The Senate voted Sunday afternoon to pass the Democrats’ sweeping health care and climate bill in a 51–50 vote. Vice President Kamala Harris cast the tie-breaking vote. That’s where she is useful.
The massive $740 billion spend and tax package will go to the House now. There was not one Republican vote in the Senate.
“It’s been a long, tough, and winding road, but at last, at last, we have arrived,” Senate Majority Leader Chuck Schumer (D-N.Y.) said. “The Senate is making history. I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century.”
Democrats say everything they do is historic, a first, defining, or landmark. It will endure as a bill to turn us into socialists.
Democrats voted against amendments meant to torpedo the bill. Seven voted for a GOP amendment to protect small businesses from the 15% corporate tax.
That amendment is still up in the air and the bill passed with the language damaging small businesses.
Americans for Tax Reform (ATR) stated that the measure will increase taxes on thousands of mid-sized small businesses.
John Kartch, a spokesman for ATR, wrote on Twitter, “Any business that has [private equity] in its capital structure is now considered a subsidiary of that firm and thus subject to 15 percent book tax.”
“As written, the provision now appears restructured to define any company with private equity in its capital structure to be considered a subsidiary of that private equity firm for purposes of the tax,” according to the group in a statement. “This means that these companies would now be swept up in the new 15 percent tax on book income. This provision would greatly expand the reach of the book minimum tax to apply to small and midsize companies that require capital investment to grow their business.”
“Democrats have already robbed American families once through inflation. And now their solution is to rob American families a second time,” Senate Minority Leader Mitch McConnell (R-Ky.) said on the floor.
Spending and tax increases in the legislation would eliminate jobs while having an insignificant impact on inflation and climate change, the Kentucky Republican leader said.
It will do nothing for climate and health but it will redistribute wealth from the middle class to the wealthy.
Sean Hannity left STUNNED after guest EXPOSES the dark truth about Biden’s radical agenda— What it’s REALLY about… pic.twitter.com/KVL8NlA6H9
— Benny Johnson (@bennyjohnson) August 5, 2022
Communist Bernie Sanders wanted to make this awful bill even more awful. The bill is already designed to keep growing climate welfare programs through the years.
It’s a big PR win for Democrats who want to keep control of the government.