"Inflation Reduction Act of 2022

[rightwinger]

The bill would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.
The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.

 

[bendog]

Neither party has, since Bill left office. There are no fiscal conservatives left, only shadows of fiscal conservatives and none of any mention in the Republican Party, either. That being a little surprising, as once known for it, but now only known for it if the other Democratic party is in control, or maybe I should have said out of control, that being the pattern now. Whenever a party comes into power now, they automatically go out of control on multiple fronts, economic, only being one of them, forcing the pendulum of change to swing faster and more erratic.

In 2016, McConnell helped Trump get elected simply to get his tax cut for the 1% which the gop touted as creating 4% growth. I really do think a lot of them actually believed that .... but it was stupid to begin with. And the dems aren't touching the gop's corp tax cut.

I didn't, and still don't, think the progressives who enacted the Am Rescue Act and planned BBB were ... "more stupid."

In the end, given that inflation actually reduces the value of the debt, the dems may have less negative effect, because their spending was a one and done, unlike the gop's tax cut(s)!

I've pretty much given up on the gop doing anything sensible. Strangely Mitt Romney is probably capable of sane macroeconomic policy, but we're probably looking at DeSantis, who seems more like Nixon with an enemies list everday, at least to me.

And for the life of me, I don't see why progressives just can't roll back the individual tax cuts, and put the money to making soc sec and medicare more sustainable. They could also put back the Obamacare tax cuts that only affected drs and hospitals making bank on Obamacare. And not create inflation .... The Fed's proven quite capable of creating inflation all by itself.

 

[Independentthinker]

Sinema could still kill the deal.

Maybe Manchin's tired of being the Democrat's whipping boy and wants to throw it all at Sinema to take the heat.

 

[White 6]

In 2016, McConnell helped Trump get elected simply to get his tax cut for the 1% which the gop touted as creating 4% growth. I really do think a lot of them actually believed that .... but it was stupid to begin with. And the dems aren't touching the gop's corp tax cut.

I didn't, and still don't, think the progressives who enacted the Am Rescue Act and planned BBB were ... "more stupid."

In the end, given that inflation actually reduces the value of the debt, the dems may have less negative effect, because their spending was a one and done, unlike the gop's tax cut(s)!

I've pretty much given up on the gop doing anything sensible. Strangely Mitt Romney is probably capable of sane macroeconomic policy, but we're probably looking at DeSantis, who seems more like Nixon with an enemies list everday, at least to me.

And for the life of me, I don't see why progressives just can't roll back the individual tax cuts, and put the money to making soc sec and medicare more sustainable. They could also put back the Obamacare tax cuts that only affected drs and hospitals making bank on Obamacare. And not create inflation .... The Fed's proven quite capable of creating inflation all by itself.

Neither side looking out for the long term of the country, only the short term payback of their own tribe.

 

[ColonelAngus]

Congress,

STOP SPENDING MONEY! JUST FUCKING STOP THESE SPENDING BILLS.

You dumb ass lefties do realize that more government spending makes inflation WORSE. Especially transfers.

 

[bendog]

Neither side looking out for the long term of the country, only the short term payback of their own tribe.

Maybe. But maybe both parties are controlled by the extreme wings. Since we folks who are more or less independents and will vote for either party (not since Dobbs for me) the republicans esp are controlled by the Trumpanzee and no taxes at all voters.

The dems are actually pushed to the middle by older black voters, and by latinos too, though they appear to actually tying to alienate those voters. LOL

 

[bendog]

Congress,

STOP SPENDING MONEY! JUST FUCKING STOP THESE SPENDING BILLS.

You dumb ass lefties do realize that more government spending makes inflation WORSE. Especially transfers.

You do realize the net effect of the bill would be to reduce spending?

 

[White 6]

Maybe. But maybe both parties are controlled by the extreme wings. Since we folks who are more or less independents and will vote for either party (not since Dobbs for me) the republicans esp are controlled by the Trumpanzee and no taxes at all voters.

The dems are actually pushed to the middle by older black voters, and by latinos too, though they appear to actually tying to alienate those voters. LOL

Weird, historically, isn't it? Way too much attention given the extremes in preference, just because louder and more obnoxious, but the more moderately conservative and centrist independents are where the core deciding votes are in the population as a whole for the 2024. There is a heck of a lot more middle class people, quietly minding their own business, going about their lives, than there are extreme wealthy trumpers and societal leaches.

 

[ColonelAngus]

Yea, lets trust the Dems to conquer inflation.

 

[Rye Catcher]

(AP) What started as a $4 trillion effort during President Joe Biden's first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress.
Lawmakers are poring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected Biden's earlier drafts but surprised colleagues late Wednesday with a new one.
The bill would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.
The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.
The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.
The bill sticks with Biden's original pledge not to raise taxes on families or businesses making less than $400,000 a year.
The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.
It's broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country's dependence on fossil fuels.

What's in, and out, of Democrats' inflation-fighting package

Comment:
The Democratic Party's 725-page “Inflation Reduction Act of 2022" is another fraud and kick-back spending looting spree.
It doesn't "fight inflation"
It makes inflation worse.
All the climate change spending is an epic boondoggle waste of money.
It's just a last chance money grab by greedy Schumer and Pelosi and the corrupt Democrats.
This spending bill was not needed.

Your comment is proof you are a fool.

• Income inequality is a product of tax cuts, by
  • Deductions limited by Trump, Ryan and McConnell impacts home owners
  • The top two brackets were eliminated by the Reform above

200 Billion Dollar Corporations pay zero in income taxes

• Jobs are plentiful, and wages are going up under Biden
• Obama & the Democrats got us out of the Great Recession by spending. By spending, jobs were created
  • Workers payed income taxes
  • Worker did not collect aid
  • Roadways were made safer
  • As were bridges, tunnel and dams

 

[bendog]

Yea, lets trust the Dems to conquer inflation.

WEll, while you apparantly know nothing about the bill .... it seems interesting to me at least that the dems pumped roughly the same amount of deficit dollars at workers as the gop pumped at the 1%, yet the dems "found inflation." They didn't do it all on their own. The Fed was pumping money into banks for zero interest loans, and ALL developed economies have inflation post-covid.

So it seems to me the lesson may be that if the dems (or god forbid republicans) would support funding for soc sec, medicare, educ, child care - instead of just handing out cash for people to spend - we'd not only have less inflation but reduce the deficits.

 

[bendog]

Maybe its not so bad, for inflation either

What's in the Democrats' climate and energy legislation

The bill, dubbed the “Inflation Reduction Act of 2022,” would spend nearly $370 billion on a raft of tax credits to help stimulate adoption of clean energy technologies.

www.politico.com

The provision is a potentially significant policy for fighting climate change in the near and long-term: Methane is 86 times more potent than carbon dioxide over a 20-year period, meaning curbing it is one of the fastest, most efficient ways to avoid warming the planet.

Many of the solutions for reducing methane from energy production are technical, and the largest companies are already embracing them. The package gives EPA more than $1.5 billion through Sept. 30, 2028 to help companies reduce methane emissions, such as providing technical assistance to improve greenhouse gas reporting, shut-in wells and deploying methane-reduction equipment and processes.

​

.................................​

ffshore wind​

​

Manchin, a long-time advocate for an all-of-the-above energy strategy, touted the agreement as one that “does not arbitrarily shut off our abundant fossil fuels.” That includes new measures that would tie offshore wind leasing to previous auctions for oil and gas — a provision seemingly meant to ensure that any presidential administration can not favor one technology over the other.

The bill would put in place a 10-year window in which a lease for offshore wind development cannot be issued unless an oil and gas lease sale has also been held in the year prior and is not less than 60 million acres.

It would also withdraw the Trump administration’s moratorium on offshore wind leasing in the southeastern U.S. and eastern Gulf of Mexico following Biden’s call last week for the Interior Department to promote offshore wind in the area.

Oil and gas​

The bill includes some significant wins for the oil and gas industry, at the behest of Manchin, who argues the U.S. must continue to develop fossil fuels on federal lands to ensure adequate domestic supply.

 

[22lcidw]

There's no mandate for clean or lower medicare drub costs? Did you see the last election. Oh wait, you probably think Trump won. LOL

Just keep spending. the last drop of pain and suffering for the population is the greatest revenge that can be gotten. This is not the beginning of the abuse of a fiat currency. This currency would be dead by now if we were not the last stop on the fiat currency train. Pruden money management is the prescription. And it would cause pain also. All the payoffs and corruption with this and the other bills enacted. Progs and their statist names for their huge programs. Go get your government ice cream now.

 

[g5000]

(AP) What started as a $4 trillion effort during President Joe Biden's first months in office to rebuild America's public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress.
Lawmakers are poring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected Biden's earlier drafts but surprised colleagues late Wednesday with a new one.
The bill would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.
The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
It's a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.
The new corporate minimum tax would kick in after the 2022 tax year and raise some $313 billion over the decade.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.
The bill sticks with Biden's original pledge not to raise taxes on families or businesses making less than $400,000 a year.
The lower drug prices for seniors are paid for with savings from Medicare's negotiations with the drug companies.
It's broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country's dependence on fossil fuels.

What's in, and out, of Democrats' inflation-fighting package

Comment:
The Democratic Party's 725-page “Inflation Reduction Act of 2022" is another fraud and kick-back spending looting spree.
It doesn't "fight inflation"
It makes inflation worse.
All the climate change spending is an epic boondoggle waste of money.
It's just a last chance money grab by greedy Schumer and Pelosi and the corrupt Democrats.
This spending bill was not needed.

I can't help but laugh my ass off at all the pretend deficit hawks on the Right. I really can't help it.

Where was your whining when Trump was breaking all spending records and adding $8 trillion to the debt in half the time it took Obama?

Gee, you think that might have something to do with the present inflation?

 

[g5000]

For ten years, the tard herd whined about Obama's spending. All during his eight years in office, and well into Trump's term.

And yet DEAD SILENCE about Trump's spending. Not. One. Word. Of. Objection. Or. Outrage.

Hypocrites. I'm sick of 'em.

 

[g5000]

Trump Proposes a Record $4.75 Trillion Budget​

​

 

[rightwinger]

For ten years, the tard herd whined about Obama's spending. All during his eight years in office, and well into Trump's term.

And yet DEAD SILENCE about Trump's spending. Not. One. Word. Of. Objection. Or. Outrage.

Hypocrites. I'm sick of 'em.

Trump ran a trillion dollar deficit at a time he bragged about how great his economy was

 

[g5000]

Trump ran a trillion dollar deficit at a time he bragged about how great his economy was

His tard herd is too stupid to grasp the implications of that.

 

[g5000]

In the end, given that inflation actually reduces the value of the debt, the dems may have less negative effect, because their spending was a one and done, unlike the gop's tax cut(s)!

I have pointed out in the past there are six ways to reduce federal debt, and that the easiest one, and therefore the one our politicians will choose, is external devaluation.

However, that ends up biting us in the ass in the long run since all future debt incurred or rolled over will be charged a higher interest rate to offset inflation.

 

[bendog]

Just keep spending. the last drop of pain and suffering for the population is the greatest revenge that can be gotten. This is not the beginning of the abuse of a fiat currency. This currency would be dead by now if we were not the last stop on the fiat currency train. Pruden money management is the prescription. And it would cause pain also. All the payoffs and corruption with this and the other bills enacted. Progs and their statist names for their huge programs. Go get your government ice cream now.

YOU realize of course, the bill does reduce the deficit.