"Inflation Reduction Act of 2022

[TroglocratsRdumb]

(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.

 

[Ralph Norton]

(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

At least it's not a $4 Trillion fraud and kick-back spending looting spree.
I'm still thankful for Manchin.

 

[TNHarley]

Lol so they fight inflation with corporate taxes to make things higher, and putting more money into the economy?
These people are doing this shit on PURPOSE

 

[Dekster]

Sinema could still kill the deal.

 

[TNHarley]

for consumers to buy new or used electric vehicles.

Electric Vehicle Nightmare: Girl Learns Car Needs New Battery, Then Family Realizes It Isn't Made Anymore

The more that people buy electric vehicles, the more we are discovering the pitfalls of being an EV owner. Here is yet another one.

www.westernjournal.com

 

[SassyIrishLass]

Lol so they fight inflation with corporate taxes to make things higher, and putting more money into the economy?
These people are doing this shit on PURPOSE

It's insanity

 

[jc456]

So, raised the interest rates again, now 'middle class people' can't afford housing.

So, No Gas for them,
No supplies for them,
And now no housing for them.

Wow, demofks are such sweet people.

 

[Baron Von Murderpaws]

The major problem IS........that the Dems create laws and bills and such around THEIR PERSONAL AGENDAS, which is always, ALWAYS top priority. THEY get THEIR money first, and nothing is ever left for the people of THIS country!

 

[White 6]

(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.

So you prefer the original Build Back Better Act, that Nancy and Chuckie backed, but could not get Manchin to go for?

 

[bendog]

Lol so they fight inflation with corporate taxes to make things higher, and putting more money into the economy?
These people are doing this shit on PURPOSE

I'm curious as to:
The measure would spend $369 billion on energy and climate change initiatives. These include consumer tax credits and rebates for buying clean-energy vehicles and encouraging home energy efficiency; tax credits for solar panel manufacturers; $30 billion in grants and loans for utilities and states to gradually convert to clean energy; and $27 billion to reduce emissions, especially in lower-income areas.

Manchin, Schumer in surprise deal on health, energy, taxes

In a startling turnabout, Senate Majority Leader Chuck Schumer and Sen. Joe Manchin announced an expansive agreement Wednesday that had eluded them for months addressing health care and climate, raising taxes on high earners and large corporations and reducing federal debt. The two Democrats...

www.yahoo.com

There's no way to enact a carbon tax, even though the two most successful, and frankly life changing, environmental laws that were enacted by REPUBLICANS - the clean air and water acts - operate on a similar premise. Making polluters compete for the right to pollute has proven to be the best way to allocate polluting to the most valuable activities. But who trusts either party today to set levels? So, I can see tax credits for solar but To PRODUCERS? How about we ban imports from countries selling below their production costs (CHina). How about people buying the cheapest/best panels marketed, and get a tax credit. People in cloudy states aren't gonna buy the crap. Loans to utility companies have worked in the past.

But if the dems actually raise taxes on corporations that aren't even paying the minimum levy now, or any taxes at all, 30B per year for 10 years, and CUT spending by a similar amount, I don't see the inflation in that.

 

[bendog]

So you prefer the original Build Back Better Act, that Nancy and Chuckie backed, but could not get Manchin to go for?

Yeah, this ain't at all like BBB that I liked even less than the American Rescue Plan (but thanks for the money after my wife's job "disapperated")

 

[22lcidw]

There is no mandate for all of this. Let the Progs keep killing each other. And their babies. They are dragging us into oblivion. Never forget. Never forget who did this. Remember them. All of them from TV, media, entertainers, elites and politicians.

 

[struth]

Fighting inflation by pouring more unearned cash in the market, and raise taxes…brilliant move by the dembots

 

[TroglocratsRdumb]

So you prefer the original Build Back Better Act, that Nancy and Chuckie backed, but could not get Manchin to go for?

we don't need this spending bill, and this is the worse time to do it

 

[White 6]

Yeah, this ain't at all like BBB that I liked even less than the American Rescue Plan (but thanks for the money after my wife's job "disapperated")

I like it better than BBB also. In the Draft copy of this new proposal dropped Wednesday night, the BBB is mentioned in bold in the beginning, so I guess this is just an attempt at a formal reconciliation step. Who knows whether we will be talking about this, at all, in 30 days.

 

[johngaltshrugged]

Why is it that DC always wants to double down on the short sighted policies that get us into the predicament to begin with?
They never look down the road, they don't know the basics on economics & they never learn

 

[bendog]

I like it better than BBB also. In the Draft copy of this new proposal dropped Wednesday night, the BBB is mentioned in bold in the beginning, so I guess this is just an attempt at a formal reconciliation step. Who knows whether we will be talking about this, at all, in 30 days.

in theory, Sienna can accept this. It's NOT raising the corp tax. It's just saying Amazon can't have free ride. I'm sure their stock will be "ok." don't think its even rolling back the nonsensical McConnell/Trump tax cuts for the 1%.

It just doesn't have the inflationary proposals like more child tax credits for people don't work and/or don't pay federal tax. Not that I'd be against rolling back those tax cuts to make workers's child care less expensive, which btw would benefit the 1% because they'd have more workers to make shit that would increase the amount of shit and make shit less expensive. LOL

 

[bendog]

There is no mandate for all of this. Let the Progs keep killing each other. And their babies. They are dragging us into oblivion. Never forget. Never forget who did this. Remember them. All of them from TV, media, entertainers, elites and politicians.

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

 

[White 6]

Why is it that DC always wants to double down on the short sighted policies that get us into the predicament to begin with?
They never look down the road, they don't know the basics on economics & they never learn

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.

 

[Mac1958]

As of this morning:

• Shell Oil up 18.76%
• Chevron Oil up 27.23%
• Exxon Oil up 49.81%

So that's good, right???