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Aug-08-2022 14:53printcomments

Inflation Reduction Act of 2022: The Path to Passage in a Nutshell

This bill tackles inflation by lowering the deficit and lowering costs for regular families.

Inflation Reduction Act

(SAN FRANCISCO, CA.) - In the past, both Sens. Joe Manchin (D.WV) and Kysten Sinema (D.AZ) have blocked much of President Joe Biden’s agenda.

Now, Sen. Manchin and Majority Leader Chuck Schumer (D.NY) have agreed to the "Inflation Reduction Act of 2022," which includes $790 billion for the climate and healthcare financed by a tax increase on the rich and big corporations.

As far as I know, Sen. Sinema was not a party to the negotiations between Sens. Manchin and Schumer.

Sen. Sinema enjoyed the media attention while we waited for her to announce how she will vote on the proposed legislation. She did finally agree to support the legislation but used her leverage to:

  • Get Democratic leaders to agree to drop a $14 billion tax increase on some wealthy hedge fund managers and private equity executives
  • Change the structure of a 15% minimum tax on corporations
  • Include drought money to benefit Arizona.

Because Democrats are using the budget reconciliation process to protect the measure from a filibuster, it must be approved by the Senate Parliamentarian to ensure that its elements adhere to the strict rules that govern the process.

If approved by the Parliamentarian, the Senate will vote on the measure.

If passed by the Senate, the legislation moves to the House for a vote.

If signed into law, the U.S. will be able to show by example progress at the next climate conference in November. Passage of the Act should also help Democrats at the midterm elections.

SEE ALSO: Statement by President Biden on Senate Passage of the Inflation Reduction Act


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pink floyd August 19, 2022 8:07 pm (Pacific time)

two sides of every story, I believe. Richer people commonly start a business that brings jobs...Here in Oregon, I worked at mitsubishi silicon america the state of Oregon raised the taxes on MSA so they moved to Idaho..Hundres of jobs were lost including mine..I dont know about anyone else, but it was a shock, I went on unemployment and food stmps..I had two kids as a single dad..I looked hard for work but I did such off the teet for almost a year...raising taxes on MSA just made them leave and many of us went on welfare which took money from the state and YOUR taxes..it backfired a bit. Just another perspective of "real " life.

Anonymous August 15, 2022 6:49 pm (Pacific time)

I think the only "act" that will actually work is to dismantle the federal reserve bank(s)

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