August 8, 2022

Yesterday, Senate Democrats passed sweeping and historic legislation containing budget allocations to address climate change, health care and taxes. I'm beginning to think Chuck Schumer knows what he's doing! Via TPM:

The bill dedicates more than $300 billion to green energy incentives and climate spending, putting the U.S. on course to significantly reduce its greenhouse gas emissions. It also extends Affordable Care Act subsidies for three years, avoiding a coverage-loss calamity, and lets Medicare negotiate down some prescription drug prices.

Named the Inflation Reduction Act of 2022, the bill would also raise more than $700 billion through provisions including a 15 percent minimum corporate tax on businesses making $1 billion or more, beefing up IRS enforcement of tax evaders, and a tax on stock buybacks. It would reduce the deficit by more than $100 billion, according to the Congressional Budget Office.

An earlier provision would have narrowed the carried interest tax loophole, which progressive groups and many Democrats have long sought to do away with entirely. Sen. Kyrsten Sinema (D-AZ) nixed that provision, part of a deal with Democratic leadership to win her support. The stock buyback tax was added to replace it.

This is, as Joe Biden would say, a BFD. Quit bitchin' about what isn't in it, we have to win the midterms to get the rest done.

Can you help us out?

For nearly 20 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.


We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service for information on our posting policy.