Sen. Joe Manchin (D-WV) agreed with Senate Majority Leader Chuck Schumer on a different but still a big government “Build Back Better” bill.
Well, now it’s called the Inflation Reduction Act of 2022 because if you oppose it, you must love inflation.
The bill forces a 15% tax, at the minimum, on companies worth more than $1 billion:
“I now propose and will vote for the Inflation Reduction Act of 2022. Rather than risking more inflation with trillions in new spending, this 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,” Manchin said.”President Biden, Leader Schumer and Speaker Pelosi have committed to advancing a suite of commonsense permitting reforms this fall,” he also said.According to Schumer’s and Manchin’s offices, the bill will raise $739 billion in revenue through IRS tax enforcement, the corporate minimum tax and closing the carried interest loophole. It will spend $433 billion total, they said, on energy and climate change provisions and on the ACA extension.
The energy investments include fossil fuels, nuclear, and renewables:
The summary of the agreement from Senate Democrats doesn’t detail exactly what the energy money will fund. Lobbyists say that Mr. Manchin has been pushing to include tax credits for clean energy that have been part of ongoing negotiations for months. Some Senate Democrats believed they had previously reached an agreement with Mr. Manchin on tax credits for reducing carbon emissions.Mr. Manchin said the proposed legislation would invest in technologies needed for cleaner production and use of fuel types including hydrogen, nuclear, renewables and fossil fuels.“It is truly all of the above, which means this bill does not arbitrarily shut off our abundant fossil fuels,” he said.
On Thursday, we should get the GDP report. It will likely show that America is in a recession no matter how many times the White House tries to change the definition of recession.
So the Democrats want to pass a bill that will raise taxes. I mean…
The reconciliation process means the Senate can tie this bill to the budget and pass it with a simple majority.
A simple majority is not so easy. The Senate is split 50-50. Everyone has to agree on it because Harris could cast the tie-breaking vote.
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