dagblog - Comments for "The "INFLATION REDUCTION ACT""

VERY TRUE: Supersizing the

artappraiser — Fri, 12 Aug 2022 19:08:11 +0000

In reply to The "INFLATION REDUCTION ACT"

dupe deleted, see below

VERY TRUE: Supersizing the

artappraiser — Fri, 12 Aug 2022 19:07:13 +0000

In reply to The "INFLATION REDUCTION ACT"

VERY TRUE: Supersizing the IRS Will Hurt the Working Rich, Not Fat-Cat Tax Evaders

Whether intended or not, I know from a life of experience working for rich and being involved in tax-related laws and compliance, this is what is going to happen from what they have done, whether intended or not, this is what they ended up with.

They haven't changed one iota what will happen to those who have unearned income of all kinds do to evade paying.

This will make people who have earned income (over $400K if Biden's instructions continue) very bitter that they are carrying all of society and they will donate (it's tax deductible after all) to politicians and PACS who work against that while at the same time look into evasion techniques that the uber rich use like corporations and investments (and that will further fuel the capitalist gambling by the underclass on like crypto and total disregard for the stoopid people who work for a living and are paying all the taxes)

Senator Schatz:

artappraiser — Mon, 08 Aug 2022 23:39:49 +0000

In reply to The "INFLATION REDUCTION ACT"

Senator Schatz:

This bill died so many times, was so complex on policy and politics, and had hundreds of people performing almost daily miracles to keep it alive. This bill was not destined to happen. It was almost impossible. But it passed because so many people knew the planet was at a stake.
— Brian Schatz (@brianschatz) August 8, 2022

Krugman:

artappraiser — Mon, 08 Aug 2022 09:21:10 +0000

In reply to The "INFLATION REDUCTION ACT"

Krugman:

To anyone about to write this up primarily as a horserace story — some already have — stop. Yes, the midterms matter, hugely; but first and foremost this was a victory for urgently needed policy 1/
— Paul Krugman (@paulkrugman) August 7, 2022

Dems came into power with a three-part agenda: climate, infrastructure, and social programs. They just delivered on the first, which was the most crucial — and no, it wasn't far less than they sought. It accomplished most of the original objective 2/ https://t.co/erxQq4lOyU
— Paul Krugman (@paulkrugman) August 7, 2022

On infrastructure, Obama wanted to invest but couldn't; Trump promised to invest but didn't; Biden actually got it done 3/
— Paul Krugman (@paulkrugman) August 7, 2022

What got lost were the extensive social programs. That's a tragedy; we could have virtually eliminated child poverty, among other things. Even there, this bill expanded the enhanced subsidies that have helped bring uninsurance to a record low 4/
— Paul Krugman (@paulkrugman) August 7, 2022

But overall, it's a remarkable record for a party with 50 senators and a relentlessly obstructionist opposition 5/
— Paul Krugman (@paulkrugman) August 7, 2022

And two energy geeks:

I'd go even farther. A key reason for success of #InflationReductionAct are provisions on oil & gas lease sales & federal permitting reform.

Demand side policies that incentivize clean energy to reduce FF demand will always be more popular than supply side energy restrictions. https://t.co/ZLh0yqC2X6
— arvind p. ravikumar (@arvindpawan1) August 8, 2022

Why does this guy just lie

artappraiser — Mon, 08 Aug 2022 09:15:07 +0000

In reply to The "INFLATION REDUCTION ACT"

Why does this guy just lie constantly about what’s happening? https://t.co/5kAoTPwwDQ
— Matthew Yglesias (@mattyglesias) August 7, 2022

If you want another run at Child Tax Credit expansion your need to vote harder and expand the majority to include a couple more members who don’t share Sinema’s aversion to taxes or Manchin’s hangup about working requirements.
— Matthew Yglesias (@mattyglesias) August 7, 2022

Bloomberg: President Joe

artappraiser — Mon, 08 Aug 2022 09:12:12 +0000

In reply to The "INFLATION REDUCTION ACT"

Bloomberg: President Joe Biden and his party finally scored the win they’ve been waiting for heading into the November congressional elections.

But it’s uncertain it will be enough to save them from the nation’s sour mood over inflation.https://t.co/Dw2mbKl3SA
— Vincent Lee (@Rover829) August 8, 2022

Filed under "Politics". By Erik Wasson, Steven T. Dennis, and Laura Davis, Updated on August 7, 2022 at 8:16 PM EDT

Bloomberg: Progressive Democrats swallowed provisions for fossil fuels and other items that they stood firmly against earlier this year, settling for what they consider half-measures to get something out the door before the fall campaigns begin in earnest in September.
— Vincent Lee (@Rover829) August 8, 2022

Bloomberg: Their House counterparts, who had been pushing hard for expansive action on climate change and more spending on social programs such as child care, have indicated they were ready to back the legislation when the chamber meets Friday for a vote on final passage.
— Vincent Lee (@Rover829) August 8, 2022

Bloomberg: “We had many bumps in the road, many times when it looked like it wouldn’t happen, but we didn’t give up. We got it done,” Senate Majority Leader Chuck Schumer said at a news conference after the vote. “I think it is going to help us in November tremendously.”
— Vincent Lee (@Rover829) August 8, 2022

The math here appears to

artappraiser — Mon, 08 Aug 2022 09:04:54 +0000

In reply to The "INFLATION REDUCTION ACT"

The math here appears to count prescription drug spending *cuts* as spending *increases* ? https://t.co/J0xPME5Txt
— Steven Dennis (@StevenTDennis) August 8, 2022

$739B was an earlier score for the tax hikes+IRS enforcement+prescription drug price cuts. That is not “spending.” ~$300B went to deficit reduction, which is also not “spending.” The rest went to assorted climate and energy spending/tax cuts/health care subsidies.
— Steven Dennis (@StevenTDennis) August 8, 2022

Grassley too. https://t.co/Ab3PUSUgQI
— Steven Dennis (@StevenTDennis) August 8, 2022

Also, here he is on taxes:

Trump/Ryan/McConnell tax law remains almost entirely intact even if the Senate bill becomes law, mostly because of Kyrsten Sinema.
21% corp rate, 37% top rate, etc.
Final bill likely will increase federal revenue ~1% over a decade.
— Steven Dennis (@StevenTDennis) August 8, 2022

For all the Democrats'

artappraiser — Mon, 08 Aug 2022 08:59:52 +0000

In reply to The "INFLATION REDUCTION ACT"

For all the Democrats' criticism of the TCJA, they've made no serious effort to repeal its major provisions. Their main legislative attempt was to tilt it further to the rich by restoring the full SALT policy. Many of the provisions were more bipartisan than they would admit. https://t.co/fgDw5kxp9h
— Brian Riedl (@Brian_Riedl) August 8, 2022

When I worked in the Senate, I sat in on a lot of bipartisan tax reform meetings listening to Democrats concede that lower corp tax rates, expensing, and territorial taxation were common sense, even if they cannot push them publicly without angering their activists.
— Brian Riedl (@Brian_Riedl) August 8, 2022

there were 49 votes for it
— left-litwick (@leftistlitwick) August 8, 2022

For what, specifically?
— Brian Riedl (@Brian_Riedl) August 8, 2022

increasing the corp tax rate to pre-TCJA levels among other things like a full corp minimum and carried interest
— left-litwick (@leftistlitwick) August 8, 2022

You are saying there were 49 votes for restoring the 35% corporate tax rate? That wasn't even proposed, much less rallied around. And the other items you listed are not part of the TCJA.
— Brian Riedl (@Brian_Riedl) August 8, 2022

I believe Manchin wanted 25%, and so there were 49 votes for it. Biden wanted 28%; I wonder how many Dem votes there were for 28%. But yeah seems like no real appetite to return corporate rate back to 35%.
— Rf Tubman (@TubmanRf) August 8, 2022

We will be talking and

artappraiser — Mon, 08 Aug 2022 08:36:14 +0000

In reply to The "INFLATION REDUCTION ACT"

We will be talking and writing extensively about the bill.. We had a long one last night. Still much to consider
— Jim Cramer (@jimcramer) August 8, 2022

BREAKING NEWS: The Inflation

artappraiser — Sun, 07 Aug 2022 19:56:13 +0000

In reply to The "INFLATION REDUCTION ACT"

BREAKING NEWS: The Inflation Reduction Act of 2022 passes the Senate 50-50 with Vice President Kamala Harris breaking the tie. CONGRATULATIONS!
— Peter Morley (@morethanmySLE) August 7, 2022

This is huge: The Senate has officially passed the Inflation Reduction Act. Democrats fought tooth and nail to pass this legislation to lower drug prices and secure a clean energy future, and we delivered.
— Ron Wyden (@RonWyden) August 7, 2022