Tuesday, Aug 09, 2022 - 18:43:00
16 results - (0.004 seconds)

the Inflation Reduction Act:

latest news at page 1:
1
    Jill Biden helped President Joe Biden put on his navy blue blazer as they prepared to depart Kentucky for Washington D.C. after spending Monday touring flood damage. The first lady helped her husband find his sleeve as he struggled to get the coat back on after he stepped off Marine One. The two had wrapped up a tour of Lost Creeek, Kentucky, and were leaving its 90-something degree heat for the air-conditioned coolness of Air Force One. The president also dropped his signature aviator sunglasses on the tarmac but paused to pick them up. They appeared in one piece. Biden also had sweat stains on his dress shirt from being outside all day.  He wrapped up his day surveying the flood damage by going off-script at his last event, telling the people of Kentucky that he would be back to see their recovery from the damage that destroyed homes and killed at least 37 people. 'The bad news for you is I'm coming back because I want to see it,'  he said to laughter and applause after his tour of damage from...
    After a lot of debating and negotiating, the U.S. Senate narrowly passed the Inflation Reduction Act of 2022 on Sunday, August 7. The far-reaching $750 billion package, which now goes to the U.S. House of Representatives for consideration, addresses energy, climate change, health care and taxes. Liberal economist/New York Times opinion writer Paul Krugman, in his August 8 column, analyzes this development — mostly from a climate change standpoint. And he stresses that that while the Inflation Reduction Act is not an environmental panacea, it is nonetheless an important step in dealing with the enormous threat that climate change poses. “They really did it,” Krugman enthusiastically writes. “The Inflation Reduction Act, which is mainly a climate change bill with a side helping of health reform, passed the Senate on Sunday; by all accounts, it will easily pass the House. So, it’s about to become law. This is a very big deal.” READ MORE: Why executive orders on climate change may not be enough Krugman continues, “The act isn’t, by itself, enough to avert climate disaster. But it’s a...
    Amid one of the worst public-health crises in history, a record number of Americans are without health insurance.John Fedele The Inflation Reduction Act just passed by the Senate will cap insulin at $35 per month for Medicare beneficiaries. But that dashed hopes to curb insulin prices for a broader set of the diabetes patient population, about 7.9 million of whom rely on insulin, according to new research from Yale University. The cost of insulin can break diabetes patients financially. Yale's research found 14% of people in the U.S. who use insulin experience "catastrophic" levels of spending on the treatment. When normal housing and food expenditures are subtracted from their incomes, at least 40% of the remaining money is dedicated to paying for insulin. More from Personal Finance:Expanded health subsidies included in Inflation Reduction Act Retirees may be focusing on wrong risks to financial securityMore Americans living paycheck to paycheck due to inflation Of Medicare beneficiaries who use insulin, 1 in 5 reach catastrophic spending, according to Baylee Bakkila, a lead researcher on the Yale School of Medicine's team focused on...
    Republican elected officials reacted with distain, anger, and bemusement in the wake of the U.S. Senate’s narrow passage of the Democrat-backed $740 billion “Inflation Reduction Act.” Many Arizona Republican lawmakers are among those claiming the bill will further impact inflation in a negative way while offering no real-time solution for struggling Americans. The Inflation Reduction Act, described by Forbes as “a slimmed-down version of the Build Back Better bill,” allows the government to control the price of prescription medications, contains funding for fighting climate change, would implement larger taxes for wealthy corporations, and issue the hiring of more IRS agents, among other items. Democrats have claimed the bill will tackle the 40-year-high inflation the country is facing; however, Republicans are saying the bill will further aggravate inflation. However, Dr. Kelli Ward, former state senator and current Arizona GOP chairwoman, targeted the bill’s content regarding the “IRS expansion plan” by posting a Twitter poll asking respondents, “Which part of Democrat @CaptMarkKelly’s IRS expansion plan are you most excited about?” with the option of choosing four answers: higher taxes for all, 87K+...
    U.S. Senate Majority Leader Chuck Schumer (D-NY) walks outside the U.S. Capitol in Washington, U.S. August 2, 2022.Jonathan Ernst | Reuters Want to know what the Inflation Reduction Act means for the market's biggest companies, as well as for your wallet? When it comes to politics, you always have to follow the money – and remember that the devil is in the details. The Senate on Sunday passed the bill that's designed to fight climate change, make significant tax changes, trim the federal deficit, cut drug prices for Medicare recipients and extend expanded health insurance subsidies under the Affordable Care Act. As it moves to the House of Representatives, the roster of the winners and losers under the bill is coming into sharper focus even before it goes to President Joe Biden. For both winners and losers, the impact is more modest than you would think, given the sheer size of the numbers being bandied about. That's because of details like strings attached to some of the new or extended tax breaks, or the schedule for implementing Medicare's negotiations with big...
    Mint Images | Mint Images Rf | Getty Images The Senate passed the most ambitious climate spending package in U.S. history on Sunday, prompting optimism among environmental advocates after months of gridlock around President Joe Biden's emissions-reducing agenda. Called the Inflation Reduction Act, the legislation earmarks $369 billion for U.S. energy security and fighting climate change. Vice President Kamala Harris provided the tie-breaking vote on the bill after senators voted along party lines. The bill will now head to the House. Here's what climate groups said of the legislation:American Clean Power:"This is the vote heard around the world. It puts America on a path to creating 550,000 new clean energy jobs while reducing economy-wide emissions 40% by 2030. This is a generational opportunity for clean energy after years of uncertainty and delay. This unprecedented investment in clean energy will supercharge America's clean energy economy and keep the United States within striking distance of our climate goals."Solar Energy Industries Association:"Today is a monumental day for America's clean energy progress and global climate leadership. With the passage of the Inflation Reduction Act...
    There is one obstacle looming over the Democrats' prospects of enacting their sought-after spending legislative breakthrough dubbed the Inflation Reduction: the enigmatic Senate parliamentarian. Although rarely in the spotlight, Elizabeth MacDonough, who has held the parliamentarian post since 2012, has quickly emerged as a powerful behind-the-scenes figure in the 50-50 Senate, with the potential power to deliver a death knell to Democratic endeavors to finagle the party's signature policy legislation through their razor-thin Senate edge via technical rules. She has vexed both Republicans and Democrats in the past, prompting some on the Left to sound the alarm that her power should be reduced. SINEMA SIGNS OFF ON MANCHIN-SCHUMER SPENDING BILL "The Senate needs to step up, override the parliamentarian, OK. The parliamentarian is not elected. It is not an elected position, and the parliamentarian has been overridden and dismissed in the past," Rep. Alexandria Ocasio-Cortez (D-NY) demanded last year after MacDonough ruled against the Democrats on immigration. At the time, some Democrats were exploring the prospects of passing a pathway for citizenship for illegal immigrants through...
    The law would 'be a huge step forward in the fight to preserve a livable planet and is one we need to take while we have the chance,' the group Earthjustice said. Environmental groups are hailing the Inflation Reduction Act (IRA) as a desperately needed step to address catastrophic climate change. On Friday, three former Environmental Protection Agency administrators who served under Republican and Democratic presidents put out a joint statement in support of the bill. The bill would cut greenhouse gas emissions 40% by 2030, according to environmental advocacy groups. That figure comes close to the Biden administration's goal of cutting greenhouse gases 50% by 2030. The act would "be a huge step forward in the fight to preserve a livable planet and is one we need to take while we have the chance," according to the environmental law organization Earthjustice. "We urge the Senate to move swiftly to pass the climate measures in the Inflation Reduction Act — and for the House to follow soon after — so we can keep building toward a more sustainable future," Kris...
    Arizona Democratic Sen. Kyrsten Sinema succeeded in knocking out a $13 trillion provision despised by the hedge fund industry before she announced she had agreed to 'move forward' on major legislation heading to its first key vote Saturday. With enormous leverage in the 50-50 Senate, Sinema was able to push to jettison the provision, which the White House and Sen. Joe Manchin (D-W.Va.) touted as a way to force wealthy hedge funders to take ordinary income rather than booking their earnings as capital gains taxed at a lower rate. It would have provided about $13 billion in revenue for the sweeping climate and health package that Democrats have rebranded as the Inflation Reduction Act. But leaders agreed to fill the hole with other revenue provisions, and the latest deal would still reduce the deficit by about $300 billion, Majority Leader Charles Schumer said Thursday night while announcing the latest deal.  'We have agreed to remove the carried interest tax provision, protect advanced manufacturing, and boost our clean energy in the Senate's budget reconciliation legislation,' Sinema said in a statement Thursday,...
    Jim Watson | Afp | Getty Images Senate Democrats' package of climate change, health-care, drug pricing and tax measures unveiled last week has proponents and opponents debating whether the legislation violates a pledge President Joe Biden has made since his presidential campaign, to not raise taxes on households with incomes below $400,000 a year. The answer isn't quite as simple as it seems.  "The fun part about this is, you can get a different answer depending on who you ask," said John Buhl, an analyst at the Tax Policy Center.  More from Personal Finance:Embryos can count as dependents on Georgia state tax returnsWould you be included in student loan forgiveness?Remote work is helping fight inflation The White House has used $400,000 as a rough dividing line for the wealthy relative to middle and lower earners. That income threshold equates to about the top 1% to 2% of American taxpayers.  The new bill, the Inflation Reduction Act, doesn't directly raise taxes on households below that line, according to tax experts. In other words, the legislation wouldn't trigger an increase on taxpayers' annual tax...
    President Joe Biden hammered opponents of the Inflation Reduction Act that Democratic leaders want to call up within days during a 'virtual' event from the White House amid his ongoing covid isolation. 'Look at the facts!' he told critics of the deal, which represents a last-ditch effort to salvage key climate and health elements of his domestic agenda. 'Despite what some folks are saying, the Inflation Reduction Act makes sure that no one earning less than $400,000 a year will pay a penny more in federal taxes, notwithstanding all these ads you see on television,' he said during a virtual event with labor and corporate leaders as well as Treasury Secretary Janet Yellen. He was referencing vocal opposition to the deal as Democrats scramble to nail down 50 votes for it after West Virginia Sen. Joe Manchin reached agreement on the measure with Senate Majority Leader Charles Schumer. Leading Republicans have trashed it, and the Wall Street Journal editorial page has been on the warpath against it. Republicans on the Senate Finance Committee commissioned an analysis from the nonpartisan Joint Committee on...
    by John Klar   The folly of the Biden administration’s recently announced “Inflation Reduction Act” recalls Orwellian slogans such as “Slavery is Freedom.” The plan will throw fuel on the flames of stagflation while accelerating environmental deterioration. The act would raise an estimated $739 billion through tax increases and heightened IRS scrutiny to then invest $306 billion in “deficit reduction” and $369 billion in “energy security and climate change” to “reduce carbon emissions by roughly 40 percent by 2030.” If ever there were a proposal that failed out the gate, this is one. The Biden administration seeded this inflation with massive spending premised on COVID-19 relief that was filled with political pork. To make things worse, the pandemic had largely subsided when the $1.9 trillion “COVID relief bill” was passed. Americans have been told the resulting inflation was “transitory” and that it was Putin’s fault, Trump’s fault, or the oil companies’ fault. But it is Joe Biden’s fault. This childish economics is being extended by now spending more money on more pork under the pretense of “reducing inflation” by paying down 1.5 percent of the deficit ($300...
    Last week US Senator Joe Manchin and Majority Leader Chuck Schumer unexpectedly announced the reconciliation bill that had been declared dead was back. US Senator Kyrsten Sinema and various conservative Democrats could still decide to blow it up. But if all goes well, it could be voted on in the next couple of weeks. What’s in the $485 billion Inflation Reduction Act of 2022 (IRA22)? The measure addresses three major Democratic priorities: Climate, health care and taxes. READ MORE: West Virginia Republicans are hoping to take on Joe Manchin in 2024 Clean energy The $385 billion in climate provisions is the part of the proposal that has perhaps most excited the Democratic base. The Atlantic quotes Sam Ricketts of Evergreen Action enthusing, “I struggle to find enough superlatives to describe this deal.” The majority of the climate spending centers on $260 billion in tax credits. These replace former and clumsy green energy incentives that couldn’t be used by public utilities and couldn’t be used to incentivize newer forms of non-carbon energy. The new tax credits provide public...
    The Inflation Reduction Act of 2022, a massive $369 billion climate change/economic/health care bill, crossed a major hurdle when Sen. Joe Manchin of West Virginia announced that he would support the bill and had worked out a deal with Senate Majority Leader Chuck Schumer. The bill hasn’t passed yet; as of Tuesday morning, August 2, Sen. Kyrsten Sinema of Arizona, a centrist Democrat and key swing vote, still hasn’t said whether or not she will vote for it. But liberal economist Paul Krugman, in his August 1 column for the New York Times, expresses optimism and lays out some reasons he likes the bill from a climate change standpoint. “After all the false starts and dashed hopes of the past two years,” Krugman writes, “I’m reluctant to count my chickens before they’ve actually been signed in the Oval Office. Still, it appears that Democrats have finally agreed on another major piece of legislation, the Inflation Reduction Act. And if it does become law, it will be a very big deal. First, would the law, in fact, reduce inflation? Yes, probably...
    Senate Democrats' Inflation Reduction Act of 2022 would raise federal taxes for Americans in every income bracket, according to a nonpartisan study shared by Republicans on the Senate Finance Committee. If the projection proves true, it would cast doubt on President Joe Biden's promise to not raise taxes on Americans making less than $400,000 per year. The study by the Joint Committee on Taxation found that taxpayers bringing in less than $200,000 per year would see their taxes raised by $16.7 billion over a decade. But the study speculates about the effect of the package's 15 percent minimum corporate tax rate, which it suggests could be passed off onto workers and shareholders. It also factors in possible effects on the stock market that would affect company shareholders and people who rely on pensions and other similar funds.  The JCT states that the minimum corporate tax would bring in more than $300 billion over a decade. While the bill is not directly hiking the tax rate for Americans making less than $400,000, the indirect increases that the JCT anticipates has been enough...
    (Biden is scheduled to begin speaking at 12:30 p.m. ET. Please refresh the page if the video above doesn't play at that time.) President Joe Biden will speak at noon today about the newly announced Democratic budget deal in Congress. The deal revives Biden's signature legislative priority, a Build Back Better economic bill that collapsed late last year after moderate Democratic Sen. Joe Manchin abruptly withdrew his support for it. The speech comes one day after Senate Majority Leader Chuck Schumer, D-N.Y. and Manchin, D-W.V., announced that they had struck a long-awaited deal on the legislation, which aims to reform the tax code, fight climate change and cut health-care costs. The reconciliation bill would invest more than $400 billion over 10 years, to be fully paid for by closing tax loopholes on the richest Americans and corporations, the senators said in a joint statement. It would reduce the federal deficit by $300 billion over that decade, the senators said, citing estimates from nonpartisan congressional tax and budget offices. The package would raise an estimated $739 billion in tax revenue, including:...
1