• Purchasing a used EV will now come with a $4,000 credit. Getting EVs into the used vehicle chain and making them attractive has been an issue, especially with high demand sometimes making used vehicles sell for more than new. But this bill should help both get more new vehicles out there and make it more attractive to buy a used EV.

There are limits on the EV portion of the bill, including a maximum $55,000 price for a car, and a maximum of $80,000 for an SUV or truck. But there are currently a lot of vehicles below that threshold. There are also limits on the income of purchasers, which are set at $112,500 for an individual and $150,000 for a family. Those limits may be frustrating to some, but they help push the idea that this is intended to make EVs affordable to working- and middle-class families, not provide a discount for wealthy consumers purchasing a status symbol.

Overall, the CBO totals these investments at $433 billion.

The biggest factor may not be in any of the dollar totals, but in the simple word “extension” that appears over and over. That’s especially key when it comes to credits for renewable energy projects and manufacture. The biggest thing this bill gives is the kind of long-term stability that attracts investors and allows manufacturers to engage in large-scale projects. That’s a very, very important factor when it comes to finally idling remaining fossil fuel plants and building out both renewables and storage.

Is it everything we want? No. There are major programs missing, and over $300 billion being left on the table in the name of pointless deficit reduction. Every dollar of that could be going to something vital—like improving the national grid so that renewable energy can be harvested in the most effective locations and be used to provide power where it’s needed. The bill not only contains some foolish items like that West Virginia gas pipeline, and it does nothing to place new limits on fossil fuel production or clamp down on either greenhouse gases or other forms of pollution.

But is it a bill that gives America a huge shot of What It Needs? Definitely.

https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf

Another win for the good guys.