Inflation Reduction Act passes the Senate.

More like the Inflation Production Act, something Biden has perfected.
And the qualifications for the EV credit are such that no auto qualifies.

The Inflation Reduction Act won't give tax credits to EVs that source batteries from China

Ranking Member's News | Newsroom | The United States Senate Committee on Finance

 

The butt hurts, don't it?

 

Perfect timing for the midterms. This is how its done politically. The dems will have something to take to the polls, and the pubs will just add to the list of gripes on the trail.

Now the focus will be Student loans. I expect them to extend repayment until January or Feb. This gives cover for the midterms and also gives cover for any potential losses in congress. If dems lose control, they can run on loans again and point the finger to Pubs for repayments starting after they got elected.

 

So they will focus on student loans of people in the workforce that already vote democrat? Brilliant. What will the hard working Americans that did not go to college think of this student loan focus or the people that have paid off their loans? What will the folks that have borrowed more on credit cards in the last 20 years to a tune of 46 billion think of this new spending by Congress? Stressed and strapped Americans reach for a mountain of credit to pay for the inflation mess created by Biden, Pelosi and collaborator Republicans like Mitch McConnell.

It's not going to help at the polls. In fact, it will have a negative effect. The economy is not getting better because there has been very little if any policy from the out of touch people in DC to help the low and middle wage earners.

 

I think the CBO said it wouldn’t make any difference on inflation and would in fact raise taxes for all brackets.

 

The IRS Expansion Act. 87,000 new IRS agents, more than doubling the current number. I'm sure they plan to use all them to just laser in on the 1% who aren't paying their "fair share."

 

Yeah, Brilliant move to hire 87k more IRS agents. They can continue to target blacks and minorities. More of this on the way! Way to go Dems!

 

Source?

I read the bill does not raise income taxes for households under 400K. There may be an indirect impact to the average Joe from the corporate tax changes. That impact should be mitigated by reduced prescription, health insurance and energy costs.

 

Yay team

 

I think you were misinformed. Hopefully, if you hear that misinformation elsewhere, you can now give them the correct information on how the CBO scored the bill


Inflation Bill Would Cut Deficits By $102 Bln, CBO Estimates (thomsonreuters.com)

The Inflation Reduction Act of 2022 (H.R. 5376) would cut federal spending by $14.5 billion and raise $87 billion in revenue, reducing government deficits by nearly $102 billion over 10 years, the Congressional Budget Office estimated after reviewing the pending legislation.

The figures are a yearly average based on the legislation’s projected impact from 2022 through 2031, the CBO said August 3 in its cost analysis of the tax, health care, and climate bill, which is moving toward a Senate debate. The official release came one week after the estimate was posted on the official website of Senate Majority Leader Chuck Schumer, a New York Democrat, who has said a vote was likely this weekend or later next week.

The calculations by the CBO, Congress’ scorekeeper for the broad budgetary impact of pending legislation, are similar to those of the Joint Committee on Taxation, the nonpartisan congressional body that evaluates the legislation’s tax-related effects. The JCT estimated in an analysis released July 29 that the Inflation Reduction Act would raise about $313 billion over its 10-year span. The bill contains $739 billion in revenue offsets, mainly through a new 15% minimum tax on large U.S. corporations, the revised tax treatment of carried interest, and savings from a pharmaceutical-pricing proposal, the JCT concluded.

 

Come out ye Black and Tans, the IRA is coming

 

Quite the spin calling this the Inflation Reduction Act. It's a 10-year $433B spending bill with $369B of that going to climate and energy including tax credits for electric and hydrogen vehicles along and making energy efficient home improvements. $64B going to the Affordable Care Act to keep the 13 million who get subsidies from getting premium increases until 2024.

 

Yes. The bill's name is a bit shameless.

 

So not a single Republican voted for climate change legislation. Of course the other things in this bill could have outweighed that concern. So has any Republican ever introduced a bill to deal with climate change alone? Just wondering. Someone surprise me with yes.

 

Oh look a bill that one side hales as great and the other aide hales as terrible with neither side really being accurate.

When will we learn how our government works and stop acting like either side is REALLY all that interested in our betterment.

Any bill at this point in an election cycle will likely be politically motivated and any pushback from the other side will likely be politically motivated.

These pep rally celebrations of legislation and the following blowback, crack me up.

 

I mean the dems could have done that here too right?

 

It will do nothing to reduce inflation as the CBO, Bernie Sanders and others have correctly pointed out. Dems are banking on inflation starting to decrease as part of its normal course so they can say look we did something. Of course when it continues to increase they will look like the idiots they are and will have given the Pubs something else to flog them with at the midterms.

 

Yes, but that's not all the Dems wanted. But thanks for your WHAT ABOUT non-answer.