Manchin Reaches a Deal on a Nearly $800b BBB Bill – Renamed

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Now that McConnell allowed CHIPS to pass, Democrats, especially Manchin, see an opportunity to pass yet another massive legislative package. The Build Back Better bill is back, only now it’s called The Inflation Reduction Act, and it will cost nearly $800b.

“I strongly support the passage of commonsense policies that reduce inflation and focus on the major challenges confronting America today and in the future,” Manchin said in a statement.

“I now propose and will vote for the Inflation Reduction Act of 2022. Rather than risking more inflation with trillions in new spending, this bill will cut the inflation taxes Americans are paying, lower the cost of health insurance and prescription drugs, and ensure our country invests in the energy security and climate change solutions we need to remain a global superpower through innovation rather than elimination,” he added.

Democrats, who love wealth redistribution, will redo the tax code, charging corporations a 15 percent corporate minimum tax. They will lower drug prices, which Donald Trump had done and Biden canceled. The Democrat plan will be in the form of price controls. Additionally, they will spend $369 billion on combating climate change. That will include cutting carbon emissions by about 40 percent by 2030. That is very drastic.

There is a plan to reduce the deficit by $300 billion over ten years.

We will also see more IRS tax enforcement.

Subsidies for the Affordable Care Act will be expanded.

The bill includes $14 billion in new revenue from taxing carried interest. Arizona Senator Kyrsten Sinema is opposed to that and might not agree.

The total package is at least $739 billion to start.

The package summary from CNBC:

  • $313 billion through a 15% corporate minimum tax
  • $288 billion through prescription drug pricing reforms, including measures to allow Medicare to negotiate drug prices and cap out-of-pocket costs to $2,000
  • $124 billion through the IRS enforcement of a reformed tax code
  • $14 billion through closing the carried interest loophole
The bill would also ‘invest’ a total of $433 billion:
  • $369 billion from a suite of energy and climate-related programs
  • $64 billion from extending an expanded Affordable Care Act program for three years, through 2025

The nascent deal would generate $313 billion in new revenue over ten years by increasing the corporate minimum tax to 15%, according to a one-page summary distributed by Manchin’s office.


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Anonymous
Anonymous
2 months ago

We cut the deficit by about 30b a year and spend 800b more.

GuvGeek
GuvGeek
2 months ago

Now that Democrats see the writing on the wall, they are going to steal all they can. Any Deficit Spending creates more inflation. Business NEVER pays taxes, they just pass the cost on to their customers which means YOU! We are on autopilot for a Depression; a very long Depression.

lazarusreddog
lazarusreddog
2 months ago

Translation: Manchin was bought off & will have a new bridge or road named after him, as is a long tradition in West Virginia and why half the roads/bridges now bear the name of ‘Byrd’ now…due to the former Congressman ‘Sheets/Grand Wizard’ Byrd getting all those make work job bills (bringing home the bacon).

jack johnson
jack johnson
2 months ago
Reply to  lazarusreddog

Liz Warren wants the Fed to stop raising interest rates and for Congress to spend more money. She claims if we don’t, we go into a deep recession.

So, they want inflation to keep running rampant….they don’t give a rat’s rear end about working men and women in America.

Ron
Ron
2 months ago

Spending more money we don’t have.

Adonis
Adonis
2 months ago

When all the chips finally fall in place don’t forget one thing, Manchin is still a Democrat and will dance with them.

Gary
Gary
2 months ago
Reply to  Adonis

Manchin is a typical political whore who will do anything to enrich himself and help him stay in office. I hope WV voters wake up and see him for what he is and send his ass packing in the next election.

Quartermaster
Quartermaster
2 months ago
Reply to  Gary

My understanding is the bill would destroy the coal industry in WV. Manchin was probably doomed anyway and he thought he might as well go along for what he can get out of it personally.

lazarusreddog
lazarusreddog
2 months ago
Reply to  Quartermaster

Obamanation’s ‘War On Coal’ already decimated the coal industry in WV and ‘woke’-up the former ‘union’ coal miners who are now sitting at home collecting welfare, or visiting a govt methadone clinic to get their weekly fix. They’re no longer voting for union supported demonrat politicians & a republican candidate might just have a chance of winning in the former union demonrat strong-hold state.