The "INFLATION REDUCTION ACT"

By artappraiser on Wed, 07/27/2022 - 5:28pm |

Manchin announces support for the "Inflation Reduction Act," aka the reconciliation bill formerly known as Build Back Better. "Build Back Better is dead, and instead we have the opportunity to make our country stronger by bringing Americans together." Statement outlining details: pic.twitter.com/iQksxGmngl
— Grace Segers (@Grace_Segers) July 27, 2022

URL:

https://twitter.com/Grace_Segers/status/1552394604951076865

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Comments

If you're wondering how Democrats are going to bill this for the midterms, the title "Inflation Reduction Act" gives you a pretty good idea
— Grace Segers (@Grace_Segers) July 27, 2022

The bill will "cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation," Manchin says.
— Grace Segers (@Grace_Segers) July 27, 2022

Also : it "would dedicate hundreds of billions of dollars to deficit reduction by adopting a tax policy that protects small businesses and working-class Americans while ensuring that large corporations and the ultra-wealthy pay their fair share in taxes."
— Grace Segers (@Grace_Segers) July 27, 2022

However, it's a blow for Democrats hoping to have child care, paid leave, or a child tax credit extension included in the reconciliation bill. This will be far smaller than Build Back Better, particularly on the social spending front.
— Grace Segers (@Grace_Segers) July 27, 2022

(I wrote last week about where the fight for the CTC might go from here: https://t.co/qmZC3nqJhw)
— Grace Segers (@Grace_Segers) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 5:32pm

My faith waivered, I will admit, but it never vanished. pic.twitter.com/J3dO59zwea
— Matthew Yglesias (@mattyglesias) July 27, 2022

We're going to tax the rich, reduce the budget deficit, make health insurance & prescription drugs cheaper, and invest in American energy.
— Matthew Yglesias (@mattyglesias) July 27, 2022

The big downside to this deal is it kinda wrecks my planned newsletter schedule.
— Matthew Yglesias (@mattyglesias) July 27, 2022

I am happy to give the leftist staffers credit if that will help seal the deal — good work leftist staffers! pic.twitter.com/moPfKkoH4u
— Matthew Yglesias (@mattyglesias) July 27, 2022

pic.twitter.com/TeW11LN6ba
— Matthew Yglesias (@mattyglesias) July 27, 2022

Sometimes you own the libs, and sometimes the libs own you. https://t.co/RCP2S8fs5P
— Matthew Yglesias (@mattyglesias) July 27, 2022

The thing is innovation and carbon dioxide removal are good. https://t.co/PzQSHRCsl3
— Matthew Yglesias (@mattyglesias) July 27, 2022

Am I crazy or was the original Manchin-Schumer deal that Schumer backed out of exactly one year ago?
— Matthew Yglesias (@mattyglesias) July 27, 2022

Summary per Schumerland pic.twitter.com/bASQlS2KEO
— Matthew Yglesias (@mattyglesias) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 5:39pm

My hottest take: Joe Manchin is good, actually. https://t.co/W013nml3Nn
— Matthew Yglesias (@mattyglesias) July 27, 2022

by PeraclesPlease on Wed, 07/27/2022 - 6:32pm

further tooting own horn -

Remember back in February when someone suggested restarting reconciliation talks around a three-legged stool of energy, health care, and deficit reduction? pic.twitter.com/RggDOJAFq8
— Matthew Yglesias (@mattyglesias) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 10:00pm

hah ran across "Z Kelly" and her pal "Buffalo Meg", they are energized and certainly appear ready, willing and able to do any "Sister Souljah-ing" whenever the need might arise

You had nothing to do with this. Now go back to work and make sure that useless Cori Bush and her squadmates vote yes on the CHIPS act. Stop tanking the Dems with your childish stunts.
— Z Kelly (@kellyz136) July 28, 2022

https://t.co/TaVXr2PDyc
— Z Kelly (@kellyz136) July 28, 2022

by artappraiser on Thu, 07/28/2022 - 1:43am

An intriguing twist in this Schumer/Manchin deal: It limits carried interest to the tune of $14 billion.

Last year, @SenatorSinema made clear to Democratic leaders she doesn't want to touch carried interest.

Sinema's office, for now, is NOT commenting.https://t.co/5NSMhhEhrv
— Sahil Kapur (@sahilkapur) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 7:02pm

Medicare negotiating drug prices has been a lucy/football in DC for a long time, pharma usually finds some way to get lawmakers to back off it. Will be a big win for Biden if he got it through.
— Zaid Jilani (@ZaidJilani) July 27, 2022

And McConnell getting outplayed in the Senate doesn't happen often either https://t.co/g6X6iQHnx8
— Zaid Jilani (@ZaidJilani) July 27, 2022

Also makes Manchin look savvy in that he could have just fooled McConnell (and progressives) into think he would sink the deal so that they could get CHIPS through first.
— Zaid Jilani (@ZaidJilani) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 9:22pm

The closer! https://t.co/YKK1MwIxsr
— Matthew Yglesias (@mattyglesias) July 27, 2022

Summers, by being vocal early with his concerns about inflation, had the credibility to help sell Manchin on the inflation-fighting power of the IRA deal.

It makes perfect sense. pic.twitter.com/PUQDKdngTE
— Matthew Yglesias (@mattyglesias) July 27, 2022

Note also that Summers has been taking this view forever and ever. https://t.co/TgIZ9XtbkW
— Matthew Yglesias (@mattyglesias) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 9:57pm

Biden:

Here’s why the CHIPS and Science bill that just passed the Senate is a really big deal. pic.twitter.com/MgODo5Jd4D
— President Biden (@POTUS) July 27, 2022

by artappraiser on Wed, 07/27/2022 - 11:38pm

NY Times: Senate Passes $280 Billion Industrial Policy Bill to Counter China https://t.co/AYcds9oOGS
— Stat Butler (@stat_butler) July 27, 2022

by artappraiser on Thu, 07/28/2022 - 12:42am

This isn’t done yet. But it’s pretty solid evidence that everyone who confidently proclaimed Coal Shill Manchin was just pretending to negotiate (and Biden was a fool for indulging him) was wrong.
— Michael Grunwald (@MikeGrunwald) July 27, 2022

I’m sure it would’ve been satisfying for Biden to trash Manchin’s fickle and incoherent public spasms, and it probably would have boosted his approval ratings with his pissed-off base. But he thought doing whatever he could to pass a climate bill was more important.
— Michael Grunwald (@MikeGrunwald) July 27, 2022

There really does seem to be a lot of good climate stuff in this bill so I'm definitely not going to obsess about the $500M for "biofuel infrastructure" on page 541. OK maybe I'm going to obsess about it a little.
— Michael Grunwald (@MikeGrunwald) July 28, 2022

Anyway, edgy takes like this from Robert Reich aren't looking so brilliant tonight. https://t.co/yBE3eYtGRY
— Michael Grunwald (@MikeGrunwald) July 28, 2022

Schumer also must have laughed his ass off when those Dem staffers protested in the front of his office while his own staffers were finishing the climate bill in the back.
— Michael Grunwald (@MikeGrunwald) July 28, 2022

Overall, the climate stuff is, as Biden would say, a BFD: tax credits for wind, solar, heat pumps, storage, efficiency, clean energy manufacturing and, yes, EVs; decarbonization grants to utilities; $27B clean-tech accelerator; trees on farms and pastures; methane fees; wow.
— Michael Grunwald (@MikeGrunwald) July 28, 2022

Plus two of my personal faves: $3B for electrifying the postal fleet and a big boost for DOE's clean energy loan program. I see a few duds and I have many questions but this is how responsible politicians respond to a crisis.
— Michael Grunwald (@MikeGrunwald) July 28, 2022

by artappraiser on Thu, 07/28/2022 - 12:55am

We now have a game-changing clean energy and climate package ready to go in the Senate. What's in the "Inflation Reduction Act of 2022?" $369 billion in transformative investments.

Here's one BIG, IMPORTANT climate policy thread...https://t.co/X5RaQKa6Zw
— Dr. Leah Stokes (@leahstokes) July 28, 2022

These investments will make America a global leader in clean energy manufacturing, on everything from EVs, to batteries, to solar, and heat pumps! There's more than $60 billion here to create the 21st century American clean energy technologies we need, including through the DPA. pic.twitter.com/tMxKr3AQvN
— Dr. Leah Stokes (@leahstokes) July 28, 2022

These investments will clean up our electricity system, with extensions of the ITC/PTC for wind/solar, new tax credits for batteries, and $30 billion more in grid investments.

This will help get us on track for Biden's goal of 100% clean power by 2035!https://t.co/PRriVH2cC1
— Dr. Leah Stokes (@leahstokes) July 28, 2022

This bill also contains key environmental justice investments -- and at $60 billion it will be the largest EJ investment in American history. There's funding to clean up ports, set up community grants, and clean up dirty vehicles that hit communities of color the hardest.
— Dr. Leah Stokes (@leahstokes) July 28, 2022

And there's more!
- $27 billion for the Clean Energy Accelerator!
- A methane fee!
- $20 billion for climate smart agriculture!
- $5 billion for forests!
— Dr. Leah Stokes (@leahstokes) July 28, 2022

It would be the largest climate investment in America history—4 times bigger than the recovery act. It would bring clean energy jobs to America and lower energy bills for American families.

It would get us 80% of the way to President Biden's climate goal. This is a game changer.
— Dr. Leah Stokes (@leahstokes) July 28, 2022

by artappraiser on Thu, 07/28/2022 - 1:03am

she's not exaggerating - Al Gore likey too, see his tweets at the end of the comment below

by artappraiser on Thu, 07/28/2022 - 1:20am

Wow - Joe Manchin does Canada a solid.

The Buy American-style electric vehicle credit that could have devastated auto production in Canada?

Here’s the new “North American” vehicle credit. https://t.co/1EDH0w5lXX pic.twitter.com/Rn6Q1okgi1
— Alexander Panetta (@Alex_Panetta) July 28, 2022

/ Hello, buy *North American.”

This bill text has numerous references to US tax credits for buying *North American* vehicles.

More examples here: pic.twitter.com/egkVAVdvY8
— Alexander Panetta (@Alex_Panetta) July 28, 2022

/ This tweet here looks ahead to the next challenge.

This move might please and but will infuriate other US trading partners.

Language could still get amended in the Senate. https://t.co/sCRlSFbiG8
— Alexander Panetta (@Alex_Panetta) July 28, 2022

Flashback: I talked to Manchin in November about why he disliked the US-only car credit.

Here was his answer.

When I asked if he’d give Canada a break he smiled, stepped away into an elevator, and the door closed.

Today we have our answer. https://t.co/o3KE68Pw7U pic.twitter.com/nsXocyih18
— Alexander Panetta (@Alex_Panetta) July 28, 2022

The bigger picture on the bill — energy and climate spending as noted here by Al Gore. https://t.co/S83IC4rMHy
— Alexander Panetta (@Alex_Panetta) July 28, 2022

No deal is perfect and we need many more actions to solve the climate crisis. Yet, this bill is a long overdue and necessary step to ensure the US takes decisive action on the climate crisis that helps our economy and provides leadership for the world by example. 2/3
— Al Gore (@algore) July 28, 2022

It's time to join together in support of this bold #ClimateAction – and then accelerate our efforts to continue our work to move away from the dirty energy economy of the past and toward a sustainable future. 3/3
— Al Gore (@algore) July 28, 2022

by artappraiser on Thu, 07/28/2022 - 1:17am

Susan Collins tells @JNicholsonInDC the Dem breakthrough w/ Manchin makes it harder to get GOP votes for gay marriage.

“I just think the timing could not have been worse and it came totally out of the blue" https://t.co/ZyQ31scMZK
— Arthur Delaney (@ArthurDelaneyHP) July 28, 2022

(I think Collins is describing the attitude of her colleagues, not saying she herself has less desire to pass that bill.)
— Arthur Delaney (@ArthurDelaneyHP) July 28, 2022

by artappraiser on Thu, 07/28/2022 - 5:45pm

for clarity, a couple more explanations why Congressional Republicans are having a hissy fit -

McConnell said Republicans wouldn’t let the CHIPS bill pass if Democrats try to pass a lower drug price/climate bill.

Rs ultimately let CHIPS pass—minutes later, Dems announced a deal with Manchin on lower drug prices/climate.

Democrats may have just out-McConnelled McConnell.
— No Lie with Brian Tyler Cohen (@NoLieWithBTC) July 27, 2022

Mitch McConnell said he wouldn't let the CHIPS legislation pass if Democrats pursued a reconciliation bill. Just hours after CHIPS passed, Schumer and Manchin announced their reconciliation deal.
— Kyle Griffin (@kylegriffin1) July 28, 2022

by artappraiser on Thu, 07/28/2022 - 7:42pm

also too, then they changed their attitude towards the Veteran's bill -

And so the GOP punishes veterans in retaliation. This is why they are so dangerous. They don’t care who they hurt. Hope this gets lots of attention. https://t.co/q6sqNFVe4t
— Lucy B (@lucybeahere) July 28, 2022

which was a really stoopid hissy fit as it's already been used by people running against them

by artappraiser on Thu, 07/28/2022 - 7:46pm

Barack Obama:

This has been a big week for the Biden Administration and Democrats in Congress. First, Congress is on track to pass a bipartisan bill that will lower the cost of everything from cars to consumer goods, and make us less dependent on foreign semiconductors.
— Barack Obama (@BarackObama) July 28, 2022

Then President Biden and Democrats in Congress announced a deal that will fight inflation by reducing the cost of prescription drugs, cutting the deficit, and making the biggest investments in history to boost clean energy and tackle the climate crisis.
— Barack Obama (@BarackObama) July 28, 2022

I’m grateful to President Biden and those in Congress – Democrat or Republican – who are working to deliver for the American people. Progress doesn’t always happen all at once, but it does happen – and this is what it looks like.
— Barack Obama (@BarackObama) July 28, 2022

and a sampling of the positive replies, because people like this rarely get any attention!

This is promising. Amazing what can be accomplished for the American people when parties come together.
Thank you for your uplifting message
— MaryJustBreatheYall (@Marylee_NCGirl) July 28, 2022

Thank you for this thread,Sir. Both of you have been a blessing for this country and we are all better off because of it. The biggest fights are ahead of us yet,but these moderate wins sure give me the energy to keep up the fight with my fellow Dems to save democracy .
— snipz (@SnipzPA) July 28, 2022

Let us all hope that everyday Americans will not forget the couple or more than thousands of dollars that President Biden did to help us through the pandemic. They may not be a big deal for those wealthy Americans, but it is for us, especially the retirees. Thanks Pres Joe Biden.
— This Is America-Right Matters #Resist (@4uzar) July 28, 2022

Finally some good news and relief for middle class and poor Americans.
— Jody Draznin (@JodyDraznin) July 28, 2022

This is the future I had hoped for, for my kids
— toes in sand (@saltwake) July 28, 2022

by artappraiser on Fri, 07/29/2022 - 3:11am

It’s true, though https://t.co/1B5pmKu0PR
— Rick Wilson (@TheRickWilson) July 31, 2022

by artappraiser on Mon, 08/01/2022 - 5:50am

Democrats are accusing Republicans of heartlessness in voting against the PACT Act, but Democrats are the ones exploiting vets by loading the bill with pork. | Opinion by @JackWolfsohn https://t.co/2dDMg1OCUd
— National Review (@NRO) August 1, 2022

by artappraiser on Mon, 08/01/2022 - 4:28pm

The drug industry has ruled Washington for decades.

But that’s ending. The Inflation Reduction Act requires drug companies to charge less, so that no senior goes broke paying for drugs.

So the industry and their GOP allies are tying to kill the bill. https://t.co/EwRXEA6v2s
— Chris Murphy (@ChrisMurphyCT) July 31, 2022

by artappraiser on Mon, 08/01/2022 - 5:55pm

Manchin & Sinema in a photo of the Senate floor today, tweeted by Alex Bolton of The Hill:

Sen. Manchin now making the pitch to Sen. Sinema on the climate and tax deal he struck with Schumer. pic.twitter.com/ScOeQwBhgh
— Alex Bolton (@alexanderbolton) August 2, 2022

by artappraiser on Tue, 08/02/2022 - 11:15pm

Will the carried-interest deduction—a notorious loophole in the U.S. tax code that allows some of the wealthiest people in the country to pay an artificially low tax rate on much of their income—meet its end? https://t.co/ijUOKGf7G2
— The New Yorker (@NewYorker) August 3, 2022

by artappraiser on Wed, 08/03/2022 - 1:25am

Fantastic news — my bill, the Health Care Affordability Act, has been included in the Inflation Reduction Act!

If passed, the Inflation Reduction Act will extend the tax credits from my bill that have helped lower out-of-pocket premium costs by an average of $2,400 per family.
— Rep. Lauren Underwood (@RepUnderwood) August 3, 2022

by artappraiser on Wed, 08/03/2022 - 1:26am

GOP targets Sinema while going all out to block Democratic bill https://t.co/69RY0dYkNp
— Anna Mills (@AnnaMills1953) August 3, 2022

by artappraiser on Wed, 08/03/2022 - 5:50pm

Sources: Arizona Sen. Sinema has privately expressed concerns about the impact the proposed 15% corporate minimum tax will have on manufacturers @mkraju reports https://t.co/ACdxbvRbsC
— The Lead CNN (@TheLeadCNN) August 4, 2022

by artappraiser on Thu, 08/04/2022 - 7:50pm

Sen. Manchin slams reports that the climate, healthcare, and tax bill would increase taxes

Senate sets up first vote Saturday on Schumer-Manchin deal

BY ALEXANDER BOLTON - 08/04/22 3:34 PM ET

by artappraiser on Thu, 08/04/2022 - 5:04pm

Nugget of news: Democrats are discussing ways to modify their carried-interest provision to get Sinema's support--and appease Manchin's desire to include something on the issue, per sources.

There are a few different ways to pare back the proposal without nixing it entirely.
— Andy Duehren (@aduehren) August 4, 2022

by artappraiser on Thu, 08/04/2022 - 6:20pm

Sinema Agrees to Climate and Tax Deal, Clearing the Way for Votes

The Arizona Democrat had been her party’s last remaining holdout on the package, now slated to move forward on Saturday and pass the Senate within days.

By Emily Cochrane @ NYTimes.com, Aug. 4, 2022

WASHINGTON — Senator Kyrsten Sinema, Democrat of Arizona, announced on Thursday evening that she would support moving forward with her party’s climate, tax and health care package, clearing the way for a major piece of President Biden’s domestic agenda to move through the Senate in the coming days.

To win Ms. Sinema’s support, Democratic leaders agreed to drop a $14 billion tax increase on some wealthy hedge fund managers and private equity executives that she had opposed, change the structure of a 15 percent minimum tax on corporations, and include drought money to benefit Arizona.

Ms. Sinema said she was ready to move forward with the package, provided that the Senate’s top rules official signed off on it [....]

by artappraiser on Fri, 08/05/2022 - 12:23am

BREAKING: DEMS IN ARRAY
— Mike Inacay (@MikeInacay) August 5, 2022

that's just in the Senate, tho, so don't get too excited

by artappraiser on Fri, 08/05/2022 - 12:51am

Few bills this century have come close to such sweeping potential for good job creation.

It's true this bill has good, bad, & ugly bits. Also true: It's an unparalleled opportunity for hard-hit workers and communities to reap the economic gains of climate action. pic.twitter.com/lO9U1Cx6gM
— Ben Beachy (@Ben_Beachy) August 4, 2022

by artappraiser on Fri, 08/05/2022 - 12:45am

Major major geek thread on bill's climate and energy impacts for those into that sort of thing

It's out! REPEAT Project's analysis of the climate & energy impacts of the Inflation Reduction Act nearing a vote in the Senate at https://t.co/6zdwAaDcml.
The Act would:
1. Cut annual emissions in 2030 by an additional ~1 billion tons below current policy (incl. Infrastr Law) pic.twitter.com/ATzrqibJfJ
— JesseJenkins (@JesseJenkins) August 4, 2022

by artappraiser on Fri, 08/05/2022 - 12:57am

Bernie says the name of the bill is a lie:

Debate on reconciliation bill begins with @SenSanders calling it the “so-called Inflation Reduction Act,” because “according to the CBO and other economic organizations who have studied this bill, it will in fact have a minimal impact on inflation.”
— Mike Memoli (@mikememoli) August 6, 2022

Edit to add:

I think Bernie doesn't actually want this to pass but also can't vote no so he's doing this thing of damning it with faintest praise on the floor and hamstringing it with amendments that makes his own caucus members look bad
— Dante Atkins (@DanteAtkins) August 7, 2022

I should not despise Bernie more than Manchin, but this speech is making me.
— Terry Lee (@TerryWatkinsJr1) August 6, 2022

Who needs Republicans when you got Bernie Sanders?
— Terry Lee (@TerryWatkinsJr1) August 7, 2022

by artappraiser on Sat, 08/06/2022 - 11:48pm

Manchin at 8:35 pm ET Sat. evening:

The Inflation Reduction Act is the product of years of bipartisan conversations about the most impactful ways to produce more energy domestically, bring down energy and healthcare costs and pay down our debt. The IRA achieves this without raising taxes.
— Senator Joe Manchin (@Sen_JoeManchin) August 7, 2022

Despite this, my R friends have made clear they’re completely unwilling to support this bill under any condition. None of their amendments would change that. For this reason, I’ll vote to protect the integrity of the IRA regardless of the substance of their fake amendments.
— Senator Joe Manchin (@Sen_JoeManchin) August 7, 2022

by artappraiser on Sat, 08/06/2022 - 11:53pm

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

by artappraiser on Sun, 08/07/2022 - 3:56pm

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

by artappraiser on Mon, 08/08/2022 - 4:36am

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

by artappraiser on Mon, 08/08/2022 - 4:59am

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

by artappraiser on Mon, 08/08/2022 - 5:04am

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

by artappraiser on Mon, 08/08/2022 - 5:12am

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

by artappraiser on Mon, 08/08/2022 - 5:15am

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

by artappraiser on Mon, 08/08/2022 - 5:21am

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

by artappraiser on Mon, 08/08/2022 - 7:39pm

dupe deleted, see below

by artappraiser on Fri, 08/12/2022 - 3:08pm

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)

by artappraiser on Fri, 08/12/2022 - 3:07pm

The "INFLATION REDUCTION ACT"

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