Pit, it's not that I'm dissatisfied, I'm leery of Manchin and the fine print. I just heard Manchin say his staff wrote the bill. This is not the BBB plan, it's parts and it's been through the grinder, who knows what is really in it. But I am a little more hopeful since other dems are celebrating it.
Your feelings and opinions do not add up to facts.
What’s in, and out, of Democrats’ $739 billion inflation-fighting package Published: July 27, 2022 at 11:50 p.m. ET By Associated PressFollow
Surprise legislation agreed upon by Manchin, Schumer
WASHINGTON — What started as a $4 trillion effort during President Joe Biden’s first months in office to rebuild America’s public infrastructure and family support systems has ended up a much slimmer, but not unsubstantial, compromise package of inflation-fighting health care, climate change and deficit reduction strategies that appears headed toward quick votes in Congress.
Lawmakers are pouring over the $739 billion proposal struck by two top negotiators, Senate Majority Leader Chuck Schumer and holdout Sen. Joe Manchin, the conservative West Virginia Democrat who rejected Biden’s earlier drafts but surprised colleagues late Wednesday with a new one.
What’s in, and out, of the Democrats’ 725-page “Inflation Reduction Act of 2022” as it stands now:
Lower prescription drug costs Launching a long-sought goal, the bill would allow the Medicare program to negotiate prescription drug prices with pharmaceutical companies, saving the federal government some $288 billion over the 10-year budget window.
Those new revenues would be put back into lower costs for seniors on medications, including a $2,000 out-of-pocket cap for older adults buying prescriptions from pharmacies.
Money would also be used to provide free vaccinations for seniors, who now are among the few not guaranteed free access, according to a summary document.
Help paying for health insurance The bill would extend the subsidies provided during the COVID-19 pandemic to help some Americans who buy health insurance on their own.
Under earlier pandemic relief, the extra help was set to expire this year. But the bill would allow the assistance to keep going for three more years, lowering insurance premiums for people who are purchasing their own health care policies.
‘Single biggest investment in climate change in U.S. history’ The bill would invest $369 billion over the decade in climate change-fighting strategies including investments in renewable energy production and tax rebates for consumers to buy new or used electric vehicles.
It’s broken down to include $60 billion for a clean energy manufacturing tax credit and $30 billion for a production tax credit for wind and solar, seen as ways to boost and support the industries that can help curb the country’s dependence on fossil fuels.
For consumers, there are tax breaks as incentives to go green. One is a 10-year consumer tax credits for renewable energy investments in wind and solar. There are tax breaks for buying electric vehicles, including a $4,000 tax credit for purchase of used electric vehicles and $7,500 for new ones.
In all, Democrats believe the strategy could put the country on a path to cut greenhouse gas emissions 40% by 2030, and “would represent the single biggest climate investment in U.S. history, by far.”
How to pay for all of this? The biggest revenue-raiser in the bill is a new 15% minimum tax on corporations that earn more than $1 billion in annual profits.
It’s a way to clamp down on some 200 U.S. companies that avoid paying the standard 21% corporate tax rate, including some that end up paying no taxes at all.
The new corporate minimum tax would kick in after the 2022 tax year, and raise some $313 billion over the decade.
Money is also raised by boosting the IRS to go after tax cheats. The bill proposes an $80 billion investment in taxpayer services, enforcement and modernization, which is projected to raise $203 billion in new revenue — a net gain of $124 billion over the decade.
The bill sticks with Biden’s original pledge not to raise taxes on families or businesses making less than $400,000 a year.
The lower drug prices for seniors are paid for with savings from Medicare’s negotiations with the drug companies.
Extra money to pay down deficits With $739 billion in new revenue and some $433 billion in new investments, the bill promises to put the difference toward deficit reduction.
Federal deficits have spiked during the COVID-19 pandemic when federal spending soared and tax revenues fell as the nation’s economy churned through shutdowns, closed offices and other massive changes.
The nation has seen deficits rise and fall in recent years. But overall federal budgeting is on an unsustainable path, according to the Congressional Budget Office, which put out a new report this week on long-term projections.
What’s left behind This latest package after 18 months of start-stop negotiations leaves behind many of Biden’s more ambitious goals.
While Congress did pass a $1 trillion bipartisan infrastructure bill of highway, broadband and other investments that Biden signed into law last year, the president’s and the party’s other priorities have slipped away.
Among them, a continuation of a $300 monthly child tax credit that was sending money directly to families during the pandemic and is believed to have widely reduced child poverty.
Also gone, for now, are plans for free pre-kindergarten and free community college, as well as the nation’s first paid family leave program that would have provided up to $4,000 a month for births, deaths and other pivotal needs.
Good video. I am of the belief the Fed knows they screwed up and are acting aggressively to counter it. It may be too late in some respects, but I don't expect them to back off anytime soon. The stock market appears to disagree, we'll see how this turn out.
Tension is rising as Mexico City locals have noticed the growing trend of American remote workers flocking to take advantage of the “cheap amenities."
The sudden influx of Americans to the area has sparked an outcry from locals claiming this migration of remote workers as "neo-imperialism" and citing the damaging trend of gentrification as the reason for the economic imbalance.
Hispanic and Latino Californians are residents of the state of California who are of Hispanic or Latino ancestry. As of the 2020 U.S. Census, Hispanics and Latinos of any race were 39.4% of the state's population, making it the largest ethnicity in the state of California.
Hispanic and Latino Californians are residents of the state of California who are of Hispanic or Latino ancestry. As of the 2020 U.S. Census, Hispanics and Latinos of any race were 39.4% of the state's population, making it the largest ethnicity in the state of California.
Was referencing the ones moving to Mexico City.
Heritage has nothing to do with it
Blocking those who argue to argue, eliminates the argument.
Yet you don't know how many of those Californians who may have moved back were of latino heritage. Why would they hate any of those 39.4 percent who might have moved back? and if they don't hate them but only hate the non latino's then it is about Heritage.
Yet you don't know how many of those Californians who may have moved back were of latino heritage. Why would they hate any of those 39.4 percent who might have moved back? and if they don't hate them but only hate the non latino's then it is about Heritage.
did you actually read the article or are you just throwing up percentages without knowing what the article actually said?
Blocking those who argue to argue, eliminates the argument.
Hmmmm... Well, when you are addressing a person who supports a man that says something like this.... "They're bringing crime. They're rapists. And some, I assume, are good people."... it's not hard to understand why they may think that way.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
So, Mexicans don't like legal Americans going to their city/cities?
anti-gentrification is universal. they don't have a problem with americans, they have a problem with the higher cost of living that tends to come afterwards.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
Yet you don't know how many of those Californians who may have moved back were of latino heritage. Why would they hate any of those 39.4 percent who might have moved back? and if they don't hate them but only hate the non latino's then it is about Heritage.
When I lived there, in Mexico, they didn't really get along with their 'cousins' that were Mexican-American. There was always a culture clash. Hell, I went to jail for a night in Tijuana for defending a mouthy Mexican-American from my ship, when he got jumped by the Mexicans that he was acting like he was better than. So, at least back then, I was familiar with the way native Mexicans treated Mexican-Americans and Gringos.
No, what this looks like IMO is hard-working Mexicans seeing everything cost more and blaming the surge of Americans who have moved there for their financial woes. Sounds just like Americans who are struggling and their response to immigrants here.
Your feelings and opinions do not add up to facts.
The inflation Reduction Act that Schumer and Manchin are pushing is another corporate handout, smh. One man in Congress speaks the truth without deviation, he tells us about this deal:
Your feelings and opinions do not add up to facts.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
I guess some things are just a matter of better perception.
I am married to a person who only beats me 2x a week. My old spouse beat me 5x a week.
Things are better!
if the only thing you attract is abusive women, than the lower amount of ass beatings is an upgrade.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
so we have a ton of jobs, and inflation still a big issue but the prices starting to level out a bit. right now the biggest problem are these REITs and other corporations buying up single family homes, but i'm not exactly sure what the government can do about that without being called commies.
i wish this country would get together and have a serious national discussion on residential and commercial zoning. the housing market is really volatile. interest rates drop a % for a few weeks then went back up. one issue that's crazy is how builders and buyers are backing out of home construction contracts. from the buyer end, appreciation increase means that a lot of buyers can't afford the mortgage on the home at closing. on the builder end, supply chain crunches are forcing them to back out of contracts in favor of sub divisions due to cost and shortage of labor.
overall, talks of recession damn near disappeared, and americans are back to the typical bickering we do, highlighting all the 1st world problems we have this country. ya know, violent video games, some celebrity saying dumb crap, legalese drama in congress, and feminism lol.
business as usual.
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
The same thing that was predicted about last months drop in the job market? You know, before it was announced there were 528k jobs were created in July?
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
72% of economists expect a US recession by the middle of next year
wait, so we moved the recession back from this year to next year?
will it start at the same time the civil war does?
“To announce that there must be no criticism of the President, or that we are to stand by the President, right or wrong, is not only unpatriotic and servile, but is morally treasonable to the American public.”
![[Linked Image from pbs.twimg.com]](https://pbs.twimg.com/media/FajoPHhXoAEQexQ.jpg)
