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    Senator Marsha Blackburn (R-TN) called out President Joe Biden on Tuesday for holding a formal celebration for the recent passing of the Inflation Reduction Act. As previously reported by The Tennessee Star, the Inflation Reduction Act passed the Senate in August by a 51 to 50 vote with Vice President Kamala Harris casting the deciding vote, as no Republicans voted for the measure. President Biden signed the measure into law on August 16. The $740 billion package allows the government to control the price of prescription medications, contains funding for fighting climate change, implements larger taxes for wealthy corporations, and expands the IRS by some 87,000 agents, among other expenditures. While the package is named the Inflation Reduction Act, GOP lawmakers argue the bill will actually drive prices higher. Meanwhile, on Tuesday, the U.S. Bureau of Labor Statistics reported that the costs of goods and services advanced 0.1 percent in August and are up 8.3 percent in the last 12 months – which is still a 40-year high rate. CPI for all items rises 0.1% in August as shelter and...
    Cyano66 | Istock | Getty Images With much fanfare, President Joe Biden has signed into law the Inflation Reduction Act. Historians may one day say this legislation did more to complicate an already too complicated tax code than any tax bill in the past 50 years. It is now up to the Internal Revenue Service to administer this law, and even with increased funding, it is not ready for the task — and, if past is prologue, it may never be. The law raises taxes by some $300 billion over the next decade, largely by creating two new taxes on corporations. The first is a 15% tax on a corporation's book, or accounting, income if the tax liability they report to the IRS is zero. The law now requires firms to calculate their tax liability twice, as if doing it once was not burdensome enough. The second corporate tax hike is a new excise tax on the repurchase of corporate stock. Excise taxes are special taxes on specific products, such as cigarettes. They are typically levied with the intent to...
    President Joe Biden signs The Inflation Reduction Act with (left to right) Sen. Joe Manchin, D-WV; Senate Majority Leader Chuck Schumer, D-NY; House Majority Whip James Clyburn, D-SC; Rep. Frank Pallone, D-NJ; and Rep. Kathy Catsor, D-FL, at the White House on Aug. 16, 2022.Drew Angerer | Getty Images News | Getty Images The Inflation Reduction Act, the most aggressive climate investment ever taken by Congress, could cut the social costs of climate change by up to $1.9 trillion by 2050, the White House said in an assessment on Tuesday. The Act, which the president signed into law earlier this month, will reduce costs related to rising temperatures, minimize property damage from sea level rise and other disasters and reduce health impacts like premature death, the White House said. The analysis by the Office of Management and Budget, which administers the federal budget, is the first published estimate of avoided climate-related social costs resulting from legislation. The social cost of carbon is an estimate of the economic costs that would occur from a future level of carbon pollution. The...
    The Inflation Reduction Act has been lauded by Democrats as a historic investment in green energy to save the climate and in policies that will force the wealthy to "pay their fair share" in taxes and reduce the deficit to fight inflation. The bill imposes a 15% minimum tax on corporations with profits over $1 billion, spends about $80 billion to ramp up Internal Revenue Service enforcement, and spends more than $360 billion on tax credits and subsidies to boost the green energy industry. However, some economists have warned that the Inflation Reduction Act will have a negligible impact on inflation. Analysis from the Tax Foundation estimates the bill will reduce long-run economic output by about 0.2% and eliminate 29,000 full-time jobs in the United States. Fox News co-host Peter Doocy pointed out that while unemployment is at historically low levels, fewer Americans are participating in the economy now compared to before the pandemic, and people are still feeling squeezed by inflation. "It's almost impossible to have a rational conversation about this because it just flies past...
    President Joe Biden signed the Inflation Reduction Act at the White House on Tuesday, injecting $473billion of new spending on climate and healthcare amid concerns it will do little to reduce inflation. Biden thanked Joe Manchin, the moderate Democratic senator who killed his initial Build Back Better package and finally signed on to the new legislation after months of negotiations - including the guarantee of a gas pipeline in his home state of West Virginia.  Republicans have criticized the bill, claiming it will lead to taxes on middle class Americans and will do little to help reduce soaring costs.  'Joe, I never had a doubt,' he told the Democrat at a signing ceremony, where Biden hailed the measure as a tool to take on the special interests. Biden, who wore a mask after first lady Jill Biden tested positive for COVID, called it a 'historic moment' and bashed Republicans for voting in unison against it. 'For a while, people doubted whether any of it would happen,' he told Senate Majority Leader Charles Schumer, who helped forge the final deal with Manchin.  Schumer...
    [The stream is slated to start at 3:30 p.m. ET. Please refresh the page if you do not see a player above at that time.] After more than a year of debate over costs, taxes, tax credits and regulations, President Joe Biden is finally signing his sweeping tax, health and climate bill into law — albeit a significantly reduced version of the $1.75 trillion Build Back Better plan he was pushing for last year. Considered a major win for Democrats, the newly renamed Inflation Reduction Act includes a $369 billion investment in climate and energy policies, $64 billion to extend a policy under the Affordable Care Act to reduce health insurance costs, and a 15% corporate minimum tax aimed at companies that earn more than $1 billion a year. Read more: Biden's corporate tax hike in the Inflation Reduction Act won't hurt most U.S. companies, Wall Street analysts say The $437 billion spending package is expected to raise $737 billion in revenue over the next decade, the biggest share coming from reductions in drug prices for Medicare recipients and tax hikes...
    A pharmacist collects medications for prescriptions at a pharmacy.Simon Dawson | Bloomberg | Getty Images Medicare is poised to renegotiate the prices of some of its most expensive drugs through a historic expansion of its power, which could reduce costs for many seniors as well as federal spending on its prescription drug plan. The changes are tucked inside a massive spending-and-tax bill in Congress that includes $433 billion in investments in health-care and clean energy. House Democrats passed the Inflation Reduction Act on Friday in a 220 to 207 vote along party lines, ending a tortured legislative process that took more than a year. The bill empowers the Health and Human Services Secretary to negotiate prices for certain drugs covered under two different parts of Medicare and punish pharmaceutical companies that don't play by the rules. The legislation also caps out-of-pocket costs at $2,000 starting in 2025 for people who participate in Medicare Part D, the prescription drug plan for seniors.VIDEO3:2403:24House passes Inflation Reduction Act, goes to Biden's desk for signatureThe News with Shepard SmithDemocrats have been fighting for decades...
    The House of Representatives passed President Joe Biden's sweeping $370 billion Inflation Reduction Act Friday.  When the count bypassed 218 votes - meaning passage - applause broke out on the House floor.  The vote was along party lines, with 220 Democrats for the legislation and 207 Republicans opposed.  Democrats cheered in the well of the House when House Speaker Nancy Pelosi announced the final totals.  The legislation - which passed the Senate with only Democratic votes on Sunday - reduces the price of prescription drugs and health insurance and includes a number of green energy initiatives, two major pillars of Biden's original Build Back Better plan.  It installs a 15 percent minimum tax rate on corporations, raising enough funds to also pay down the deficit.   'And today, today is really a glorious day for us. We send to the president's desk a monumental bill that will, will be truly for the people, the Inflation Reduction Act,' House Speaker Nancy Pelosi said during her Friday morning press conference. Pelosi commended Senate Majority Leader Chuck Schumer for ushering the package through the...
    The House of Representatives is expected to pass President Joe Biden's sweeping $370 billion Inflation Reduction Act Friday.  The legislation - which passed the Senate with only Democratic votes on Sunday - aims to reduce the price of prescription drugs and health insurance and includes a number of green energy initiatives, two major pillars of Biden's original Build Back Better plan.  It installs a 15 percent minimum tax rate on corporations, raising enough funds to also pay down the deficit.   House Republicans are expected to reject the measure en masse.  The House of Representatives will vote Friday on the Inflation Reduction Act. With Democrats, led by House Speaker Nancy Pelosi (left) expected to vote for the legislation, and Republicans, led by House Minority Leader Kevin McCarthy (right) to reject it en masse  The legislation, which contains provisions from President Joe Biden's original Build Back Better agenda, will give the president and Democrats some much-needed momentum going into the fall midterm campaign season  And while an afternoon vote is expected, they could use procedural hurdles to delay final passage for hours. ...
    Mother Jones illustration; Shuran Huang/The Washington Post/Getty; Edwin Remsburg/VW Pics/Getty The Inflation Reduction Act of 2022, whose Senate passage makes its enactment likely, contains a multitude of provisions. It’s the “biggest climate bill that any country has ever passed,” gushed Sen. Brian Schatz (D-Hawaii), lauding the bill’s $369 billion investment in clean energy. The act includes language that could reduce prescription-drug costs for as many as 48 million Americans. It narrows (with notable exceptions) the ability of some of the nation’s most profitable companies to avoid taxes—though hedge fund and private equity barons get to keep their lucrative carried interest loophole. And, to the chagrin of environmentalists, it offers a raft of goodies for the fossil fuel industry, wrung out of negotiations by Sen. Joe Manchin (D-W.Va.), who moonlights as a coal baron. (As a result, the bill “recognizes that natural gas and oil are an important part of the energy transition, and they’re going to be here for decades,” ConocoPhillips CEO Ryan Lance noted approvingly.) But this sprawling new legislation also affects food and agriculture—which is my beat. So here’s my summary of...
    U.S. Senators Marsha Blackburn (R-TN) and Bill Hagerty (R-TN) criticized President Joe Biden and their Democrat colleagues on the passage of the $740 billion “Inflation Reduction Act” Sunday. As expected, no Republicans supported the measure, and so by a 51 to 50 vote, with Vice President Kamala Harris cast the deciding vote. 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, expand the IRS by some 87,000 agents, and more more. Democrats claim the bill will tackle the 40-year-high inflation in the country, however, Republicans flatly reject the assertion, saying the bill will drive prices even higher. Tennessee Senators Marsha Blackburn and Bill Hagerty issued statements blasting the bill’s passage in the Senate. During a recession and with inflation at a 41-year high, Democrats just passed a bill to spend over $700 billion, increase taxes and decrease energy production. — Sen. Marsha Blackburn (@MarshaBlackburn) August 7, 2022 “During a...
    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...
    Senate Democrats cleared multiple hurdles in advancing their legislative crown jewel into law Saturday and have commenced the voting process which is expected to carry into Sunday. The motion to proceed with a vote on the so-called Inflation Reduction Act cleared the Senate Saturday via a simple 51 majority vote, which will be followed by up to 20 hours of debate. Then the bill will undergo a vote-a-rama for amendments before heading to the floor for a final vote. Earlier in the day, most of the bill cleared the Senate parliamentarian's review and received an additional Congressional Budget Office scoring. PARLIAMENTARIAN APPROVES ENERGY AND DRUG PRICE PROVISIONS IN INFLATION REDUCTION ACT Following language adjustments from the parliamentarian's review, Democrats unveiled 755 pages worth of text for the legislation. Several members, including Sen. Alex Padilla (D-CA), are hoping it will pass the Senate without amendments. I agree with Brian. I’ll be voting NO on all amendments — regardless of policy. Let’s stay united and get this historic bill done. https://t.co/TeBp2WtsUm— Senator Alex Padilla (@SenAlexPadilla) August 6, 2022...
    Senate parliamentarian Elizabeth MacDonough has reportedly given the green light for most of the energy and drug pricing provisions in the Inflation Reduction Act to be part of the reconciliation bill. With the Senate parliamentarian's approval, Senate Democrats will soon be able to wrangle one of their most significant pieces of legislation through the Senate by bypassing the 60-vote threshold needed to overcome a filibuster. Democrats had previously been fretful that the parliamentarian might shoot down some of their drug pricing reform measures in the bill. MEET THE SENATE ADVISER WHO CAN KILL THE INFLATION REDUCTION ACT “Democrats have received extremely good news: For the first time, Medicare will finally be allowed to negotiate prescription drug prices, seniors will have free vaccines and their costs capped, and much more," Senate Majority Leader Chuck Schumer (D-NY) said in a statement. The parliamentarian had adjusted one key component of the bill that involved an inflation cap on drug prices, but permitted the main piece about allowing Medicare to negotiate drug prices, according to Schumer. She allowed the government...
    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...
    Democratic Sen. Kyrsten Sinema is finally airing her concerns Democratic colleague Joe Manchin's plan reached with Senate Majority Leader Charles Schumer to raise  $739 billion in revenue.  The deal, which would include $433 billion in government spending on climate and health programs, would finally give President Biden and Democrats a major policy win, in a week when Biden announced the US took out Osama Bin Laden's Number Two Ayman al-Zawahiri. Sinema has been silent since Manchin announced the deal this week – and the White House has refused to divulge what contact, if any, Biden has had with the Arizona senator, who has infuriated Democratic colleagues and who is up for reelection in 2024. Sinema 'wants to nix language narrowing the so-called carried interest loophole, which would change the way some investment income is taxed,' Politico reported. The asks would represent a stunning $19 billion in changes and reflect Sinema's leverage, but are still dwarfed by the overall size of the package.  Just a few changes: Democratic Senator of Arizona Kyrsten Sinema is raising objections to a bill negotiated by Sen. Joe Manchin....
    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...
    Arizona Representative Paul Gosar (R-AZ-04) last week blasted the Inflation Reduction Act of 2022, a revival of President Joe Biden’s (D) “Build Back Better” (BBB) economic bill, saying the contents of the bill will not accomplish what the title promotes. “Families can’t afford gas and groceries, yet Democrats want to raise taxes and spend billions more of your hard-earned money. Instead of addressing the root cause of the recession: out-of-control government spending, Joe Biden and Democrats are now doubling down on their far-left socialist policies that put us into this inflationary death spiral,” Gosar said. The act includes extending the Premium Tax Credit through 2025, and carries interest tax reform for those with an income above $400,000, climate and energy provisions, a book minimum tax (BMT) which imposes a 15 percent minimum tax on companies making over one billion dollars, drug price reforms, and IRS funding, among other items. The United States Senate Committee of Finance (COF) shared that while Democrats tout the bill as a way for the wealthiest Americans and corporations to pay their fair share, it will...
    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...
    Joe Manchin went to bat for his reconciliation bill Sunday by doing something called the 'full Ginsburg' – meaning he went on all five major networks' morning shows over the weekend. The moderate Democratic senator from West Virginia appeared on CNN's State of the Union, Fox News Sunday, ABC's This Week program, CBS News' Face the Nation and NBC's Meet the Press. He is only the 31st major newsmaker to complete this feat. The message was similar across the board – that the Inflation Reduction Act of 2022 will decrease inflation and not raise taxes on the average American household. But the nonpartisan congressional Joint Committee on Taxation released a report estimating that taxes will increase on Americans. In addition, the report found that more than half of the tax increases are on those making less than $400,000 per year – rather than the top earners. 'I'm just going to fight like the dickens to make sure this piece of legislation gives us relief and fights inflation and is great for America,' Manchin said in his appearance on Fox.  The...
    White House Press Secretary Karine Jean-Pierre cheered the renamed Inflation Reduction Act as 'historic' Friday and brushed off a new analysis that showed its impact on prices would be 'statistically indistinguishable from zero.' She called the deal, struck between West Virginia Democratic Sen. Joe Manchin and Majority Leader Charles Schumer 'historic legislation this is going to be a game changer for so many Americans.' It has the potential to hand President Biden a major win after prolonged negotiations, and would invest billions in climate programs while meeting his pledge to establish a 15 per cent minimum tax. Jean-Pierre also blasted Republicans who are lining up against it.  White House press secretary Karine Jean-Pierre speak blasted Republican 'false rage' as she touted the 'Inflation Reduction Act' on Friday 'We have a plan to fight inflation. We are we are ready to help middle class families and not and Republicans who are opposing that. They're opposing that because of false rage,' she said.  The bill got renamed as Manchin lopped off numerous programs after raising concerns about inflation, and appearing to back...
    (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:...
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