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    Getty Images The Inflation Reduction Act, passed by House Democrats on Friday and headed to President Joe Biden's desk for his signature, is the most ambitious climate spending package in U.S. history — and households that take steps to improve their energy efficiency stand to reap financial benefits. The package would pump $369 billion into measures to fight climate change, boost energy security and lower electricity costs for consumers. Largely, those investments take the form of financial incentives — such as tax breaks and rebates — for households and businesses. More from Personal Finance:26% of job switchers regret joining the Great ReshuffleTop tips to save on back to school shoppingMajor travel costs fell in July For households, the incentives help make things like rooftop solar panels, electric vehicles and energy-efficient appliances more affordable, in a bid to more quickly transition the U.S. toward cleaner sources of energy. Some of the tax breaks are new, while others are enhancements or extensions of existing credits. In all, consumers may qualify for up to $10,000 — or more — in tax breaks and...
    (CNN)Democrats' new party-line tax and clean energy bill is a big deal for climate and energy savings. With nearly $370 billion for energy programs and tax incentives, it represents the largest climate investment in US history. In addition to the US emissions reductions these will bring, there's a lot in the bill that could change both how Americans power their homes and what kinds of vehicles they drive. The bill contains a bevy of tax incentives aimed at pushing consumers, developers, small businesses and others towards clean energy and more efficient energy usage -- helping bring down the cost of buying electric vehicles, heat pumps, water heaters, rooftop solar panels and more. Whats in the Manchin-Schumer deal on climate, health care and taxesThese measures would be more comprehensive than existing weatherization programs, and several would be available to all households, not just low-income ones," said Mark Wolfe, executive director of the National Energy Assistance Directors Association. Clean electricity nonprofit Rewiring America recently estimated a US household would save $1,800 per year if they installed electric heat pumps to heat...
    (CNN)The Democrats' budget reconciliation package has gained more heft after West Virginia Sen. Joe Manchin agreed to add back several climate and tax provisions.Still, the effort remains a mere shadow of the sweeping $3.5 trillion reconciliation package that the majority party initially floated last year.After torpedoing the inclusion of any climate or tax provisions in mid-July, Manchin, a moderate Democrat, has reversed course. The measures join a handful of important but narrow provisions to lower prescription drug prices and to extend enhanced Affordable Care Act subsidies for three years.Gone are the creation of a universal pre-K program, an extension of the enhanced child tax credit, an expansion of Medicare benefits, the establishment of a federally funded paid family and sick leave program and many other provisions aimed at broadening the nation's social safety net.The deal currently under discussion is far smaller than the slimmed-down $1.75 trillion version the House passed in October. But Manchin, whose vote is crucial to pushing any legislation through the Senate via the reconciliation process, shot down the House bill in December.Read MoreSince then, Democratic leaders...
    (CNN)As Democrats scramble to clinch a deal on their tax and climate package, a last-minute demand is coming from key vote Sen. Kyrsten Sinema of Arizona: $5 billion to help the Southwest deal with its multi-year drought.Sen. Brian Schatz, a Democrat from Hawaii, confirmed to CNN that Sinema is seeking $5 billion worth of drought resilience funding. Sen. Alex Padilla, a California Democrat, said he's "aware of the request." Sinema raises concerns about proposed tax in Democrats bill as lobbying intensifies for her vote"I'm looking forward to details, I do welcome the additional resources for drought resilience," Padilla told CNN. A senior Democratic source told CNN they believe Democratic leaders will accommodate Sinema's concerns, as well as her request to drop a $14 billion carried interest tax provision from the bill.Sinema's office did not respond to CNN's questions about the drought request. Read MoreMore funding for drought resilience was also written into the Bipartisan Infrastructure Law, which Biden signed in November and Sinema played a key role in crafting. The bipartisan bill included $8.3 billion for water infrastructure programs and...
    President Joe Biden had bold predictions for the economy if Congress passed the reconciliation bill announced Wednesday by moderate Democratic Sen. Joe Manchin and Senate Majority Chuck Schumer.  'My message to Congress is this: This is the bill you can pass to lower inflation, cut the deficit, reduce healthcare costs, tackle the climate change and promote energy security - all the time while reducing the burdens facing working class and middle class families,' Biden said.  'So pass it, pass it for the American people, pass it for America,' he added.  He called the package 'a big deal,' and walked through some of the provisions - a mix of healthcare savings measure, green energy initiatives, tax code changes and a deficit reduction push.  'This package will reduce the federal deficit by over $300 billion,' Biden touted.  President Joe Biden had bold predictions for the economy if Congress passed the reconciliation bill announced Wednesday by moderate Democratic Sen. Joe Manchin and Senate Majority Chuck Schumer Senate Majority Leader Chuck Schumer (left) and moderate Democratic Sen. Joe Manchin announced Wednesday they had come to...
    President Joe Biden insisted the U.S. economy is on track after the Commerce Department said Thursday that the gross domestic product shrank for a second quarter in a row, which is typically the definition of a recession.  'That doesn't sound like a recession to me,' Biden said Thursday afternoon in the State Dining Room, pointing to a 'record job market' and 'record unemployment.' Biden noted that 'both Chairman Powell and many of the significant banking personnel and economists say we're not in a recession.'  He dedicated most of his speech to the Senate reconciliation bill compromise that was announced Wednesday by moderate Democratic Sen. Joe Manchin and Senate Majority Leader Chuck Schumer.  'My message to Congress is this: This is the bill you can pass to lower inflation, cut the deficit, reduce healthcare costs, tackle the climate change and promote energy security - all the time while reducing the burdens facing working class and middle class families,' Biden said.  'So pass it, pass it for the American people, pass it for America,' he added.  President Joe Biden insisted the U.S. economy...
    VIDEO2:1802:18House passes Biden's social spending bill, now it heads to the SenateNews Videos After months of starts and stops, the House passed President Joe Biden's $1.7 trillion social safety net and climate bill on Friday. The process will not get any easier for Democrats as the bill heads to the Senate. Senate Majority Leader Chuck Schumer wants to pass the Build Back Better Act by Christmas. To do so, he will have to get all 50 members of his caucus — from conservative Sen. Joe Manchin of West Virginia to democratic socialist Sen. Bernie Sanders of Vermont — to back the same sweeping plan. Multiple senators will push for changes to the bill's provisions including paid leave and taxes along the way. Any tweaks will require another vote in the House, where House Speaker Nancy Pelosi can afford three defections (only one Democrat, Rep. Jared Golden of Maine, voted against the bill Friday).Speaker of the House Nancy Pelosi (C), D-CA, speaks during a news conference with Democratic leaders after the passage of the Build Back Better Act at the US...
    ROME (AP) — The leaders of the world’s economic powerhouses gathered Saturday for the first in-person summit since the coronavirus pandemic, with climate change, COVID-19 economic recovery and the global minimum corporate tax rate on the agenda. Italian Premier Mario Draghi welcomed the Group of 20 heads of state to Rome’s Nuvola cloud-like convention center in the Fascist-era EUR neighborhood, which was sealed off from the rest of the capital. Saturday’s opening session was focused on global health and the economy, with a meeting on the sidelines for key leaders to discuss next steps on Iran’s nuclear program. Italy is hoping the G-20 will secure key commitments from countries representing 80% of the global economy — and responsible for around the same amount of global carbon emissions — ahead of the U.N. climate conference that begins Sunday in Glasgow, Scotland. Most of the heads of state and government who are in Rome will head to Glasgow as soon as the G-20 is over. Russian President Vladimir Putin and Chinese leader Xi Jinping are participating remotely. On the eve of...
    President Joe Biden has postponed his flight to meet the Pope so that he can stay in Washington DC several hours longer, and try and convince his own party to back his infrastructure bill. Biden was due to fly to Rome early on Thursday, ahead of his Friday audience at the Vatican. The president, a lifelong Catholic, has pushed his flight back by several hours to try and secure a deal. He is still expected to meet Pope Francis on Friday, and hold a meeting with Emmanuel Macron, the French president. World leaders are gathering in Rome for the G20 meeting on the weekend. Biden will then travel to the UK for the UN climate summit in Glasgow on Monday and Tuesday. His change in plans came after his flagship infrastructure bill appeared to be veering off course. Joe Biden, seen on Monday in New Jersey on a visit to shore up support for his Build Back Better plan, on Wednesday night postponed his trip to Europe by several hours, to try and push Democrats to agree a deal. He...
    VIDEO7:4807:48The European Green Deal: Europe's last-ditch climate planDigital Original The European Union's proposed carbon pricing rules could hit a major snag in the form of China and the U.S., but one expert predicts it will still possible to convince the economic superpowers to get onboard using a series of cautious steps. The EU said in July that it wants to impose a carbon border adjustment mechanism — also referred to as CBAM. The measure, if approved, will force EU businesses to pay a carbon levy for goods they import from outside the bloc. In essence, it aims to incentivize other places with less stringent emissions rules to reduce their carbon footprints or else risk losing some business. The problem is that some nations might not want to go down that route; or at least not as fast as the EU, which is aiming to cut its greenhouse gas emission by 55% from 1990 levels by the end of 2030. China, India, South Africa and Brazil said in April they had "grave concern" regarding the EU's intentions for a carbon tax,...
    The European Union rolled out a plan this week to impose “climate tariffs” against countries that lack aggressive emissions-reduction policies, potentially presaging a trade conflict that could complicate the fight against global warming. Not to be outdone, Senate Democrats as part of a sprawling $3.5 trillion infrastructure and climate spending plan this week pledged to impose a “polluter import fee” on exporters of carbon-intensive goods, though it is far less detailed than the EU’s plan. Taken together, the moves show that government leaders are embracing mixing protectionist trade policy with combating global warming, an issue that requires international cooperation to address. “Depending on how it evolves, you could have a situation where this could undermine the possibility of forming a carbon club between the U.S. and its allies,” said George David Banks, a former international climate adviser to former President Donald Trump who is now a fellow at the Bipartisan Policy Center. In releasing details of its long-anticipated carbon border adjustment, the EU ignored warnings from White House climate envoy John Kerry who said in March that such an...
    President Joe Biden's 2022 budget proposal is projecting an economic boom for 2021 that will carry over into next year – with trillions in proposed spending increases the administration says will propel growth through the decade.  The budget office is projecting 5.2 per cent growth for the year, with strong growth continuing into 2022 at a projected 4.3 per cent growth rate before leveling off. Annual deficits, which spiked amid a flood of spending to counter the coronavirus, will come down – but the accumulated debt held by the public will reach $24 trillion this year – 109 per cent of the nation's Gross Domestic Product. President Joe Biden's 2022 budget calls for spending on infrastructure, education and health programs, and would see the accumulated debt rise to $24 trillion The debt is set to rise over the decade, climbing to 112% in 2022, or $26 trillion.  By 2031, the debt will climb to $39 trillion – or 117 per cent of GDP.   The budget anticipates spending rising throughout the decade, hitting $8.2 trillion in 2031.  In a break from...
    Both the United States steel industry and the environment would be big winners if policymakers imposed a new tax on carbon-intensive imports with a similar duty on their domestic counterparts, according to a new report. Domestic steel producers have an advantage over China and other competitors in keeping carbon emissions down, the GOP-backed Climate Leadership Council said in the report issued Wednesday. But they need legislative help to keep the playing field level, the authors said. THE 'ELEPHANT IN THE ROOM' ON BIDEN CLIMATE AGENDA The report, written by CRU Consulting for the Climate Leadership Council, found that applying a domestic carbon price and an equivalent tax on producers who sell in the U.S. market would deliver a competitive advantage to domestic steelmakers, who would see their sales and profitability rise as they displace imports. “The study’s findings challenge the assumption that U.S. climate leadership will invariably harm American competitiveness,” said Greg Bertelsen, CEO of the Climate Leadership Council. “By establishing a new order on climate and trade with a carbon price and border carbon adjustment, the U.S. can rapidly...
    President Joe Biden 's $2 trillion infrastructure plan includes proposals to spend $174 billion on electric vehicles and infrastructure and inject huge funds into projects that prevent community violence, improve bike and pedestrian safety, and create a 'Civilian Climate Corps' President Joe Biden's $2 trillion infrastructure plan includes proposals to spend $174 billion on electric vehicles and infrastructure and inject huge funds into projects that prevent community violence, improve bike and pedestrian safety, and create a 'Civilian Climate Corps.' The White House released a 25-page report on the package on Tuesday morning that would amount to one of the biggest government investments since the space race in the 1960s - if it's passed by Congress.  The funding will come from tax hikes - including a 7 percent rise in Capital Gains Tax from 21 percent to 28. Below are the proposals Biden will be putting forward:  Electric vehicles: $174 billion to boost the markets for electric vehicles. Rebates and tax incentives to buy American-made EVs. School buses: Replace 50,000 diesel transit vehicles and electrify at least 20 percent of...
    The Governor a British Overseas Territory and tax haven has ordered an official probe into allegations of widespread corruption and political interference including the misuse of millions of dollars of taxpayers money. A British High Court judge will oversee the independent commission of inquiry into the state of governance in the British Virgin Islands, Dominic Raab told MPs. Augustus Jaspert, the Islands' UK-appointed governor, took the drastic step of ordering the inquiry today, the first time such an investigation has taken place in a British territory in a decade.  The British Virgin Islands is a parliamentary democracy and is self-governing. But the governor, appointed by the Queen, has oversight of external affairs, defence, internal security, administration of the courts, the public service, elections, and disaster preparedness under its constitution. In a written Commons statement, Mr Raab said he had agreed to a request from Mr Jaspert - a civil servant who used to work for David Cameron - that Sir Gary Hickinbottom will lead an independent commission of inquiry into the allegations.   Mr Jaspert told islanders today the probe would look into 'whether corruption,...
    While Denver’s ballot looks dauntingly long, many of the items are simply housekeeping measures — but we all know how dirty houses can get. There was plenty of down-and-dirty fighting over a few of the proposals that Denver City Council referred to the ballot. This year, Denver voters can decide if they want to ante up for a cleaner environment, as well as tax themselves to provide more help for the homeless. They can give councilmembers more power in this strong-mayor town, and allow them to exercise some of that power virtually. And finally, they’ve got the chance to show the city’s three-decade-old pit bull ban the door. Here are the items you’ll find on Denver’s ballot, as well as who’s for them...and who’ll admit to being against:Related Stories Lauren Boebert on America's Most Unusual Race for Congress Politics and Restaurants Make Strange Breadfellows Denver Voters Will Vote on Sales Tax Increase for Homeless Services Measure 2A: Climate Funding Denver City Council referred this initiative to the ballot as an alternative to the climate tax-increase proposal pushed by...
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