Inflation Reduction Act

#177
#177
Franklin Pierce said:
Manchin May Be Handing EPA The Ability To Circumvent SCOTUS, Throttle The Coal Industry

The new reconciliation bill backed by Sen. Joe Manchin of West Virginia contains funding provisions that could allow the Environmental Protection Agency (EPA) to work around the Supreme Court’s recent ruling that reduced the agency’s ability to regulate emissions from coal plants.

The economic package will make $45 million available to the EPA to regulate greenhouse gases that come from major emitting facilities and stationary sources as part of the Clean Air Act, according to the bill. Such provisions could allow the EPA to circumvent the court’s decision in West Virginia v. EPA, allowing the federal agency to regulate CO2 emissions from coal plants. (RELATED: Biden’s EPA Will Use New Regulations To Bury Coal Industry)


“Manchin got suckered,” Steve Milloy, founder of JunkScience.com and member of former President Donald Trump’s EPA transition team, told the Daily Caller News Foundation. “This is not helping West Virginia, none of it is,” he said in reference to the bill’s provisions.

Manchin May Be Handing EPA The Ability To Circumvent SCOTUS, Throttle The Coal Industry
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What if Manchin didn’t get suckered and this is just what he always has been?
 
#182
#182
Democrats rely on misleading messaging to sell Manchin-Schumer bill



According to a December analysis by the Tax Foundation, the most economically damaging provision in the bill that survived the arduous negotiation process is the 15% "corporate alternative minimum tax," which requires businesses with profits over $1 billion to pay a minimum tax rate of 15%.

The minimum tax alone will reduce GDP by 0.1 percent and cost about 27,000 jobs, the Tax Foundation projects. The minimum tax will deal the biggest blow to coal workers, levying a net tax hike of 7.2% on the coal industry’s pretax book income, according to a November analysis by the foundation. The second-hardest hit by the tax, according to the study, is the automobile and truck manufacturing industries, which face a 5.1 percent tax hike, the study said.

How does Joe Manchin sell this to West Virginia?

UAW gonna back this deal?
 
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#186
#186
Typical WH - praise a group as the objective arbiter until it produces inconvenient facts then say the group's analysis is wrong.

Idiots

White House dismisses congressional report that Schumer-Manchin plan would raise taxes

The report projected that the average tax rate for those earning less than $10,000 would increase from 7.3% under current law to 7.6%, and from 7.8% to 7.9% for those earning $30,000 to $40,000 2023. The tax rate would increase for a number of income categories in that year, according to the JCT. However, by 2031, the JCT surmises the tax rate would be almost exactly the same as it is under present law for all income groups.

The biggest tax hike is on the lowest earning individuals - attaboy Joe!

"The JCT report that we're currently seeing is incomplete because it omits the actual benefits that Americans would receive when it comes to prescription drugs, when it comes to lowering energy costs like utility bills," Jean-Pierre said.

lower prices (assuming they materialize) are not the same as taxes.
 
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#187
#187
volinbham said:
Typical WH - praise a group as the objective arbiter until it produces inconvenient facts then say the group's analysis is wrong.

Idiots

White House dismisses congressional report that Schumer-Manchin plan would raise taxes

The report projected that the average tax rate for those earning less than $10,000 would increase from 7.3% under current law to 7.6%, and from 7.8% to 7.9% for those earning $30,000 to $40,000 2023. The tax rate would increase for a number of income categories in that year, according to the JCT. However, by 2031, the JCT surmises the tax rate would be almost exactly the same as it is under present law for all income groups.

The biggest tax hike is on the lowest earning individuals - attaboy Joe!

"The JCT report that we're currently seeing is incomplete because it omits the actual benefits that Americans would receive when it comes to prescription drugs, when it comes to lowering energy costs like utility bills," Jean-Pierre said.

lower prices (assuming they materialize) are not the same as taxes.
Click to expand...

The increase from the tax rate of the lower income individuals is due to increased IRS enforcement (i.e. reducing EITC fraud)

Energy prices will go up due to coal and natural gas provisions.
 
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#188
#188
Kyrsten Sinema is seeking a couple changes to Democrats' climate, health care and tax bill, according to multiple people familiar with the matter.

The Arizona Democrat, who has not weighed in on whether she will vote for the legislation, wants to nix language narrowing the so-called carried interest loophole, which would change the way some investment income is taxed. Cutting that provision would ax $14 billion of the bill's $739 billion in projected revenue.

Sinema also wants an add. She'd like roughly $5 billion in drought resiliency funding added to the legislation, a key ask for Arizona given the state's problems with water supply. A Sinema spokesperson declined to comment.

Will Dems go for it? There's no word yet from Democratic leaders but this is a relatively modest ask in the grand scheme of the legislation. Still, Senate Majority Leader Chuck Schumer said narrowing carried interest was included at the behest of Manchin, who said it would make the tax code more fair.

Kyrsten Sinema is seeking a couple of changes to Democrats' party-line bill. She wants to nix the carried interest provision and add drought funding.
 
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#189
#189
Franklin Pierce said:
Kyrsten Sinema is seeking a couple changes to Democrats' climate, health care and tax bill, according to multiple people familiar with the matter.

The Arizona Democrat, who has not weighed in on whether she will vote for the legislation, wants to nix language narrowing the so-called carried interest loophole, which would change the way some investment income is taxed. Cutting that provision would ax $14 billion of the bill's $739 billion in projected revenue.

Sinema also wants an add. She'd like roughly $5 billion in drought resiliency funding added to the legislation, a key ask for Arizona given the state's problems with water supply. A Sinema spokesperson declined to comment.

Will Dems go for it? There's no word yet from Democratic leaders but this is a relatively modest ask in the grand scheme of the legislation. Still, Senate Majority Leader Chuck Schumer said narrowing carried interest was included at the behest of Manchin, who said it would make the tax code more fair.

Kyrsten Sinema is seeking a couple of changes to Democrats' party-line bill. She wants to nix the carried interest provision and add drought funding.
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IOW..it is done..welcome to continued inflation..Idiots.
 
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#190
#190
Sinema breaks silence and urges CHANGES to $740 Billion Inflation Reduction Act: Democrat Wants More CLIMATE FUNDS and restructured taxes with changes totaling $19 billion in deal Manchin backed after he was offered a gas pipeline in West Virginia

Democratic Sen. Kyrsten Sinema is finally airing her concerns Democratic colleague Joe Manchin's plan reached with Senate Majority Leader Charles Schumer to raise $739 billion in revenue.

Sinema has been silent since Manchin announced the deal this week – and the White House has refused to divulge what contact, if any, Biden has had with the Arizona senator, who has infuriated Democratic colleagues and who is up for reelection in 2024.

Sinema 'wants to nix language narrowing the so-called carried interest loophole, which would change the way some investment income is taxed,' Politico reported.

The asks would represent a stunning $19 billion in changes and reflect Sinema's leverage, but are still dwarfed by the overall size of the package.

Sinema has long raised concerns about the tax provision, a priority for Biden that Manchin said was important to his support for a deal after months of negotiations.

The provision brings in about $14 billion, with funds going to climate change and other initiatives.

Sinema is also seeking about $5 billion in drought resiliency funds, which would benefit her parched state. The report cited sources familiar with her concerns, although her office didn't comment.

Sinema breaks silence and urges CHANGES to $740billion Inflation Reduction Act | Daily Mail Online
 
#191
#191
‘Egregious’: Coal Industry Leaders Condemn Manchin-Backed Climate Bill

The West Virginia Coal Association and several other state coal groups blasted Democratic Sen. Joe Manchin of West Virginia for sponsoring a bill that will “severely threaten” the industry in a statement on Wednesday.

The leaders of eight state coal trade associations slammed Manchin for joining his party in supporting the purported “Inflation Reduction Act of 2022,” which contains provisions that will target the coal industry, according to the statement. Manchin’s support for the bill, which was welcomed by President Joe Biden and environmental activists, is causing the coal sector to doubt the senator’s efforts to protect coal jobs across America. (RELATED: Manchin May Be Handing EPA The Ability To Circumvent SCOTUS, Throttle The Coal Industry)

‘Egregious’: Coal Industry Leaders Condemn Manchin-Backed Climate Bill
 
#192
#192
Franklin Pierce said:
Sinema breaks silence and urges CHANGES to $740 Billion Inflation Reduction Act: Democrat Wants More CLIMATE FUNDS and restructured taxes with changes totaling $19 billion in deal Manchin backed after he was offered a gas pipeline in West Virginia

Democratic Sen. Kyrsten Sinema is finally airing her concerns Democratic colleague Joe Manchin's plan reached with Senate Majority Leader Charles Schumer to raise $739 billion in revenue.

Sinema has been silent since Manchin announced the deal this week – and the White House has refused to divulge what contact, if any, Biden has had with the Arizona senator, who has infuriated Democratic colleagues and who is up for reelection in 2024.

Sinema 'wants to nix language narrowing the so-called carried interest loophole, which would change the way some investment income is taxed,' Politico reported.

The asks would represent a stunning $19 billion in changes and reflect Sinema's leverage, but are still dwarfed by the overall size of the package.

Sinema has long raised concerns about the tax provision, a priority for Biden that Manchin said was important to his support for a deal after months of negotiations.

The provision brings in about $14 billion, with funds going to climate change and other initiatives.

Sinema is also seeking about $5 billion in drought resiliency funds, which would benefit her parched state. The report cited sources familiar with her concerns, although her office didn't comment.

Sinema breaks silence and urges CHANGES to $740billion Inflation Reduction Act | Daily Mail Online
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That is it..she is just positioning herself. Pennies on dollars changes.
 
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#200
#200
hog88 said:
The worst part is that they will have to find something for them to do, which means going after the people who can't afford to fight them.
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Yep! Thea average person will get audited a lot more I would bet. If you do get audited, just make sure and remember which party pushed this when you go to the voting booth.
 
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