On Sunday, the US Senate passed the Democrat-backed $740 billion “Inflation Reduction Act” by a 51 to 50 vote, with Vice President Kamala Harris casting the deciding vote. Many Arizona Republican lawmakers are among those claiming the bill will further impact inflation in a negative way while offering no real-time solution to struggling Americans.Read More
Tag: spending package
Senators Bill Hagerty and Marsha Blackburn Lambaste Passage of ‘Inflation Reduction Act,’ Warn Higher Prices, Taxes are Coming
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.Read More
Manchin Reportedly Outlines Demands for Democrats’ Climate Change, Child Tax Credit Plan
Democratic Sen. Joe Manchin of West Virginia reportedly opposed two pieces of his party’s spending package as negotiations over its price tag and reach continue to stall.
Democratic Sen. Joe Manchin of West Virginia’s opposition reportedly relates to the Democrats’ climate change and child tax credit provisions of the budget proposal. While the majority of his party lauded both programs, the 50-50 Senate means that any one Democratic senator could tank the bill, giving Manchin veto-like power while representing a rural, coal-producing state that voted for former President Donald Trump by almost 40 points in 2020.
Multiple reports surfaced Friday suggesting that the Clean Electricity Payment Program would likely be scrapped from the bill due to Manchin’s objections, part of Democrats’ attempt to fight climate change. Those backing the program, which would provide incentives for clean energy use while implementing fines and penalties for organizations continuing to rely on fossil fuels, see it as a fundamental piece of the Democrats’ agenda and key to reaching President Joe Biden’s goal of reducing U.S. emissions by 50% of what they were in 2005 by 2030.Read More
Commentary: Bearing the Tax Burden of the Biden Administration
As congressional Democrats push a $3.5 trillion social spending package, everyone is wondering: “How are we going to pay for that?” To President Joe Biden, the answer is simple: raise taxes.
Included in Biden’s proposed tax plans — erroneously named the American Families Plan — are hikes in personal income tax and capital gains tax rates. The plan would raise the top marginal income tax rate from 37 percent to 39.6 percent and reclassify long-term capital gains and qualified dividends as ordinary income for those with taxable income above $1 million, resulting in a top marginal tax rate of 43.4 percent, according to the Tax Foundation.
Despite the frustration (or excitement) that Americans have towards Biden’s income and wealth tax proposals in the midst of an economic recovery, Americans should be paying closer attention to his other proposals, the American Jobs Plan and the Made in America Tax Plan.Read More
Democrats’ $3.5 Trillion Spending Package in Jeopardy, with Pelosi Appearing Short on Votes
Washington Democrats’ efforts to pass their signature, $3.5 trillion spending package is in jeopardy of falling apart, as House Speaker Nancy Pelosi, leader of the Democrat-controlled chamber, does not appear to have the votes this week to advance the measure awaiting in the Senate.
The votes are set to be cast Monday and Tuesday, with House members returning for two days during their August recess to try to move forward the pending package.
Pelosi can afford to lose only three votes in the narrowly divided chamber. However, nine moderate Democrats have vowed to oppose the two voting measures until the House passes a roughly $1 trillion, bipartisan infrastructure spend package passed in the Senate before the recess.Read More