Manchin kills tax agreement (and now unkills it - Inflation reduction act)

I don’t know enough to judge the correctness of what you say. I do wonder, though: Should we be committed to fighting man made climate change? Would the obstacles you mention be insurmountable in light of such a commitment?

 

It appears to be a very, very bad time to increase spending. I’m no economist either, but that seems to be what the experts are saying.

 

you answered my question with a question. I totally get it we don’t want to overly burden the poor although that’s a funny comment coming from a conservative, but the question I ask still stands. When is it finally going to be ok to do something about global warming?

 

Also some good stuff to read out there right now on inflation. It’s mostly supply side so monetary policy will only effect so much. Gotta lube up the supply side. Honestly ending tariffs promoting trade maybe incentivizing production to come back to the states and doing something to end the war in ukraine are all potential paths to help. Raising Interest rates and reduced government spending can only do so much in this case.

 

How about the next time the economy is soaring.

 

A lot of big corporations and their lobbyists have come out against this which tells me it must be a great idea

 

I was just commenting on one aspect of Manchin’s implied subterfuge of the global tax agreement. What is being discussed now in the latest deal does not appear to position the US to adopt the global minimum tax for all companies. It appears to only re-implement an alternative minimum tax regime for those with book income above 1b. Within the scoring, it appears to only cover a subset of companies (100 or so), but not completely clear how it could be modified in the future to pull every company within a Corporate alternative minimum tax regime like we had pre 2018 and the Tax Cut and Jobs Act.

As for your query about whether the US should combat climate change… I think I still land on “yes”. However, I don’t think we have a viable framework or marketplace for a carbon production “tax” that is consistent or enforceable across competing nations. If carbon credits could be used to offset real taxes, that might be a way to let businesses be part of the solution instead of a government only solution of Regulation and emission reduction standards. In other words, incentivize business with a profits motive to reduce carbon not within a closed cycle.

 

This has been an interesting read, and I'm certainly no economist. (Just ask my wife.) So, I'm not sure of the ramifications of the 15% tax on corporations despite slocala trying to educate me. Having said that, I'm proud of the Democrats for this bill. Finally, climate change is being addressed. Yes, I know it might be nothing without other countries joining in, but we are the strongest country in the world, and our leadership matters. Also finally, Medicare is being allowed to negotiate drug prices, something W refused to allow. There may be pain, but we've all been willing to sacrifice for the geater good.

That's how I'm looking at it. I hope my optimism isn't misplaced. I wish Biden has done this and infrastructure out of the starting gate.

 

As opposed to the fascist agenda on the opposite side. That damn libbie agenda - affordable health care, reversing climate change, protecting the environment, affordable pre-school and childcare for those in need, reasonable abortion laws, combatting racial and gender prejudice, etc. That darn fascist agenda - overthrow our democracy, get rid of affordable health care, Social Security and Medicare. Don't do anything about pandemics other than letting them play out. Keep cutting taxes and increasing spending. Don't allow 10-year old rape victims to get abortions. And on and on and on.

 

Typical immature response.

 

Actually Larry Summers who warned that Biden's Covid stimulus would be inflationary thinks that it's an accurate description of the bill.
Larry Summers may have just saved Biden's presidency
Larry Summers Plugs Schumer Manchin Deal "This Bill is fighting inflation"

 

Not surprised, but now comes the “Cinema” with the Dems. Sen Sinema, beholden to Wall Street, is going to try and negotiate out the carried interest fix. I sort of think Chuck and Joe dropped it in there to make Sinema feel like she got something for her “constituents”.

Sinema indicates she may want to change Schumer-Manchin deal

 

Sinema is against even marginal increases in the cap gains tax

 

At some point Dems in Congress needs to adult and clawback the $6T Trump and Biden pumped into the economy through some levels of tax.

Republicans can lower it and make their rubes think they did something on the merry-go-round of political theater.

 

Kyrsten Sinema may be one of the best senators that money can buy but if takes retaining a tax loophole used by some of the top one hundredth of the top one percent to save many millions in federal income tax to enact the legislation so be it.