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  1. #2876
    Guest Member S Landreth's Avatar
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    About that bump in the road.......




    Sen. Kyrsten Sinema (D-Ariz.) announced Thursday evening that she has reached a deal with Senate Majority Leader Charles Schumer (D-N.Y.) that could pave the way for Democrats to pass their budget reconciliation package.

    The deal would remove a provision closing the so-called carried interest loophole from the package announced last week by Schumer and Sen. Joe Manchin (D-W.Va.).

    Sinema said she and Schumer have also reached agreement on protecting manufacturing from the impact of a proposed 15 percent corporate minimum tax, which business leaders in Arizona warned would dampen economic growth.

    The announcement paves the way for Sinema to vote Saturday for a motion to proceed to a budget reconciliation package that would reform the tax code, tackle climate change, reduce the cost of prescription drugs and shrink the federal deficit.

    “We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy economy in the Senate’s budget reconciliation legislation,” Sinema said, signaling that she plans to vote to begin debate on the bill.

    “Subject to the parliamentarian’s review, I’ll move forward,” she said.

    Senate Democrats had waited anxiously for days for a positive sign from Sinema, whom they feared was angry after being left out of a final round of talks.

    With Sinema’s vote, Democrats now have the support of all 50 members of their caucus to pass what would become President Biden’s biggest domestic legislative achievement. It would reduce the federal deficit by between $100 billion to $300 billion, according to various estimates, an accomplishment Democrats can pitch to voters at a time of 40-year-high inflation.


    “I am pleased to report that we have reached an agreement on the Inflation Reduction Act that I believe will receive the support of the entire Senate Democratic conference,” Schumer said in a separate statement confirming the deal.

    He said the agreement “preserves the major components” of the deal he announced with Manchin last week to lower drug costs, fight climate change, close tax loopholes and reduce the deficit.

    “The final version of the reconciliation bill, to be introduced on Saturday, will reflect this work and put us one step closer to enacting this historic legislation into law,” Schumer said.

    Democrats expect to vote to begin debate on the more-than-700-page bill sometime Saturday afternoon.

    That will begin up to 20 hours of floor debate followed by an open-ended series of amendment votes, known as a vote-a-rama, and then a vote on final passage of the legislation.

    Sinema in her statement promised to work with colleagues to address the carried interest preferential tax rate, which allows asset managers to pay a 20 percent capital gains rate on income they earn from advising clients on profitable investments.

    “Following this effort, I look forward to working with Sen. [Mark] Warner [D-Va.] to enact carried interest reforms, protecting investments in America’s economy and encouraging continued growth while closing the most egregious loopholes that some abuse to avoid paying taxes,” she pledged.

    The announcement capped off several days of intense discussions between Sinema, Schumer and Manchin.

    Democratic senators said Sinema wasn’t happy about being left out of the secret negotiations Schumer and Manchin held last month to add sweeping tax reform and climate provisions to the budget package.

    The Arizona senator had previously made clear that she opposed eliminating the carried interest tax rate as well as reforms that would effectively raise corporate taxes and threaten economic growth. Those priorities appeared to be somewhat overlooked in the Schumer-Manchin deal.

    Sinema held back her support for the legislation and insisted on changes to soften the tax hit on manufacturers from a 15 percent corporate minimum tax, according to sources familiar with the negotiations.

    Manchin held at least two long conversations with Sinema on the Senate floor in recent days to win her over.

    Multiple people familiar with the issue said Sinema wanted to exempt U.S. manufacturing companies from the 15 percent corporate minimum tax that Schumer and Manchin inserted in the Inflation Reduction Act. That bill caught almost every senator — including Sinema — by surprise when it became public last week

    Exempting manufacturing companies from the book minimum tax would cost about $45 billion over ten years, according to one Senate estimate floated this week.

    Book is a tax accounting term that in effect would make it harder for companies to avoid declaring profit and therefore increase what they would pay in taxes.

    Sinema also told colleagues that she opposed closing carried interest loophole, which critics say allows wealthy money managers to pay a lower effective tax rate than many middle-income Americans.

    And the Arizona senator wanted $5 billion in drought resiliency funding for her home state, according to two Democratic senators.

    The statements released by Sinema and Schumer Thursday evening made no mention of drought relief.

    Sinema declined to answer reporters’ questions when she emerged from her Capitol basement hideaway Thursday afternoon.

    She came under heavy pressure from business leaders in Arizona to oppose the corporate minimum tax.

    “In the face of record-high inflation, supply chain backlogs and a major labor crunch, now is not the time to hammer manufacturers with new taxes,” Arizona Chamber of Commerce and Industry President Danny Seiden said in a statement earlier Thursday.

    “Arizona job creators will continue to urge lawmakers to reject this manufacturers tax and instead focus on policies that encourage job growth and strengthen our state and economic competitiveness,” he said.

    The Schumer-Manchin deal would have established a 15 percent minimum tax for corporations with more than $1 billion in annual profits, though it exempted green-energy and microchip manufacturing tax credits from getting wiped out by that minimum tax threshold.

    Republicans said the Democrats’ proposal would hit manufacturing companies especially hard by superseding a key reform of former President Trump’s 2017 Tax Credits and Jobs Act allowing companies to fully expense capital expenditures for a given year.

    Full expensing under the Tax Credits and Jobs Act is due to phase out over the next four years.

    Sinema told the Arizona Chamber of Commerce in April that she would be “unwilling to support any tax policies that would put a break on … economic growth, or stall business and personal growth for America’s industries.”

    She made clear to senior White House officials and Senate Democratic colleagues early during the negotiations over the budget reconciliation bill that she would not support increasing the 21 percent corporate tax rate, a key achievement of the 2017 tax reform law.

    “The entire country knows that I am opposed to raising the corporate income tax. That was true yesterday and it is true today,” Sinema told the Arizona Chamber of Commerce earlier this year.

    Republican critics of the Schumer-Manchin deal said that preventing full and immediate expensing of capital expenditures would effectively increase taxes on many corporations.

    Sen. Rob Portman (R-Ohio), who worked closely with Sinema in drafting last year’s $1 trillion bipartisan infrastructure law, warned in an op-ed for The Wall Street Journal that it would “essentially” place a “tax on manufacturing.”

    He pointed out that the bipartisan Joint Committee on Taxation estimates that nearly 50 percent of the new tax would hit manufacturers.

    “Imposing this new tax on U.S. companies, and restricting certain U.S. manufacturers from writing off investment costs immediately, would make America less competitive and drive investments and jobs overseas,” he warned.

    Sinema’s request for $5 billion in drought resiliency funding also loomed as a potential problem, sources warned.

    Guaranteeing access to more water to states lower in the Colorado River basin such as Arizona, Nevada and California may come at the expense of upper-basin states such as Colorado, Utah, Wyoming and New Mexico.

    “We are facing historic drought in Colorado. The state has had the worst wildfires in our state’s history. There is very little water in the Colorado River. And I think it would be great if we could do something on drought, but it has to be something that meaningfully improves the situation in Colorado and in the upper basin of the Colorado River,” said Sen. Michael Bennet (D-Colo.), who is up for reelection in November.

    Bennet warned that any drought resiliency language must provide an “enduring solution to the problem, otherwise it’s not worth doing.

    Democrats secure Sinema's support for Inflation Reduction Act
    Last edited by S Landreth; 05-08-2022 at 09:50 AM.
    Keep your friends close and your enemies closer.

  2. #2877
    Guest Member S Landreth's Avatar
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    Inflation Reduction Act – Maybe a vote tomorrow (Saturday)




    The potential climate and economic benefits of the surprise reconciliation package Democrats unveiled last week and are likely to pass as soon as this weekend are starting to come into a clearer view.

    Researchers have crunched the numbers to forecast how the more than 100 climate provisions in the $740 billion deal, called the Inflation Reduction Act, would impact planet-warming carbon emissions, jobs, electricity prices and more.

    The findings have given climate advocates, Democratic lawmakers and the majority of American voters who support the bill a lot to celebrate.

    Three independent research organizations — the Rhodium Group, Energy Innovation and the REPEAT Project — found that the bill, if passed, could slash U.S. carbon emissions by 40 percent or more below 2005 levels by the end of the decade.

    Those estimates came just a few weeks ago when Rhodium released a report warning the U.S. was way off track of meeting its emissions reduction goals. That analysis found that without additional policy actions, the U.S. would reduce planet-warming emissions 24% to 35% by 2030 — far short of Biden’s 50% to 52% target.

    The economic package includes $369 billion in climate and clean energy spending. If passed, it would be the most significant investment the U.S. has ever made to confront fossil fuel-driven climate change and its mounting impacts.

    Talks seemed to have collapsed for the third and final time last month between the White House and Sen. Joe Manchin (D-W.Va.) over a historic clean-energy spending package in Congress’s reconciliation bill, a piece of budgetary legislation that Democrats can pass without a single Republican vote. Given the Senate’s 50-50 split, doing so would require every Democrat’s vote – giving Manchin, a frequent critic of Biden’s agenda and chair of the Senate Energy Committee, unrivaled leverage over the negotiation.

    Manchin signed off on the bill last week. And on Thursday, Sen. Kyrsten Sinema (D-Ariz.), another key swing vote, announced her support, all but guaranteeing Democrats will have just enough votes to pass it.

    “This package, additional action from executive agencies and subnational actors can put the U.S.’s target of cutting emissions in half by 2030 within reach,” the Rhodium analysis found.

    The bill’s climate investments are also expected to jumpstart clean energy jobs, lower electricity bills and improve public health.

    t could ultimately lead to the creation of more than 9 million jobs over the next decade, according to a new analysis commissioned by BlueGreen Alliance, a coalition of labor unions and environmental organizations, and conducted by the Political Economy Research Institute (PERI) at the University of Massachusetts Amherst. That includes nearly 6 million jobs in clean energy deployment and manufacturing, 600,000 focused on protecting forests and other natural resources, and 150,000 to confront pollution in low-income and BIPOC communities.

    Energy Innovation’s report found the IRA would create closer to 1.5 million jobs, primarily in manufacturing and construction, and prevent up to 3,900 premature deaths, about 100,000 asthma attacks and up to 417,000 avoided lost workdays by 2030.

    As for how much the average American household would expect to save on future energy bills, Resources for the Future estimates it could amount to between $170 and $220 per year over the next decade. That would translate to up to $278 billion in total savings for consumers nationwide.

    Moody’s Analytics pegged the potential savings at more than $300 per year for the average household.

    Biden touted the package’s potential job opportunities, health benefits and energy savings during a Thursday roundtable with business and labor leaders.

    “The vast majority of people in America support what’s in the Inflation Reduction Act,” Biden said. “So my message to Congress is this: Listen to the American people. This is the strongest bill you can pass to lower inflation, continue to cut the deficit, reduce healthcare costs, tackle the climate crisis and promote America’s energy security, all while reducing the burdens facing working-class and middle-class families. Pass it.”

    A poll conducted this week by environmental group Climate Power and think tank Data for Progress found that 73% of all likely voters, including 95% of Democrats and 52% of Republicans, support the reconciliation package.

  3. #2878
    Guest Member S Landreth's Avatar
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    Harris breaks 50-50 deadlock to advance landmark climate, tax, health bill



    The Senate voted along party lines Saturday afternoon to advance a sweeping bill to reform the tax code, tackle climate change and lower the cost of prescription drugs, taking a big step closer to giving President Biden a major victory before the November midterm elections.

    The Senate voted 51 to 50 to proceed to the 755-page bill, after Vice President Kamala Harris arrived at the Capitol to cast the tie-breaking vote.

    The vote puts the bill on a trajectory to pass the Senate sometime Sunday, barring an unexpected setback, such as the sudden absence of a Democratic senator.

    Senate Majority Leader Charles Schumer (D-N.Y.) hailed the bill’s impending passage as a major achievement.
    Last edited by S Landreth; 07-08-2022 at 09:03 AM.

  4. #2879
    Thailand Expat harrybarracuda's Avatar
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    It must be nerve wracking knowing that a c u n t like Sinema is on the phone to her paymasters to find out if she should support it or not.

    It seems she (and she alone) said she would not support this bill if it removed a $14Bn tax cut for HEDGE FUND MANAGERS and the like. So it was left in.

    Clearly they are the poor dears that have suffered the most in these times of economic pressure.

    She's an absolute fucking scumbag.

    Kyrsten Sinema Donors Score Win From $14B Carried Interest Tax Break
    Warning: Be cautious if you are a fragile pink

  5. #2880
    Guest Member S Landreth's Avatar
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    Update


    • Senate Democrats kill off amendments as vote-a-rama goes all night


    Senate Democrats are killing off amendments to their climate, tax and health bill as part of a marathon, around-the-clock series of votes known as a vote-a-rama that started after 11 p.m. Saturday night and will stretch toward midday Sunday.

    The Senate has not taken a break overnight, with senators from both parties mingling on the floor as they consider one amendment after another.

    Most of the GOP amendments are intended to put Democrats on the spot on tough issues. If any were approved, it could also make the sweeping package more difficult to pass in the House at the end of the week.

    The process was initially expected to last as long as 12 to 14 hours, with some optimistic observers wondering if it could wrap up more earlier if lawmakers exhausted one another with the overnight work.

    Senators appeared relatively chipping after dawn broke Sunday morning, despite the grueling work. The vast majority of the did not appear to be getting fatigued.

    At 6:30 a.m., the Senate was dispensing with an amendment from Sen. Marco Rubio (R-Fla.) on crime. Several more hours of votes were expected.

    The vote-a-rama is a feature of the Senate budget process, which Democrats are using to pass a major climate, tax and health bill with 51 votes, bypassing a Republican filibuster.

    The budget reconciliation process allows the party in control of the Senate to pass major legislation with a simple-majority vote but the trade-off is Democrats must allow Republicans vote on an unlimited number of back-to-back amendments.


    Each side has only one minute to make an argument for or against an amendment before a vote is called.

    Votes on amendments that violate the Byrd Rule, which requires that legislation passed through the budget reconciliation process have a non-tangential impact on spending, revenues or the debt limit, are subject to procedural objections, which require 60 votes to be waived.

    Not all the votes have been on GOP amendments.

    The first amendment of the vote-a-rama is one sponsored by Senate Budget Committee Chairman Bernie Sanders (I-Vt.), which would require Medicare not to pay more than what the Department of Veterans Affairs does for prescription drugs.

    It was defeated 1-99.

    The last vote-a-rama the Senate held in August of 2021 to pass the budget resolution lasted 14 hours and included consideration of more than 40 amendments.

    Democratic senators say they expect this weekend’s vote-a-rama to last until 11 am or noon Sunday, judging by past experiences.

    Where to watch live [when it starts back up this (EST) morning]:


  6. #2881
    Guest Member S Landreth's Avatar
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    Nice Monday morning!

    Senate passes sweeping tax, climate package after marathon vote; Harris breaks tie


    Senate Democrats have passed their sweeping tax, health care and climate change legislation after a marathon night of voting, with Vice President Harris casting the decisive vote to break a 50-50 deadlock and send the package to the House.

    The long-awaited $740 billion bill would raise taxes on corporations, tackle climate change, lower prescription drug costs and reduce the deficit.

    The bill was approved on Sunday afternoon after a full night and morning in which senators worked nonstop on the consideration of amendments to the legislation. Democrats generally stuck together to defeat GOP amendments that might have scuttled the bill.

    A last-second hiccup occurred when Sen. Kyrsten Sinema (D-Ariz.) backed an amendment that extended a cap on state and local tax (SALT) deductions that was a key feature of the 2017 Trump tax cut bill. It was seen as endangering the bill because the ceiling on the deduction hurts many households in blue states and districts.

    Seven Democrats ended up backing the amendment offered by Sen. John Thune (R-S.D.), but any damage was undone by the immediate passage of another amendment that replaced the SALT cap extension with a different revenue stream.

    As the vote on final passage took place, several Democrats offered hugs to Sinema, who had been involved in a number of negotiations over the bill in the last several days that some worried could topple the package.

    Democratic senators also applauded their staff, who were seated at the back of the chamber.

    Once seen as all but dead, the bill came back to life last week after Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Charles Schumer (D-N.Y.) reached a deal that narrowed the more than $3 trillion legislation and renamed it the Inflation Reduction Act.

    Sinema reached a separate agreement with Schumer on Thursday, giving Democrats their 50th vote and paving the way for the party to steer the legislation through the Senate using special budget rules that prevented the GOP from killing it with a filibuster.

    The House is set to reconvene at the end of the week to vote on the package. Final passage by the House would send it to the White House for President Biden’s signature less than three months before the midterm elections.

    Biden and Democrats hope it sweetens their changes of holding their House and Senate majorities by exciting a disenchanted Democratic base, while Republicans are expected to attack the spending as unnecessary and misguided.

    A vote-a-rama on the bill started just before midnight Saturday as Democrats stuck together to defeat a barrage of Republican-sponsored amendments designed to put the majority party on the spot.

    One such amendment sponsored by Sen. James Lankford (R-Okla.) would have pulled $1 million from the Affordable Care Act to maintain the Title 42 health order denying migrants seeking asylum entry into the United States.

    Democrats defeated another amendment by Sen. Lindsey Graham (R-S.C.) to strike a 16.4 cent a barrel tax on imported petroleum products and crude oil refined in the United States.

    A third amendment sponsored by Sen. Mike Crapo (R-Idaho) would have barred the IRS from auditing individuals and business owners with income under $400,000.

    The vote capped a long, grueling process that began more than a year ago when Senate Democrats began negotiations to enact the priorities of Biden’s Build Back Better agenda.

    Over the past year, many of the president’s most ambitious social spending priorities were cast aside because of the opposition of Manchin and Sinema. At two points, the negotiations collapsed entirely amid angry recriminations.

    In the end, Democrats rallied around a bill to raise more than $300 billion in new tax revenue from wealthy corporations, substantially reduce global-warming emissions by 2030, and give Medicare broad new power to negotiate lower prescription drug prices.

    “I thank all my colleagues who have dedicated their blood, sweat and tears towards shaping this outstanding legislation. This is one of the most comprehensive and impactful bills Congress has seen in decades,” Schumer said on the floor.

    Democrats say the bill will reduce the deficit by nearly $300 billion, but Republicans say it will have a negligible impact on inflation.

    “Sounds like a bill that’s going to address the number one problem facing our nation, which is inflation, and then you actually look at the bill’s contents and will discover that the bill will do nothing to reduce inflation,” said Thune.

    The Congressional Budget Office (CBO) projects the legislation will reduce the deficit by $90 billion over 10 years.

    A Democratic aide, however, said CBO recognizes the legislation will likely increase tax revenues by more than $200 billion by beefing up Internal Revenue Service programs and enforcement of tax compliance.

    Many Democratic lawmakers were thrilled to reach a deal on a $369 billion energy security and climate package, especially after talks between Schumer and Manchin collapsed during a heated exchange on July 14.

    Democrats last month were prepared to move a slimmed-down package consisting of just prescription drug reform and a two-year extension of expiring health insurance subsidies under the Affordable Care Act.

    But then Manchin met with Schumer on July 18 to revive the negotiations and within days crafted a bill that provided tens of billions of dollars in incentives for green energy technology and energy efficiency and penalties on fossil fuels, such as a fee on methane emissions and a tax on foreign oil imports.

    It provides $4,000 and $7,500 tax credits to buy used and new electric vehicles but doesn’t allow them to be used for vehicles with batteries made from Chinese processed minerals.

    It is expected to reduce climate-warming emissions by 40 percent over the next decade.

    “I can’t stop talking to my kids about the climate provisions,” said Sen. Chris Murphy (D-Conn.). “This is the first time they’ve been legitimately excited about my job. We really owe to the next generation to get this right and a lot of young people in this country were developing an acute sense of hopelessness that adults weren’t taking seriously the climate crisis.”

    Republicans argued the legislation would have little impact on rising global temperatures and wind up forcing to pay more for gas because of the revived tax on foreign oil.

    Graham called the tax on oil imports a “vampire tax” because it was eliminated in 1995 and now is coming back from the dead.

    “This bill imposes a new gas tax of 16.4 cents per barrel on all imported petroleum products and crude oil refined in America,” Graham said. “This creates new gas taxes for the American consumer in the name of climate change.”

    Senate Budget Committee Chairman Bernie Sanders (I-Vt.) expressed deep disappointment with the prescription drug reform component of the bill. He said it should have done more to empower Medicare to negotiate lower drug prices.

    But other Democrats rejected Sanders’s view, arguing the reform would set a powerful new precedent by giving the federal government more influence over the market.

    “There is a reason why big PhRMA is fighting this so hard. They know once you put negotiation, embedded into law, there will be no turning back. That’s what this is all about,” said Senate Finance Committee Chairman Ron Wyden (D-Ore.), who helped craft the prescription drug reform piece. “This is a seismic shift between government and this lobby.”

    Sanders offered an amendment to require Medicare to pay no more than the Department of Veterans Affairs for prescription drugs. His amendment failed by a lopsided vote of 1-99, with Sanders casting the only “yes” vote.

    Another Sanders amendment to extend a $300-a-month child tax credit and pay for it by raising the corporate tax rate from 21 percent to 28 percent failed by vote of 1-97. Only Sanders voted for it.

    The legislation includes a three-year extension of Affordable Care Act subsidies at a cost of $64 billion.

    The legislation will raise $258 billion over 10 years by imposing a 15 percent corporate minimum tax on companies with over $1 billion in profits and require companies to follow generally accepted accounting principles when reporting income to the IRS.

    Sinema won a significant concession from Schumer by shielding manufacturing companies from losing their ability to fully write off capital expenditures because of the 15 percent minimum tax. That shrunk the projected revenue from the proposal from $313 billion to $258 billion.

    Schumer also had to drop a proposal to close the carried interest tax loophole, which lets asset managers pay a favorable tax rate, to secure Sinema’s vote.

    But the Democratic leader made up for the lost revenue by adding a 1 percent excise tax on stock buybacks, which will raise an estimated $74 billion.

    “I hate stock buybacks. I think they’re one of the most self-serving things that corporate America does,” the Democratic leader explained to reporters Friday.

    “I don’t think I need to tell anyone what happens when you raise taxes on businesses, particularly when the economy is shrinking. You get less growth, lower wages and fewer jobs,” Thune said.
    Last edited by S Landreth; 08-08-2022 at 03:56 AM.

  7. #2882
    Days Work Done! Norton's Avatar
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    Quote Originally Posted by S Landreth View Post
    Nice Monday morning!
    Saw it on CNN and was not impressed. The fact it was a totally inadequate bill and the vote was 50/50 along party lines is again an example that the state of affairs in US politics has fuck all to do with really serving the interests of America's citizens.
    Whenever you find yourself on the side of the majority, it is time to pause and reflect.

  8. #2883
    Guest Member S Landreth's Avatar
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    ^It’s a good start. https://s3.documentcloud.org/documen...ct-of-2022.pdf



    Democrats pass a major climate, health and tax bill. Here's what's in it

    Tackling climate change

    More than $300 billion would be invested in energy and climate reform, the largest federal clean energy investment in U.S. history.

    This portion of the bill takes on transportation and electricity generation, and it includes $60 billion for growing renewable energy infrastructure in manufacturing like solar panels and wind turbines.

    It also includes several tax credits for individuals on things like electric vehicles and making homes more energy efficient.

    Lowering the cost of prescription drugs

    The bill includes a historic measure that allows the federal health secretary to negotiate the prices of certain expensive drugs each year for Medicare.

    The bill puts a cap of $2,000 on out-of-pocket prescription drug costs for people on Medicare, effective in 2025.

    There's also a three-year extension on healthcare subsidies in the Affordable Care Act originally passed in a pandemic relief bill last year, estimated by the government to have kept premiums at $10 per month or lower for the vast majority of people covered through the federal health insurance exchange.

    That helps millions of Americans avoid spikes in their health care costs.

    Tax reform

    Instead, a 1% excise tax on stock buybacks was introduced, and it could bring in roughly five times as much revenue as the carried interest measure (which was estimated at $300 billion). However, it wouldn't take effect until next year, raising predictions of a rush of buybacks by some companies before 2023 rolls around.

    And one other part of the bill that doesn’t get the attention it should…….

    The bill also includes President Biden’s proposal to restore $80 billion of the enforcement budget that has been cut from the IRS over the past decade, which will more than pay for itself. As ITEP has explained, years of budget cuts have caused the IRS to reduce its audits of very large corporations in half and reduce its audits of millionaires by even more.

    “Even those opposed to changing our tax laws should agree with the commonsense notion that corporations and the richest Americans should follow tax laws already on the books. This proposal gives the IRS the tools to ensure that happens,” continued Hanauer.

    Just a start!

    Gavin Schmidt - This is the first US federal legislation that is at all commensurate with the size of the climate challenge. Still a long road ahead, but finally the global embarrassment of legislative inaction is over.

    The US has had useful action at the executive level (particularly these last two years) and effective regional, state, and local initiatives to reduce emissions, but there are things that can only be done at the legislative federal level. Finally! : https://twitter.com/ClimateOfGavin/s...87220596072450
    Last edited by S Landreth; 08-08-2022 at 03:24 PM.

  9. #2884
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    You know politics are bad in the States when it feels like a bipartisan bill, but only Democrats voted for it.

  10. #2885
    Guest Member S Landreth's Avatar
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    President Biden is closing in on a legacy-defining win in Congress with the passage of a climate and health care bill in the Senate, a process officials say was not just months, but years in the making.

    While hopes of passing Biden’s agenda appeared dead just a few weeks ago, the president and White House officials quietly worked behind the scenes to help revive talks and ultimately get negotiations in the Senate over the finish line, an administration official said.

    Over the weekend, while the Senate was working through a very long series of votes to approve the package, Biden called roughly a dozen senators and called the cloak room, an administration source told The Hill. The White House legislative team also delivered White House cookies to members on Sunday.

    That followed several months of engagement between senior White House aides and Capitol Hill to get the reconciliation deal passed.

    Senate Democrats on Sunday voted to pass a $740 billion bill that would raise taxes on corporations, tackle climate change, lower prescription drug costs and reduce the federal deficit. Vice President Harris broke the 50-50 tie to send the bill to the House for a vote, where it only needs a simple majority to pass and be sent to Biden’s desk.

    ____________

    More detail on the bill........




    The Senate passed Democrats’ Inflation Reduction Act on a party-line vote Sunday afternoon, delivering the long-awaited centerpiece to President Biden’s agenda.

    Democrats rallied behind the $430 billion climate, health care and tax overhaul after Senate Majority Leader Charles Schumer (D-N.Y.) reached a last-minute deal with Sen. Joe Manchin (D-W.Va.), who had held up previous proposals.

    The House is expected to approve the legislation on Friday and send it to Biden’s desk.

    Here’s a summary of what’s in the Inflation Reduction Act:

    ENVIRONMENT, ENERGY AND CLIMATE

    Businesses would get incentives for deployment of lower-carbon and carbon-free energy sources.

    Tax credits are extended for energy production and investment in technologies including wind, solar and geothermal energies. The investment tax credit also now applies to battery storage and biogas.

    Tax credits would be created or extended for additional technologies and energy sources including nuclear energy, hydrogen energy coming from clean sources, biofuels and technology that captures carbon from fossil fuel power plants.

    Many of the incentives also contain bonuses for companies based on how much they pay their workers and offer credits for manufacturing their steel, iron and other components in the U.S.

    Consumers and businesses get incentives to make cleaner energy choices.

    Tax credits are extended for residential clean energy expenses including rooftop solar, heat pumps and small wind energy systems. Consumers can get credits for 30 percent of expenditures through 2032, and the credit phases down after that.

    Tax credits of up to $7,500 are offered to consumers who buy electric vehicles — but this credit comes with stipulations that may make it difficult for vehicles to actually qualify.

    A tax credit would be expanded for energy efficiency in commercial buildings.

    Some fossil fuel production on public lands would be bolstered.

    The future of solar and wind on public lands and wind in public waters would be tied to requirements to hold lease sales that open up new oil and gas production.

    The bill reinstates the results of a recent offshore oil and gas lease sale that was struck down on environmental grounds. The Interior Department would be required to hold at least three more offshore oil and gas lease sales by next October.

    New programs boost investment in climate.

    A new program aims to reduce emissions of the planet-warming gas methane from oil and gas by both providing grants and loans to help companies reign in their emissions and levying fees on producers with excess methane emissions.

    $27 billion would go to a green bank that would provide more incentives for clean energy technology.

    Costs increase for fossil fuel production on public lands.

    Minimum royalties increase for companies to pay the government for oil and gas they extract on public lands and waters. A royalty is added to the extraction of gas that is later burned off or released as waste instead of sold as fuel.

    Communities that face high pollution burdens get relief.

    $3 billion would go to environmental justice block grants — community-led programs addressing harms from climate change and pollutants, including $20 million for technical assistance at the community level, through fiscal 2026.

    More than $3 billion is allocated to funds for air pollution monitoring in low-income communities. Nearly half of the funds — $117 million — would specifically go to communities in close proximity to industrial pollutants.

    An excise tax on imported petroleum and crude oil products to fund the cleanup of industrial disaster sites increases from 9.7 cents to 16.4 cents per barrel. The reinstatement of the tax is projected to raise $11 billion.

    The bill permanently extends and increases the Black Lung Disability Trust Fund, a tax on coal production to finance claims from workers with the condition. Black lung, caused by long-term exposure to and inhalation of coal dust, is believed to affect at least 10 percent of coal miners with at least 25 years’ experience, according to a 2018 study by the National Institute for Occupational Safety and Health.

    HEALTH CARE

    Medicare can negotiate lower prices.

    The bill would allow Medicare to negotiate prices for some drugs for the first time, a policy Democrats have been trying to enact for years over the fierce objections of the pharmaceutical industry. The provisions save more than $200 billion over 10 years.

    It would allow Medicare to negotiate lower prices for 10 high-cost drugs beginning in 2026, ramping up to 20 drugs by 2029. There is a steep penalty if a drug company doesn’t come to the table: a tax of up to 95 percent of the sales of the drug. There is also a ceiling that the negotiated price cannot rise above.

    In a deal with moderates including Sen. Kyrsten Sinema (D-Ariz.), only older drugs are subject to negotiation after a period of nine years for most drugs and 13 years for more complex “biologic” drugs. That means the negotiations are more limited than many Democrats wanted.

    Drug costs can be capped but largely only for Medicare.

    The bill includes other measures to cap drug costs. The provisions still largely apply only to seniors on Medicare, not the millions of people who get health insurance through their jobs, in part because complex Senate rules limited how expansive the provisions would be.

    If drug companies raise prices in Medicare faster than the rate of inflation, they must pay rebates back to the government for the difference.

    Democrats tried to apply this provision to the private market, but the parliamentarian ruled it violated the Senate rules used to bypass a GOP filibuster.

    In one of the most tangible provisions for patients, the bill caps out-of-pocket drug costs at $2,000 a year for seniors on Medicare, starting in 2025.

    The bill also caps patients’ insulin costs at $35 a month, but only for seniors on Medicare. Republicans voted against overruling the Senate parliamentarian to extend that protection to patients with private insurance.

    People enrolled in ACA plans get an extension on premium assistance.

    The measure also builds on the Affordable Care Act (ACA) by extending enhanced financial assistance to help people enrolled in ACA plans afford premiums for three years. The extra help otherwise would have expired at the end of this year, setting up a cliff. The provision expands eligibility to allow more middle-class people to receive premium help and increases the amount of help overall.

    TAXES

    Large corporations will pay for climate and health measures within the bill.

    The bill introduces new taxes on corporations to pay for its climate and health care measures.

    The centerpiece of its tax plan is a 15 percent minimum tax on the income that big corporations report to their shareholders, a tax known as the minimum book tax. Initial proposals put the amount of revenue raised by the book tax at $313 billion — more than 40 percent of the $740 billion raised by the legislation as a whole.

    The tax applies to companies reporting $1 billion in annual earnings. It would impact only around 150 large firms, according to the Joint Committee on Taxation.

    Sinema demanded some last-minute exclusions to the minimum tax that were favorable to the U.S. manufacturing sector and private equity firms.

    The tax will exempt companies taking advantage of accelerated depreciation, a popular deduction that helps pay for capital investments such as new equipment.

    Small businesses that are subsidiaries of highly profitable private equity firms will also be exempted from the minimum tax.

    The IRS gets a funding boost.

    Another key measure allocates $80 billion to boost enforcement at the IRS. Democrats hope that, with more employees and better technology, the IRS can more closely examine wealthy individuals and ensure they aren’t dodging taxes. That extra revenue is expected to lower the deficit by $203 billion over the next decade.

    Stock buybacks will get an additional tax.

    The bill enacts a 1 percent excise tax on stock buybacks to replace the revenues lost by appeasing Sinema. Democrats expect the provision to raise $74 million over a decade.

    Share repurchases by S&P 500 companies have soared in recent years and are on track to surpass $1 trillion this year. Companies buy back their stock to reward shareholders and boost their stock price by artificially limiting supply.

    The tax will impact the nation’s largest companies that rely on multibillion-dollar buybacks to raise their stock price, including Apple, Nike and Exxon Mobil.

    Democrats have criticized the practice, arguing that companies should invest in workers and innovation instead of repurchasing stock.

    To further recoup revenue lost to the private equity sector, the bill also extends a set of limitations on losses that businesses can deduct from their taxes. The limits prevent wealthy individuals from significantly bringing down or even wiping out their income tax liability. Sen. Mark Warner (D-Va.) said that extending the caps would raise $52 billion.

    ___________

    Extra.


  11. #2886
    Thailand Expat harrybarracuda's Avatar
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    Remember when baldy orange cunto said he was going to bring drug prices down and Republicans all said he would?

  12. #2887
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    ^Kind of

    But hopefully what more Americans will remember is where the Republicans stood on drug prices/health care……

    Joni Ernst’s (R) insulin speech……..


    • Dan Diamond - In 2020, @SenJoniErnst warned about the “heartbreaking” consequences of high insulin costs and called on lawmakers to “come together” to lower them.


    Ernst voted against the insulin copay cap today.: https://twitter.com/ddiamond/status/1556313038554267649


    • Senate Republicans blocked Democrats on Sunday from including a cap on insulin in their sweeping Inflation Reduction Act legislation.


    The proposed provision of the bill would have capped the price of insulin for those on Medicare and with private coverage at $35.

    The cap was defeated 57-43, despite many GOP Senators campaigning on lower drug prices, including Iowa’s Joni Ernst (R-IA) who once gave an impassioned speech on the topic.

    “The skyrocketing costs of prescription drugs has become a matter of life and death for so many,” said Ernst on the Senate floor in 2020.

    ___________

    Jordan - The price of insulin in the United States is so high it has led to nearly 4 in 5 diabetics who rely on it taking on debt. https://twitter.com/JordanUhl/status...21357641748482

    Last edited by S Landreth; 09-08-2022 at 09:36 AM.

  13. #2888
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    Quote Originally Posted by S Landreth View Post
    Senate Republicans blocked Democrats on Sunday from including a cap on insulin in their sweeping Inflation Reduction Act legislation.
    Yet it is their voting constituents (obese mid-western and southern conservatives) that have diabetes at the highest rates. Amazing that most of the idiots will vote for them anyway.

    President Joe Biden-states-highest-projected-diabetes-rates_2019-06-a

  14. #2889
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    Quote Originally Posted by bsnub View Post
    Yet it is their voting constituents (obese mid-western and southern conservatives) that have diabetes at the highest rates.
    Perhaps that Obamacare should have waited a while.

  15. #2890
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    President Biden on Wednesday signed into law a bill to expand benefits for millions of veterans who were exposed to toxins during service and are suffering illnesses as a result.

    The Sgt. 1st Class Heath Robinson Honoring our Promise to Address Comprehensive Toxics (PACT) Act also expands presumptions of service connections for a variety of conditions related to toxic exposure — meaning veterans don’t have to prove their illness was service-connected.

    “This is the most significant law our nation has ever passed to help millions of veterans who are exposed to toxic substances during the military services,” Biden said in remarks from the East Room.

    “You know, Secretary McDonough can tell you I was going to get this done come hell or high water,” the president continued, referring to Veterans Affairs Secretary Denis McDonough.

    Heath Robinson died of a rare form of lung cancer that was developed as a result of exposure to toxins during his deployment in Iraq and Kosovo.

    “We could not have done this without you all,” Danielle Robinson said. “Ours is just one story. So many military families who had to fight this terrible emotional battle. So many veterans are still battling today, too many have succumbed to those burn pits as well.”


    ____________




    President Biden signed a bill into law Wednesday that expands health care benefits to veterans exposed to toxic chemicals from burn pits.

    The bipartisan bill, dubbed the Sergeant First Class Heath Robinson Honoring our Promise to Address Comprehensive Toxics Act, is the most significant expansion of veteran health care in 30 years, according to a White House statement.

    “The PACT Act is the least we can do for the countless men and women, many of whom may be in this room for all I know, who suffered toxic exposure while serving their country,” said President Biden during the bill’s signing.

    “Veterans of the wars in Iraq and Afghanistan not only face dangers in battle. They were breathing toxic smoke from burn pits… I was in and out of Iraq over 20 times and in Fort Barstow and all those places you could actually see some of it in the air,” Biden added.

    “Burn pits the size of football fields incinerating waste of war such as tires, poisonous chemicals, jet fuel…and a lot of the places where our soldiers were sleeping were literally a quarter mile, a half a mile away.”

    The law essentially links 23 types of cancer, respiratory illnesses and other conditions to burn pit exposure and removes the need for some veterans and their survivors to prove service connection if they are diagnosed with any of those conditions.

    The PACT Act also lengthens the window that post 9/11 veterans have to enroll in the VA health care services from five to 10 years after discharge, in addition to creating a one-year open enrollment window for veterans who served in prior conflicts like Vietnam and the Gulf War.

    Under the law, all veterans enrolled in the VA will have access to toxic chemical screenings as well.

    Biden was joined by Danielle Robinson, wife of the late Sergeant Heath Robinson whom the bill is named after, along with their 9-year-old daughter Brielle and Heath Robinson’s mother Susan Zeier.

    Robinson died in 2020 after a yearslong battle against lung cancer which he developed after being exposed to toxic chemicals emitted from a burn pit during his time in Bagdad.

    Robinson spoke to her husband’s battle against the disease and how the bill would help thousands of other veterans who have become sick due to the harmful way the United States military destroys its waste.

    “As a military spouse, the day your loved one returns home safely from deployment, you count your blessings,” said Robinson. “Fear turns to relief when you start to live as a family again. But 10 years post deployment from Iraq, my husband began the biggest battle of his life, a terminal stage four lung cancer diagnosis due to toxic exposure from a burn pit.”

  16. #2891
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    President Biden got another sliver of positive news on Wednesday as inflation dipped to 8.5 percent in July after hitting a 40-year high of 9.1 percent in June, highlighted by falling gas prices that finally is giving consumers some relief.

    The Associated Press: U.S. inflation slips from 40-year peak but remains high.

    The news was welcome given that Dow Jones economists had been expecting an uptick of 0.2 percent in inflation from June to July. In addition, the consumer price index was unchanged on a monthly basis, according to the Department of Labor (The Hill).

    July core inflation, which includes all goods sans food and energy, stayed even at 5.9 percent. The totality of the news was also reflected on Wall Street where stocks jumped across the board (CNBC).

    The easing of inflation is continuing a trend for Biden, who is reveling in recent good news, including narrow passage by the Senate on Sunday of a $740 billion measure focused on prescription drug pricing, health care costs and climate change. In total, the news has helped flip the script for Biden and allowed him the rare chance to go on offense with less than three months until the midterm elections.

    Political observers tell The Hill’s Amie Parnes that the president has one card that needs to be played: talking about the robust jobs market in the country.

    “It’s truly the greatest jobs market in the history of our country.” said Tony Fratto, an economic policy consultant who served as White house deputy press secretary under the former President George W. Bush. “They cannot win on inflation because it’s there and people are upset about it so if you can’t win the argument, change the subject.”

    “It’s communications 101…. And this isn’t that hard to do. These are alley-oop dunks,” he added.

    Veterans: Biden kept up that good news on Wednesday as he signed into law a bill expanding benefits for millions of veterans who were exposed to toxins during war and are suffering illnesses. The PACT Act expands presumption of service connections for a number of conditions related to toxic exposure — meaning veterans don’t have to prove their illness was service-connected.

    “This is the most significant law our nation has ever passed to help millions of veterans who are exposed to toxic substances during the military services,” Biden said in emotional remarks from the East Room (The Hill and The Associated Press).

    The new law is also personal for the president, whose elder son Beau Biden died of brain cancer in 2015, years after deploying to Iraq in 2008. The president, who made the hazards of military base burn pits and resulting illnesses a priority during his State of the Union address in March, linked his son’s cancer to military deployment with the Delaware National Guard (The Associated Press).

    “I was going to get this done, come hell or high water,” Biden said.

    Lost pay: U.S. workers without paid sick leave during the first two years of the coronavirus pandemic lost an estimated $28 billion in wages, according to a report released on Wednesday by the Urban Institute with support from the Robert Wood Johnson Foundation. It found that work absences due to illness, child care or other family matters increased by 50 percent when compared to the previous two years. Most absences were due to a worker’s personal illness. Women were 40 percent more likely to miss work without pay, while they were also among several groups — including self-employed, Black and Hispanic workers — who experienced the biggest increase in missed days.

    Trade: The administration is rethinking whether to scrap some tariffs on Chinese goods or potentially impose others in the wake of Beijing’s Taiwan response, putting aside options for now, Reuters reports. Biden has not reached a decision.
    Last edited by S Landreth; 12-08-2022 at 09:08 AM.

  17. #2892
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    Quote Originally Posted by S Landreth View Post
    Trade: The administration is rethinking whether to scrap some tariffs on Chinese goods or potentially impose others in the wake of Beijing’s Taiwan response, putting aside options for now, Reuters reports. Biden has not reached a decision.
    Scrap some would be the best option. Tariffs and sanctions are lose/lose for both parties.

  18. #2893
    Guest Member S Landreth's Avatar
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    ^I’m not going to disagree

    ___________




    The House of Representatives on Friday passed Democrats' $740 billion tax, health care and climate bill, which now goes to President Biden's desk for his signature.

    Why it matters: The bill's passage notches a big legislative victory for Democrats with the midterms approaching and delivers on several long-standing liberal policy goals.

    Driving the news: The bill passed 220-207 with all Republicans voting against it.

    Details: By far, the largest spending provision in the bill is nearly $370 billion to combat climate change, including tax credits and funding for renewable energy, electric vehicles and energy-efficient home improvements, as well as incentives for companies to cut methane emissions. It also:


    • Extends enhanced Affordable Care Act subsidies.
    • Allows Medicare to negotiate the prices of certain prescription drugs and requires drug companies to pay rebates for raising prices faster than inflation.
    • Imposes a 15% minimum tax on corporations making $1 billion or more in annual profits and a 1% fee on stock buybacks.
    • Invests $80 billion in the Internal Revenue Service to crack down on tax evasion by the wealthy and corporations.


    What they're saying: "This landmark [legislation] that we send to the president's desk is a resounding victory for America's families starting at their kitchen table," said House Speaker Nancy Pelosi (D-Calif.) in a floor speech.

    Swing-seat Democrats told Axios they think the bill will boost them on the campaign trail.


    • "The prescription drug portions, in particular, are really going to be impactful," said Rep. Elissa Slotkin (D-Mich.), adding she got almost 1,000 calls in the last few days urging her to vote yes for those provisions, "which is high for us."
    • But, Slotkin added, the bill won't just sell itself: "We need to explain it because we live in a world where, if you don't message, someone else will do it on your behalf."
    • Democratic Congressional Campaign Committee Chair Sean Patrick Maloney (D-N.Y.) told Axios: “Results get results. … This is going to be a shot in the arm to Democrats everywhere.”


    The other side: House Minority Leader Kevin McCarthy (R-Calif.), in a floor speech, called the legislation "the largest tone-deaf bill I've ever seen in this chamber in 232 years."


    • "They are choosing to spend the session by spending half a trillion dollars more of your money, raising taxes on the middle class and giving handouts to their liberal allies."


    The backdrop: The bill was rolled out last month as a compromise between Senate Majority Leader Chuck Schumer (D-N.Y.) and centrist Sen. Joe Manchin (D-W.Va.).




    Yes, but: The bill falls far short of what most Democrats had hoped for when Biden took office last January.


    • Democrats spent months last year pushing for a $3.5 trillion package that included paid family and medical leave, universal pre-K, tuition free community college, and an extension of the child tax credit.
    • That proposal was rejected by Manchin in December.




    ______________

    Investors like the climate deal



    The early verdicts have arrived: Investors are confident the Democrats' climate deal will translate into expanded real-world deployment of low-carbon energy.

    Driving the news: The movement of exchange-traded funds and individual companies in several segments of the energy sector tell a similar story.


    • The Climate Tech Index from the VC firm Energy Impact Partners tallies a basket of companies' performance against the wider market (though it's not an investment vehicle).
    • The index is both wide-ranging and combines new market entrants and more established players.


    Zoom in: The Invesco Solar ETF is up 16% since the deal emerged in late July and passed the Senate over the weekend, while the iShares Global Clean Energy ETF is up 14%.


    • Companies like EVgo (charging), Sunrun (solar), and Orsted (wind), to name just a few, have all seen gains since the surprise revival of the bill that's heavy on expanded and extended tax breaks.


    Yes, but: If the bill passes, a lot needs to happen before it translates into a deployment surge, given workforce challenges, project siting hurdles and more.


    • And the bill is unlikely to end volatility in the clean energy sector, where companies are grappling with input cost fluctuations and other variables.
    • "Republicans are expected to take back control of Congress this fall, so it’s important to remember that policy uncertainty contributes to their volatility and that’s unlikely to change over the next few years," DataTrek Research's Jessica Rabe tells Bloomberg.


    What they're saying: The CEO of wind turbine maker Vestas said this morning that the bill is "very supportive of renewable energy in the United States over the next ten years," should it pass the House, which is expected to take up the bill on Friday, per Reuters.


    • A recent note from Goldman Sachs analysts said the legislation is bullish for utilities "as the wind, solar and storage tax credits would reduce the costs of building new renewables in the U.S."
    • On solar specifically, the bill's announcement was a "welcome surprise for investors who by that point had become less confident on climate-related policy support being passed this year," Goldman's note states.
    Last edited by S Landreth; 13-08-2022 at 05:25 AM.

  19. #2894
    Guest Member S Landreth's Avatar
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    good news for most all of us......

    President Biden - With the passage of the Inflation Reduction Act, House Democrats chose to build a future where everybody has a shot, not just the already-powerful. https://twitter.com/POTUS/status/1558234907058573312

    The White House - President Biden’s Inflation Reduction Act takes the most significant leap forward in tackling the climate crisis and strengthening our energy security. https://twitter.com/WhiteHouse/statu...23694408962050

    Jill Biden - What a day — what a week!

    Proud is an understatement. https://twitter.com/FLOTUS/status/1558212484007432192








    Thanks to President Joe Biden’s leadership, and the hard work of Majority Leader Schumer and Speaker Pelosi, the Inflation Reduction Act is off to the President’s desk.

    Because of this, we will lower the cost of prescription drugs for our seniors and reduce health insurance premiums for 13 million Americans. We will make the largest investment in our nation’s history to address the climate crisis, creating good-paying, union jobs in wind, solar, and electric vehicle manufacturing. We will lower energy bills for working families and support environmental justice. And, the legislation is fully paid for by finally ensuring the wealthiest corporations pay their fair share. This is an historic achievement for our country that will directly benefit millions of Americans.

    Unfortunately, not a single Republican in Congress voted for the package. Not a single Republican voted to lower the cost of prescription drugs, reduce health insurance premiums, make investments to address the climate crisis, tackle inflation, or require the wealthiest corporations to pay their fair share.

    In the 18 months since President Biden and I took office, we have created nearly ten million jobs, and helped to rescue small businesses; begun upgrading our roads and bridges and removing lead pipes; and we are making sure high-speed internet is available and accessible for all Americans. There is more work to do. But it is clear our nation is moving in the right direction.

    These achievements reflect the determination of the American people and the vision President Biden and I laid out at the beginning of our Administration to take on the challenges of today and build a strong, prosperous future for America.




    Last edited by S Landreth; 13-08-2022 at 09:14 AM.

  20. #2895
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    The package, which similarly passed the Senate on Sunday along party lines, was approved around 6 p.m. by a vote of 220-207.

    Democrats in the chamber were seen celebrating what they are sure to champion as a legislative achievement -- which aims to make prescription drugs and health insurance cheaper while raising taxes on the wealthy, cutting the deficit, investing in clean energy and curbing climate change -- ahead of a contentious midterm cycle, when they will be up against the president's low approval ratings and other headwinds.

    Biden soon tweeted his reaction to the House passage: "Today, the American people won. Special interests lost.”

    “With the passage of the Inflation Reduction Act in the House, families will see lower prescription drug prices, lower health care costs, and lower energy costs," he wrote, and said he planned to sign the bill next week.

    Total party unity in both chambers is a major feat for Democratic leadership, which has struggled for months to unite the caucus around one cohesive strategy. The party has been attempting since Biden took office in January 2021 to pass a social spending bill, which eventually became the IRA, a much slimmed-down version of the multitrillion-dollar plan Biden first backed.

    The more than $700 billion package includes the nation’s most extensive investments ever in new climate initiatives; allows Medicare to negotiate some drug prices; and extends Affordable Care Act subsidies while reducing the federal deficit with a 15% corporate minimum tax and with an excise tax on corporate stock buybacks.

    Despite the legislation's name, Republicans have pointed out, it will have only a negligible effect on inflation in the short term, the nonpartisan Congressional Budget Office found.

    But the CBO said it would reduce federal budget deficits by $102 billion over 10 years.

    At a press conference ahead of the vote, House Speaker Nancy Pelosi was questioned on whether the bill could actually tame high -- but slightly cooling -- inflation in the next months.

    “Well, you have to get started,” Pelosi said, noting that inflation is caused by many factors, like the COVID-19 supply chain crunch and Russia's invasion of Ukraine.

    The House GOP leader, Kevin McCarthy, on Friday called the bill “misguided" and “tone deaf." He spoke on the House floor for about 50 minutes ahead of the vote, mostly blasting the widespread use of proxy-voting for the bill’s passage and the IRA’s boosted IRS tax enforcement measures, which supporters say will actually target the wealthy who shuck their tax bills.

    “Democrats more than any other majority in history are addicted to spending other people’s money,” McCarthy said.

    Over half of the House voted by-proxy, which prolonged the bill’s passage by designating a certain member to cast in-person votes on behalf of absent lawmakers.

    The IRA passed the Senate on Sunday without a single Republican supporter. Vice President Kamala Harris cast the tie breaking vote after a 16-hour "vote-a-rama" that saw a slew of proposed amendments by both parties -- and saw Senate Democrats forced to make last-minute adjustments to the bill's tax provisions.

    On Monday, Senate Majority Leader Chuck Schumer called the IRA "one of the most comprehensive significant pieces of legislation that has passed the Senate and the Congress in decades."

    “While much of D.C. was focused on the Senate vote earlier this week, the White House was just as focused on the House at the same time,” a White House official told ABC News, noting that the administration had been in contact with House leadership throughout the week.

    Staff was also talking with individual members about the legislation, answering any questions and sending materials every day, the official said.

    ​​From his summer vacation on Kiawah Island, South Carolina, Biden twice video-conferenced with his staff who worked on the IRA, according to the White House.

    “The president called House members throughout the week; we had members at the CHIP signing and PACT Act signing which was another opportunity for POTUS to touch base with members on IRA," the official said. "White House staff also worked hard to refute Republican attacks on the bill and go on offense because of what Republicans were opposing.”



  21. #2896
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    Quote Originally Posted by bsnub View Post
    Yet it is their voting constituents (obese mid-western and southern conservatives) that have diabetes at the highest rates. Amazing that most of the idiots will vote for them anyway
    I loved the line from Forrest Gump
    "stupid is as stupid does"
    and obesity is in my opinion the result of bad life decisions, sure there is some that is a result of medical factors and genetics , but for the most part is IMO and the opinion of many others , the result of bad life decisions.
    And if one is to make bad decisions in one thing, predictors will indicate that one probably would make bad decisions in an other also.
    So it does not surprise me that people in "Red" states vote against their best interest more so than others.
    President Joe Biden-iq-state-jpg
    The sooner you fall behind, the more time you have to catch up.

  22. #2897
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    President Biden will sign into law the sweeping climate, health care and tax legislation that has been Democrats’ priority for more than a year during a ceremony at the White House on Tuesday.

    The signing will represent a major milestone for Biden and his domestic economic agenda. The prospects of his climate proposal appeared hopeless a month ago but were dramatically revived in an agreement between Senate Majority Leader Charles Schumer (D-N.Y.) and Sen. Joe Manchin (D-W.Va.) at the end of July.

    Biden, fresh off a family vacation in South Carolina, will sign the legislation and deliver a speech in the State Dining Room on Tuesday, according to a White House advisory. With Congress currently on recess, Biden is expected to host a larger celebratory event in September.

    “This historic bill will lower the cost of energy, prescription drugs, and other health care for American families, combat the climate crisis, reduce the deficit, and make the largest corporations pay their fair share of taxes,” the White House advisory said.

    “In the coming weeks, the President will host a Cabinet meeting focused on implementing the Inflation Reduction Act, will travel across the country to highlight how the bill will help the American people, and will host an event to celebrate the enactment of the bill at the White House on September 6th,” it added.

    The legislation, called the Inflation Reduction Act, passed the House in a party-line vote Friday, about a week after passing the Senate with only Democratic votes through a process known as budget reconciliation. Vice President Harris cast the tiebreaking vote.

    The legislation contains provisions to lower prescription drug costs, offer clean energy tax credits to Americans and companies, and establish a 15 percent corporate minimum tax and a 1 percent excise tax on stock buybacks.

    Biden administration officials are preparing to traverse the country to promote the bill in the coming weeks, making the case to voters that Democrats can deliver on their promises in the critical three months before the November midterm elections.

    Cabinet members plan to visit 23 states to speak about the bill between now and the end of August, according to a White House memo released Monday morning.

    https://twitter.com/JoeBiden/status/1557728662015082498

    Last edited by S Landreth; 16-08-2022 at 05:22 AM.

  23. #2898
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    If there is anything good in this bill, Republicans will take credit whether they voted for it or not.

  24. #2899
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    ^They’re screaming and that when they take back the House and Senate (need 2/3’s vote in both) while Biden is in office, they’ll correct the bill.

  25. #2900
    Guest Member S Landreth's Avatar
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    Before the signing/celebration today I want to point out that there were some concessions made to pacify Joe Manchin.

    They aren’t that bad considering the overall climate package in the bill.

    The article below breaks it down. It is not that deep.

    Critics Call Dems’ Climate Bill a “Devil’s Bargain” on Climate. Here’s What the Devil Is Getting.

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