Vice President Harris broke the tie, and the bill has cleared the Senate.

[evince]

https://budgetmodel.wharton.upenn.ed...nary-estimates



Summary: PWBM estimates that the Inflation Reduction Act would reduce non-interest cumulative deficits by $248 billion over the budget window with no impact on GDP in 2031. The impact on inflation is statistically indistinguishable from zero. An illustrative scenario is also presented where Affordable Care Act subsidies are made permanent. Under this illustrative alternative, the 10-year deficit reduction estimate falls to $89 billion.

[Gondwanaland]

Senate Passes Climate and Tax Bill After Marathon Debate
Despite all Republicans being opposed, the vote was a major victory for President Biden and Democrats. The bill now goes to the House, where it is expected to pass by the end of the week.

nytimes

Gotta love their framing of this bill as an 'inflation reduction' bill when all it's going to do is cost lowest income Americans the most in taxes.

[Gondwanaland]

So you are mad they did something to fight inflation?



You have been screaming for them to do something remember skin flute player

What in the bill is actually going to 'fight inflation'? List the parts that will and give evidence for your assertions.

[BidenPresident]

Gotta love their framing of this bill as an 'inflation reduction' bill when all it's going to do is cost lowest income Americans the most in taxes.

Specifically, what provision in the bill does that?

[Gondwanaland]

So you are mad that the bill is bringing down pharmaceutical costs so seniors can afford their medications, LyinBitch?

It's going to do so by raising taxes on those low income seniors the most, dumbfuck

[BidenPresident]

It's going to do so by raising taxes on those low income seniors the most, dumbfuck

Where?

[Gondwanaland]

Specifically, what provision in the bill does that?

Most Americans will feel tax pain from Dem inflation bill despite Biden's past promises: analysis
'Democrats are trying to sell the American people a bill of goods,' said Senate Finance Committee ranking member Mike Crapo


The vast majority of Americans will pay more in taxes as a result of Democrats' inflation bill despite President Biden's pledge not to raise taxes on those making under $400,000 per year.

The Inflation Reduction Act — unveiled Wednesday by Sen. Joe Manchin, D-W.Va., and endorsed by Biden — would increase tax revenue by $16.7 billion from Americans earning less than $200,000 a year, according to a nonpartisan analysis from the Joint Committee on Taxation (JCT) published Friday. Nearly every tax bracket would pay more in taxes with those making below $10,000 per year seeing the largest uptick, the analysis showed.

"The more this bill is analyzed by impartial experts, the more we can see Democrats are trying to sell the American people a bill of goods," Senate Finance Committee ranking member Mike Crapo, R-Idaho, said in a statement Saturday. "Nonpartisan analysts are confirming this bill raises taxes on the middle class and produces no meaningful deficit reduction when gimmicks are removed and the full cost is accounted for."

However, Biden has repeatedly pledged that Americans earning less than $400,000 per year would not experience any tax increase during his presidency. The president originally made the pledge during his 2020 campaign.

"This bill will not raise taxes on anyone making less than $400,000 a year," Biden remarked Thursday during a speech about the legislation. "And I promise — a promise I made during the campaign and one which that I ha- — that I’ve have kept."

In 2023, the year in which the legislation would increase tax revenue most, individuals making less than $10,000 per year would pay 3.1% more in taxes and those making between $20,000-30,000 per year would see a 1.1% tax increase, the JCT analysis showed. Tax revenue collected from those making $100,000 per year or less would increase by $5.8 billion in 2023 under the Inflation Reduction Act.

In addition, the share of tax revenue collected from all Americans making more than $200,000 per year would remain at the current percentage, according to the JCT. Taxpayers with an annual income of $200,000 or greater pay more than 57% of all federal income taxes.

The Inflation Reduction Act, though, boosts Internal Revenue Service enforcement, a provision that is expected to increase federal tax revenue by $124 billion. The bill also creates a minimum corporate tax rate of 15% which is expected to boost federal tax revenue by $313 billion.

"The proposed corporate alternative minimum tax is the largest revenue raising provision in the analysis," Thomas Barthold, the JCT's chief of staff, told FOX Business in an email.

It was not immediately clear how much each provision of the bill would lead to higher taxes. The JCT listed more than 20 of the legislation's provisions that it factored into its analysis.

"Democrats are clearly trying to pivot this as only a tax like on the wealthy," Mike Palicz, the federal affairs manager at Americans for Tax Reform, told FOX Business in an interview. "But you look at any of these taxes — take something like the [corporate minimum tax]. That's going to lower workers' wages, it's going to cost jobs."

"There's a $25 billion crude oil tax in this bill," he added. "That's something that's going to hit everyone. That's a regressive tax increase on poor people that raises their energy costs, raises the price of gasoline."

Transportation Secretary Pete Buttigieg previously said that a gasoline tax increase would violate Biden's pledge not to raise taxes on middle class Americans.

"This is Biden breaking his promise to the American people," Palicz said.


https://www.foxbusiness.com/politics...-past-promises

Those figures are from the JCT (Joint Committee on Taxation), a bi-partisan collection of congressmen, majority of them Democrat.

[evince]

For one it keeps meds lower


It will be harder for pharma to gouge

[Gondwanaland]

Where?

Educate yourself fucktard.

https://www.justplainpolitics.com/sh...96#post5230796

[BidenPresident]

Those figures are from the JCT (Joint Committee on Taxation), a bi-partisan collection of congressmen, majority of them Democrat.

Besides Fake News FOX.

[BidenPresident]

Educate yourself fucktard.

https://www.justplainpolitics.com/sh...96#post5230796

fuck you

[evince]

Those figures are from the JCT (Joint Committee on Taxation), a bi-partisan collection of congressmen, majority of them Democrat.

Yes so they are actually using math and science to create solutions



Great huh

[PostmodernProphet]

Yes, we could have Trump attempt another violent coup.

just more lies......always expected from your sort......

[BidenPresident]

just more lies......always expected from your sort......

Says the idiot who cannot write a grammatical sentence.

[PostmodernProphet]

And your trump dump lowered the deficit by how much?

your Obama doubled it.......your O'Biden is going to do it again.....